Securities Contracts (Regulation) (Stock Exchanges and Clearing Corporations) (Third Amendment) Regulations, 2023

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....ecurities Contracts (Regulation) (Stock Exchanges and Clearing Corporations) Regulations, 2018, namely:- 1. These Regulations may be called the Securities Contracts (Regulation) (Stock Exchanges and Clearing Corporations) (Third Amendment) Regulations, 2023. 2. They shall come into force on the date of their publication in the Official Gazette. 3. In the Securities Contracts (Regulation) (Stock Exchanges and Clearing Corporations) Regulations, 2018, - I. regulation 20 shall be substituted with the following, namely, - "Requirement and criteria of fit and proper 20(1) (a) The 'fit and proper person' criteria shall apply to the applicant, recognised stock exchange, recognised clearing corporation, its share....

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.... Provided that for the purpose of sub-clauses (iv) and (v), any Order passed by the Board, against a recognised stock exchange or recognised clearing corporation shall not affect the operation of such recognised stock exchange or recognised clearing corporation unless expressly mentioned in the Order. (vi) the Board has initiated recovery proceedings under the Act or the Securities and Exchange Board of India Act, 1992 (15 of 1992) that are pending; (vii) the person is not financially sound or has been categorized as a wilful defaulter; and (viii) any other disqualification as may be specified by the Board from time to time. (3) For the purpose of these regulations, the shareholders, directors or ....

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....arises on the decision of a recognised stock exchange or recognized clearing corporation as to whether a person is a fit and proper person, the decision of the Board on such question shall be final." II. In regulation 23, in sub-regulation (14), (i) in clause (a), the words "comprise of", wherever they occur, shall be substituted with the words "consist of". (ii) In the proviso to clause (b), the words "comprises of" shall be substituted with the words "consists of" III. In Schedule II, in Part B, in Item I, in clause (i), in sub-clause (ii), the words "comprises of" shall be substituted with the words "consists of". BABITHA RAYUDU, Executive Director [ADVT.-III/4/Exty./367/2023-24] Footnote: ....