Regulation 9A - Governing board, disclosures and corporate governance - Securities And Exchange Board of India (Depositories And Participants) Regulations, 1996

CHAPTER IIA GOVERNANCE OF DEPOSITORY Governing board, disclosures and corporate governance. 9A(1) The governing board of every depository shall include: (a) shareholder directors; (b) public interest directors; and, (c) managing director. (2) Subject to 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 shareholder directors in a depository. (4) The managing director shall be an ex-officio director on the governing board and shall not be included in either the category of public interest directors or shareholder directors. (5) Any employee of a depository may be appointed on the governing board in addition to the managing director, and such director shall be deemed to be a shareholder director. (6) Atleast one public interest director shall be present in the meetings of the governing board to constitute the quorum. (7) The disclosure requirements and corporate governance norms as specified for listed companies shall mutatis mutandis apply to a depository. (8) Every existing depository shall comply with this regulation within a period of three months from the date of commencement of Securities and Exchange Board of India (Depositories and Participants) (Amendment) Regulations, 2012.