Adequate financial powers to Executive Directors

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..... . 25/1999 dated August 12, 1999 advised the stock exchanges to accord adequate financial powers to the executive director of the stock exchanges for the smooth functioning of the stock exchange. The issue of the adequacy of the financial powers of the Executive Directors has also been covered in the report of the Mayya Committee on Model Rules at para no. 6.20. Further in the text of the model .....

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..... of the stock exchange. As the Joint Parliamentary Committee in its Report has taken a strong objection to the broker directors on the governing boards of the stock exchanges signing cheques, it has been decided that the stock exchanges shall provide specifically in its rules, that no broker director shall be authorized to sign any cheques or operate any bank accounts on behalf of the stock excha .....

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