Demutualisation: prohibition on broker members serving as exchange President or Vice President to enforce governance separation. SEBI substituted Article 112 of UPSE's Articles of Association to require election of the President and Vice President by the Board within ten days after the annual general meeting, each to serve one year terms with re eligibility subject to a one year cooling off after two consecutive terms, and to prohibit any broker member of the exchange from being elected President or Vice President, pursuant to its powers under the Securities Contracts (Regulation) Act to implement demutualisation and corporatisation.