Section 8(4A)(iv) in Securities Contracts (Regulation) Rules, 1957
(iv)the directors of the company are not disqualified from being members of a stock exchange under [clause (1) [except sub-clause (b) and sub-clause (f) thereof] or clause (3) [except sub-clause (a) and sub-clause (f) thereof]] [Substituted by GSR 790(E), dated 07.11.1994.] and the Directors of the company had not held the offices of the Directors in any company which had been a member of the stock exchange and had been declared defaulter or expelled by the stock exchange; and