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DEMUTUALISED BOURSES

Independent directors must be appointed on merit

Star Business Report
Relatives of existing bourse members and employees of capital market intermediaries, associated companies and market regulators are not allowed to be independent directors of the demutualised stock exchanges.
The 'fit and proper criteria' for independent directors have been stated in the demutualisation scheme, which was made public recently following regulator}' approval on September 26.
Appointing the independent director is an important issue as the bourse board members would consist of a majority of members from this category after demutualisation. The 13-member board would consist of seven independent directors, five shareholder-directors, including one strategic investor, and the chief executive officer.
Demutualisation is a way of separating management of the bourses from ownership. It transforms a stock exchange into a profit oriented company owned by shareholders and ensures alternative business models and operational efficiency.
According to the scheme, a family member or connected person of any of the elected directors, trading right entitlement certificate (TREG) holders or shareholders of any stock exchange will not be eligible to be an independent director, tenure of whom will be three years. An independent director will not be an employee or director of any capital market intermediary, including merchant banks or asset management firms within the preceding three years of the proposed date of appointment.
Any employee of any regulatory' organisation and any director or employee of a listed company will not be eligible to be an independent director, according to the scheme.
There is also restriction on the chief executive officer or managing director of any subsidiary' company, associated firm, associated undertaking or holding company of the exchange within the preceding three years to be an independent director.
The scheme also set educational and professional qualifications for an independent director of a demutualised stock exchange.
As per the scheme, an independent director must have post graduate academic qualification in business, economics, statistics, computer science, mathematics, public administration or law with 10 years of professional experience.
However, graduate holders in a similar discipline can also be eligible for the posts, but they need to have 15 years of professional experience.
Professional designations such as CFA, GA, GMA, CS and GPA, with no less than 10 years of professional experience, will also be eligible for the posts of independent directors.
Persons with at least a graduate degree from any discipline with 20 years of management experience can also bean independent director, according to the scheme.