Regulation 22C - The governing board of a recognized limited purpose clearing corporation shall include - Securities Contracts (Regulation) (Stock Exchanges and Clearing Corporations) Regulations, 2018

2 [ 22C. (1) The governing board of a recognized limited purpose clearing corporation shall include: (a) nominee directors; (b) independent directors; (c) managing director; and (d) such other directors as may be specified by the Reserve Bank of India or the Board from time to time. (2) The representative of the issuers of debt securities may be appointed on the governing board of the recognized limited purpose clearing corporation on a rotational basis and such a director shall be deemed to be a nominee director. Explanation.-For the purpose of sub-regulation (2), the representative of the issuers of debt securities during a financial year shall be one of the top three issuers, which are public sector undertakings, based on their issue size in the preceding financial year. ] ************* NOTES:- 1. Inserted vide Notification No. SEBI/LAD-NRO/GN/2020/32 dated 08-10-2020 2. Substituted vide Notification No. SEBI/LAD-NRO/GN/2022/93 dated 11-08-2022 before it was read as, 1 [Composition of the governing board of recognised limited purpose clearing corporation 22C . The representative of the issuers of debt securities may be appointed on the governing board of the recognized limited purpose clearing corporation on a rotational basis and such a director shall be deemed to be a shareholder director. Explanation. - For the purpose of this sub-regulation, representative of issuers of debt securities during a financial year shall be one amongst the top three issuers, which are public sector undertakings, based on their issue size in the preceding financial year. ]