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of <h1>SEBI Circular: Small Stock Exchange Subsidiaries Must Restructure Management, Appoint Independent CEO, Ensure 50% Public Representatives.</h1> The circular mandates restructuring of subsidiary management for small stock exchanges to ensure safe and transparent operations. Each subsidiary must appoint a CEO, who cannot hold concurrent positions in the parent exchange, subject to SEBI approval. The Governing Board must include at least 50% Public Representatives, approved by SEBI, who are not sub-brokers or brokers of the parent exchange. Subsidiaries must have independent staff, and the parent exchange is responsible for risk management and oversight, including compliance verification, reporting, inspections, and handling investor complaints. Compliance with these requirements was to be reported to SEBI by February 28, 2003.
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