TMI BlogComposition of the governing boardX X X X Extracts X X X X X X X X Extracts X X X X ..... dent director shall be treated as a public interest director. ] (2) Subject to the 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 5 [ non-independent directors ] on the governing board of a recognised stock exchange and recognized Clearing Corporation. (4) The managing director shall be included in the category of 5 [ non-independent directors ] 3 [ : ] 4 [ Provided that in case of a limited purpose clearing corporation, the managing director shall not be included in the category of 5 [ non-independent directors ] . ] (5) Any employee of a recognised ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... itution or bank in the public sector, shall not be deemed to be a clearing member and / or trading member for the purpose of sub-regulation (6). (8) The appointment of director shall be subject to the fulfillment of other requirements and satisfaction of the Board. (9) A recognised stock exchange and recognised clearing corporation, shall monitor and ensure the compliance of sub-regulation (6) on continuous basis, to ensure that directors appointed, on their governing board, do not get associated with trading member or clearing member after approval of appointment. (10) The number of public interest directors shall not be less than the number of 5 [ non-independent directors ] to constitute the quorum for the meeting of the gove ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... be specific to them: Provided that the recognised stock exchange and recognised clearing corporation shall ensure that the governing board collectively 9 [ consists of ] directors with qualifications and experience as specified at clause (a) above. ] *************** NOTES:- 1. Substituted vide Notification No. SEBI/LAD-NRO/GN/2022/93 dated 11-08-2022 before it was read as, . 2. Inserted vide Notification No. SEBI/LAD-NRO/GN/2022/93 dated 11-08-2022 3. Substituted vide Notification No. SEBI/LAD-NRO/GN/2022/93 dated 11-08-2022 before it was read as, . 4. Inserted vide Notification No. SEBI/LAD-NRO/GN/2022/93 dated 11-08-2022 5. Substituted vide Notification No. SEBI/LAD-NRO/GN/2023/124 d ..... X X X X Extracts X X X X X X X X Extracts X X X X
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