TMI BlogComposition of the governing boardX X X X Extracts X X X X X X X X Extracts X X X X ..... rest directors; and, (c) managing director. (2) Subject to prior approval of the Board, the chairperson shall be elected by the governing board from amongst the public interest directors. (3) The number of public interest directors shall not be less than the number of 1 [ non-independent directors ] on the governing board of a Depository. (4) The number of public interest directors ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... rector shall be deemed to be a 1 [ non-independent directors ] : (9) No depository participant or their associates and agents, irrespective of the depository of which they are members, shall be on the governing board of a depository. (10) A person who is a director in an entity, that itself is a depository participant or has associate(s) as depository participant, he/she will be deemed to ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... of sub-regulation 10. (11) The appointment of director shall be subject to fulfillment of other requirements and satisfaction of the Board. (12) Depository shall monitor and ensure the compliance of sub-regulation 9 on continuous basis, to ensure that directors appointed, on their governing board, do not get associated with Depository Participant after approval and appointment. (13) No f ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... em: Provided that the depository shall ensure that the governing board collectively 4 [ consists of ] directors with qualification and experience as specified at clause (a) above. ] **************** NOTES:- 1. 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 thei ..... X X X X Extracts X X X X X X X X Extracts X X X X
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