Derivative exchange governance requirements: independent board composition and Board approval for CEO and committee appointments. SEBI requires approved derivative exchanges/segments and clearing houses/corporations to constitute a Governing Board, Clearing Council, appoint CEOs for the derivative segment and clearing house, and establish Statutory Committees within two months. Governing Board composition must limit trading/clearing member representation, ensure a majority of public representatives or Board nominees with relevant competence, provide for staggered elected-member retirement and cooling-off after consecutive terms, and include the derivatives CEO as a board member. All non-elected appointments and CEO terms require prior Board approval.
Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
Provisions expressly mentioned in the judgment/order text.
Derivative exchange governance requirements: independent board composition and Board approval for CEO and committee appointments.
SEBI requires approved derivative exchanges/segments and clearing houses/corporations to constitute a Governing Board, Clearing Council, appoint CEOs for the derivative segment and clearing house, and establish Statutory Committees within two months. Governing Board composition must limit trading/clearing member representation, ensure a majority of public representatives or Board nominees with relevant competence, provide for staggered elected-member retirement and cooling-off after consecutive terms, and include the derivatives CEO as a board member. All non-elected appointments and CEO terms require prior Board approval.
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