TaxTMI 
TaxTMI 
Conditions of appointment of directors
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....t directors on the governing board of a depository shall be 2[appointed with the prior approval of] the Board. (3) Public interest directors shall be 3[appointed] for a term of three years, extendable by another term of three years, subject to performance review in the manner as may be specified by the Board: 9[Provided that upon the expiry of the term(s) at a depository, a public interest director may be appointed with the prior approval of the Board for a further term of three years in another depository or a recognized stock exchange or a recognized clearing corporation, only after a cooling-off period as may be specified by the governing board of such depository: Provided further that the cooling-off period will be applicable only ....
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....ceasing to be a public interest director (8) No public interest director on the governing board of a depository shall become a director on the board of subsidiary of that depository unless there is a cooling-off period of three years after ceasing to be a public interest director. (9) Public interest directors shall be remunerated only by way of payment of sitting fees as admissible to independent directors in the Companies Act, 2013. (10) If any issue arises as to whether an assignment or position of a public interest director is in conflict with his role, the Board's decision shall be final. (11) For the purpose of this regulation, the procedure for appointment of directors is prescribed under Part C of the Second Schedule. &....
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....d vide Notification No. SEBI/LAD-NRO/GN/2023/125 dated 28-02-2023 (shall come into force on the one hundred and eightieth day from the date of their publication in the Official Gazette) before it was read as, "/" 6A. Substituted vide Notification No. SEBI/LAD-NRO/GN/2023/125 dated 28-02-2023 (shall come into force on the one hundred and eightieth day from the date of their publication in the Official Gazette) before it was read as, "/" 7. Substituted vide F. No. SEBI/LAD-NRO/GN/2025/245 dated 30-04-2025 (shall come into force on the ninetieth day from the date of their publication in the Official Gazette) before it was read as, "." 8. Inserted vide F. No. SEBI/LAD-NRO/GN/2025/245 dated 30-04-2025 (shall come into for....