Regulation 29 - Oversight committees. - Securities Contracts (Regulation) (Stock Exchanges And Clearing Corporations) Regulations, 2012

Oversight committees. 29. (1) Every recognised stock exchange shall constitute independent oversight committees of the governing board, each chaired by a public interest director, in order to address the conflicts of interest in respect of (a) member regulation, (b) listing functions, and (c) trading and surveillance function. (2) A recognised stock exchange shall follow the minimum listing standards specified by the Board from time to time. (3) The heads of departments handling the matters referred to in sub-regulation (1) shall report directly to the respective committee and also to the managing director. (4) Any action of a recognised stock exchange against a head of a regulatory department shall be subject to an appeal to the respective committee specified under sub-regulation (1), within such period as may be determined by the governing board. (5) The provisions of this regulation shall mutatis mutandis apply to a recognised clearing corporation.