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    All› SEBI › SEBI - 1986
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    No. G.S.R. 826(E) - Dated: 03-06-1986 - SEBISEBI
    DRAFT Securities Contracts (Regulation) Amendment Rules, 1986
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    Company member eligibility tightened: directors must have unlimited liability and majority be member-shareholders to join stock exchanges.
    Amendment substitutes clause (4) of rule 8 of the Securities Contracts (Regulation) Rules, 1957: a company shall not be eligible to be elected as a member unless it is formed in compliance with Section 322 of the Companies Act, 1956; all its directors have unlimited liability; and a majority of its directors are members of the stock exchange and shareholders of the company.

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