Nominee Directors on the Governing Board ofStock Exchanges

SECURITIES AND EXCHANGE BOARD OF INDIA
SECONDARY MARKET DEPARTMENT
Mittal Court, A Wing, Gr. Floor,
224, Nariman Point, Mumbai 400 021

SMD/POLICY/CIR-09/98
February 24, 1998
 

TO:

The Executive Director/President/Managing Director
of All the Stock Exchanges

Dear Sir,

Sub: Nominee Directors on the Governing Board of Stock Exchange

Please refer to our circular no. SMD/SED/6919/93 dated April 20, 1993 regarding constitution of Governing Board of Stock Exchanges. The Governing Board of Stock Exchanges, in accordance with the referred circular, is constituted as follows:

   1. six members of the stock exchange to be elected by the members of the stock exchange;
   2. not more than three members to be nominated by the Central Government or SEBI in accordance with the Act;
   3. three public representatives to be nominated by the SEBI;
   4. one Executive Director to be appointed by the stock exchange.

Hence forth, Governing Board members falling in the category (ii) shall be called as "SEBI Nominee". Exchanges are advised to ensure that the correct terminology is used in all the documents/correspondence/Annual Report.

Yours faithfully,
 

M. D. PATEL
EXECUTIVE DIRECTOR