Section 29 in The Securities Contracts (Regulation) (Stock Exchanges and Clearing Corporations) Regulations, 2012
29. Oversight committees.
(1)Every recognised stock exchange shall constitute independent oversight committees of the governing board, [to the extent applicable,] [Inserted by Notification No. SEBI/LAD-NRO/GN/2018/04, dated 2.4.2018 (w.e.f. 20.6.2012).] each chaired by a public interest director, in order to address the conflicts of interest in respect of-(a)member regulation,(b)listing functions, [***] [Omitted 'and' by Notification No. SEBI/LAD-NRO/GN/2018/04, dated 2.4.2018 (w.e.f. 20.6.2012).](c)trading and surveillance function[, and] [Inserted by Notification No. SEBI/LAD-NRO/GN/2018/04, dated 2.4.2018 (w.e.f. 20.6.2012).](d)[ product design.] [Inserted by Notification No. SEBI/LAD-NRO/GN/2018/04, dated 2.4.2018 (w.e.f. 20.6.2012).](2)A recognised stock exchange shall follow the minimum listing standards specified by the Board from time to time.(3)The heads of departments handling the matters referred to in sub-regulation (1) shall report directly to the respective committee and also to the managing director.(4)Any action of a recognised stock exchange against a head of a regulatory department shall be subject to an appeal to the respective committee specified under sub-regulation (1), within such period as may be determined by the governing board.(5)The provisions of this regulation shall mutatis mutandis apply to a recognised clearing corporation.
