Section 27 in Securities and Exchange Board of India (Depositories and Participants) Regulations, 2018
27. Code of Conduct for directors and key management personnel.
(1)Every director of a depository shall abide by the Code of Conduct specified under Part-B of Third Schedule of these regulations.(2)Every director and key management personnel of a depository shall abide by the Code of Ethics specified under Part-C of Third Schedule of these regulations.(3)Every director and key management personnel of a depository shall satisfy the fit and proper person criteria at all times as per sub-regulation (2) of regulation 23.(4)The Board may, for any failure by the directors to abide by these regulations or the Code of Conduct or Code of Ethics or in case of any conflict of interest, either upon a reference from the depository or suo motu, take appropriate action including removal or termination of the appointment of any director, after providing him a reasonable opportunity of being heard.
