Section 30 in The Securities Contracts (Regulation) (Stock Exchanges and Clearing Corporations) Regulations, 2012
30. Advisory committee.
(1)An advisory committee shall be constituted by the governing board of every recognised stock exchange and recognised clearing corporation to advise the governing board on non-regulatory and operational matters including product design, technology, charges and levies.(2)The advisory committee of a recognised stock exchange shall comprise its trading members and the advisory committee of a recognised clearing corporation shall comprise its clearing members.(3)The chairperson of the governing board shall be the head of the advisory committee and the managing director shall be a permanent invitee to every meeting of the advisory committee.(4)The advisory committee shall meet at least four times a year with a maximum gap of three months between two meetings.(5)The recommendations of the advisory committee shall be placed in the ensuing meeting of the governing board of the recognised stock exchange or the recognised clearing corporation for consideration and appropriate decision of the governing board, and such recommendations along with the decision of the governing board on the same, shall be disclosed on their respective websites.(6)Trading members and clearing members shall not be part of any other committee of the recognised stock exchange or the recognised clearing corporation, as the case may be.
