Regulatory Alerts2021-01-01
Financial Regulatory Authority Board Resolution No. 38 of 2021 on Forming the Board of Directors of the Central Securities Depository and Clearing Company and Nominating its Chairman and Members
The Financial Regulatory Authority issued Resolution No. 38 of 2021 to establish comprehensive regulations for forming the Board of Directors of the Central Securities Depository and Clearing Company, specifying board size, term limits, independence requirements, and cumulative voting. The resolution mandates strict eligibility criteria for nominated candidates, including professional qualifications, experience thresholds (seven to ten years), conflict-of-interest checks, and gender representation. It further outlines the nomination submission process, committee review procedures, voting mechanisms at the General Assembly, and a formal appeals mechanism to ensure transparent governance of the central depository entity.
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