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TMI BlogCircular No.8726X X X X Extracts X X X X X X X X Extracts X X X X ..... lude the Clearing Council/Executive Committee of Derivatives Clearing House / Clearing Corporation), * Chief Executive Officer of the Derivative Exchange/Segment * Chief Executive Officer of Derivatives Clearing House/Corporation, and * Statutory Committees such as Disciplinary Action Committee, Arbitration Committee, Defaulters Committee, within a period of two months from the date of final approval for trading and settlement granted by SEBI in the manner specified in the enclosed Guidelines. Yours sincerely, (L. K SINGHVI) L.K Singhvi Sr. Executive Director GUIDELINES FOR APPOINTMENT OF CHIEF EXECUTIVE OFFICER OF DERIVATIVE EXCHANGE/SEGMENT, CHIEF EXECUTIVE OFFICER OF DERIVATIVES CLEARING HOUSE/CORPORATION, GOVERNING BOA ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e Derivative Exchange/ Segment shall be constituted as follows: i. The Derivative Exchange/Segment should have a separate Governing Board which shall not have representation of Trading/Clearing Members of the Derivative Exchange/Segment/Clearing House/Clearing Corporation beyond 40% of the total members on the Governing Board provided that no Trading Member/Clearing Member shall be allowed to simultaneously be on the Governing Board of the Derivative Exchange/Segment and any of the underlying securities market. ii. The members of the Governing Board of the Derivative Exchange /Segment shall elect a Chairman within a period of 10 days from the constitution of the Board and if the Chairman is a Trading/Clearing Member then he shall not carr ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... rescribed hereunder: - i. The clearing council shall not have any representation from the trading or clearing members. ii. The members of clearing council shall be persons of integrity having necessary professional competence and experience in the areas related to securities / derivatives markets. Their appointment however will be subject to approval by the Board. iii. The Chief Executive Officer of the derivatives clearing house / corporation shall be a member of the clearing council. iv. The members on the clearing council shall elect a Chairman within a period of 10 days from the constitution of the clearing council. v. The members appointed on the clearing council shall not be subject to retirement by rotation and shall hold office ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... aring council as the case may be, with the prior approval of the Board or on receipt of direction to that effect from the Board, subject to the concerned Chief Executive Officer being given an opportunity of being heard against such termination. (6) The Rules or Articles of Association, as the case may be, shall provide that not more than forty percent of the trading or clearing members of the derivatives exchange/segment and its clearing house / corporation shall be appointed on the arbitration, disciplinary and default committees. Atleast sixty percent shall be nominated on the said committees from persons other than members of the derivatives exchange/segment and its clearing house/corporation. The appointment of member on the statutory ..... X X X X Extracts X X X X X X X X Extracts X X X X
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