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Regulation 38 - Utilization of profits and investments - Securities Contracts (Regulation) (Stock Exchanges and Clearing Corporations) Regulations, 2018Extract Utilization of profits and investments 38. (1) The utilization of profits and investments by recognised clearing corporations shall be in accordance with the norms specified by the Board. (2) The recognized stock exchange or recognized clearing corporation shall not carry on any activity whether involving deployment of funds or otherwise without prior approval of the Board: Provided that prior approval of the Board shall not be required in case of treasury investments if such investments are as per the investment policy approved by the governing board of recognized stock exchange or recognized clearing corporation; Provided further, that the recognised stock exchange and recognised clearing corporation may engage in activities whether involving deployment of funds or otherwise that are unrelated or not incidental to its activity as a stock exchange or clearing corporation, as the case may be, 1 [****] through a separate legal entity and subject to approval of the Board. 2 [ (3) An employee of a recognised stock exchange or recognised clearing corporation shall not simultaneously be an employee of any other company where the recognised stock exchange or recognised clearing corporation has invested. (4) A director, committee member or employee of a recognised stock exchange or a recognised clearing corporation shall not receive any compensation or any other financial benefit from the companies where the recognised stock exchange or recognised clearing corporation has invested, other than fees and expenses related to the governing board and committee meetings ] ************* NOTES:- 1. Omitted vide NOTIFICATION No. SEBI/LAD-NRO/GN/2019/21 dated 04-06-2019 before it was read as except 2. Inserted vide Notification No. SEBI/LAD-NRO/GN/2023/124 dated 28-02-2023 (shall come into force on the one hundred and eightieth day from the date of their publication in the Official Gazette)
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