Trading Members are required to take prior approval of the Exchange for change in designated/ordinary directors as per the Rules, Byelaws and Regulations of the Exchange.
It is to be noted that the members of the Exchange which are Banks and Primary Dealers are also regulated by RBI and comply with ‘Fit and Proper’ requirement prescribed by RBI. Thus, exemption for prior approval of the Exchange for change in Designated Directors/Ordinary Directors is hereby provided to all the Banks & Primary Dealers whose Directors meet the Fit & Proper criteria laid down by RBI.
Further, Banks and Primary Dealers have to mandatorily ensure that the newly appointed Designated Directors/Ordinary Directors are ‘Fit and Proper’ as per Schedule II of SEBI (Intermediaries) Regulations, 2008.
For and on behalf of BSE Limited
Amit Kadam Bina Khaneria
Asst. General Manager Associate Manager
Membership Operations Memberhip Compliance
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