Securities And Exchange Board Of India - Subsection
Section 26(4) in Securities and Exchange Board of India (Depositories and Participants) Regulations, 2018
(4)The managing director of a depository shall not -(a)be a shareholder or an associate of a shareholder of a depository or shareholder of an associate of a depository;(b)be a depository participant, or his associate and agent, or shareholder of a depository participant or shareholder of an associate and agent of a depository participant; or(c)hold any position concurrently in the subsidiary of a depository or in any other entity associated with a depository:Provided that the managing director of a depository may be appointed on the governing board, but not as managing director, of the subsidiary or associate of a depository.
