Regulation 24 - Conditions of appointment of directors. - Securities Contracts (Regulation) (Stock Exchanges And Clearing Corporations) Regulations, 2012

Conditions of appointment of directors. 24. (1) The appointment and re-appointment of all shareholder directors on the governing board of every recognised stock exchange or recognised clearing corporation shall be with the prior approval of the Board. (2) The public interest directors on the governing board of the recognised stock exchange(s) and the recognised clearing corporation(s) shall be nominated by the Board. (3) Public interest directors shall be nominated for a fixed term of three years, or for such extended period, as may be approved by the Board. (4) If any issue arises as to whether an assignment or position of a public interest director is in conflict with his role, the Board s decision shall be final. (5) A public interest director may be renominated after a cooling-off period of one year or such period as the Board may deem fit in the interest of the securities market. (6) Public interest directors shall be paid only sitting fees as specified in the Companies Act, 1956.