New 2025 Fourth Amendment tightens governance, executive roles and tech leadership for recognised stock exchanges, clearing corporations under 2018 Regulations

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....The 2025 Fourth Amendment to the Securities Contracts (Regulation) (Stock Exchanges and Clearing Corporations) Regulations, 2018, effective thirty days after Gazette publication, expands governance and management requirements for recognised stock exchanges and clearing corporations. It clarifies the managing director's roles, permits limited non-executive external appointments with board approval, and mandates appointment of at least two executive directors heading Verticals 1 and 2, with status, appointment process, tenure, and age limits aligned to the managing director. Their functions are focused on public-interest, non-revenue-oriented operations, infrastructure, and risk management. The amendment also requires appointment of a chief technology officer and chief information security officer with defined responsibilities over IT systems, risk, cybersecurity, and related policies.....