TMI BlogCircular No.8726X X X X Extracts X X X X X X X X Extracts X X X X ..... vative Exchange/Segment (which shall include 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 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... mittees and shall appoint the Chief Executive Officer 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 th ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ppointed under clause (iii) above 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. The Chief Exec ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... icer to give effect to the directives, guidelines and orders issued by the Board in order to implement the applicable provisions of law, rules, regulations as also the Rules or the Articles of Association, Regulations and Bye-laws of the stock exchange. Any failure in this regard will make him liable for removal or termination of service by the governing board of the derivatives exchange / segment or the clearing council as the case may be, with the prior approval of the Board or on receipt of direction to that effect from the Board, subject to the concerned Chief Executive Officer being given an opportunity of being heard against such termination. (6) The Rules or Articles of Association, as the case may be, shall provide that not ..... X X X X Extracts X X X X X X X X Extracts X X X X
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