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Corporate Laws Central Ministry of Finance Securities Contracts (Regulation) Act, 1956

Securities Contracts (Regulation) (Stock Exchanges and Clearing Corporations) (Amendment) Regulations, 2023

28-Feb-2023 | No. SEBI/LAD-NRO/GN/2023/124

The Securities Exchange and Board of India have issued the Securities Contracts (Regulation) (Stock Exchanges and Clearing Corporations) (Amendment) Regulations, 2023, effective from 27 August 2023.
The highlights of the amendment are:
1. Modification in the definition of the key management personnel under Regulation 2(j).
2. Insertion of Regulation 10A deals with the code of conduct for recognized stock exchanges and recognized clearing corporations.
3. Insertion of Regulation 23A stating that the Board to appoint a director(s) on the governing board of any recognized stock exchange or recognized clearing corporation who shall enjoy the same status and power as the other directors of the governing board.
4. Modification in Regulation 25(3) states that the Managing Director may be appointed for a maximum period of ten years, subject to a maximum age limit of sixty-five years. Previously, the maximum tenure was two terms not exceeding five years each.
5. Modification in the heading of Regulation 26- Code of Conduct for the governing board, directors, committee members, and key management personnel.

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