Circular No.8726

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.... Governing Council/Executive Committee), • Clearing Council (which shall include the Clearing Council/Executive Committee of Derivatives Clearing House / Clearing Corporation), • Chief Executive Officer of the Derivative Exchange/Segment • Chief Executive Officer of Derivatives Clearing House/Corporation, and • Statutory Committees such as Disciplinary Action Committee, Arbitration Committee, Defaulters Committee, within a period of two months from the date of final approval for trading and settlement granted by SEBI in the manner specified in the enclosed Guidelines. Yours sincerely, (L. K SINGHVI) L.K Singhvi Sr. Executive Director GUIDELINES FOR APPOINTMENT OF CHIEF EX....

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....cer of derivatives segment, Chief Executive Officer of the Clearing House / Corporation in the manner prescribed hereunder:- (1) Unless otherwise agreed to by the Board, the Governing Board of the Derivative Exchange/ Segment shall be constituted as follows: i.   The Derivative Exchange/Segment should have a separate Governing Board which shall not have representation of Trading/Clearing Members of the Derivative Exchange/Segment/Clearing House/Clearing Corporation beyond 40% of the total members on the Governing Board provided that no Trading Member/Clearing Member shall be allowed to simultaneously be on the Governing Board of the Derivative Exchange/Segment and any of the underlying securities market. ii.   T....

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....e shall not be subject to retirement by rotation and shall hold office at the pleasure of the Board or as per the provision of the Act and the Rules under which the Exchange is constituted. (2) Unless otherwise agreed to by the Board, the Clearing Council shall be constituted as prescribed hereunder: - i.      The clearing council shall not have any representation from the trading or clearing members. ii.      The members of clearing council shall be persons of integrity having necessary professional competence and experience in the areas related to securities / derivatives markets. Their appointment however will be subject to approval by the Board. iii.    &n....