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of <h1>New norms redefine MD and executive director roles, mandate CTO, CISO under regulations 23, 25, 25A, 30B, 30C</h1> Regulations amend the 2018 framework for stock exchanges and clearing corporations, effective thirty days after Gazette publication. They expand regulation 23 and 25 to formalize the roles and responsibilities of managing directors, including market- and risk-focused, non-revenue-oriented oversight and limited permission for certain non-executive external directorships. A new regulation 25A mandates appointment of at least two executive directors heading Verticals 1 and 2 (and optionally Vertical 3), aligning their stature, tenure, age limits, and appointment/termination processes with that of managing directors, and restricting board positions in other companies. New regulations 30B and 30C require appointment of a chief technology officer and chief information security officer, with defined responsibilities for IT governance, risk management, cyber security, and related policies.
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