RBI issues directions for Central Counterparties

Jun 13, 2019 | by Avantis RegTech Legal Research Team


The Reserve Bank of India (RBI) on June 12, 2019, has issued a Notification to issue Directions for Central Counterparties (CCPs). RBI has referred Circular dated October 15, 2018, to update the Direction prescribing the directions relating to capital requirements and governance framework for CCPs as also providing a framework for recognition of foreign CCPs. In Section A, the directions on Governance of domestic CCPs authorised to operate in India by the RBI, the upper age limit for appointment of Managing Director, Director, Nominee Director, Independent Director and Chairperson was stipulated as 65 years.

On review of the directions, the upper age limit for appointment of Director, Nominee Director, Independent Director and Chairperson has been revised to 70 years. The upper age limit for appointment of Managing Director shall continue to be 65 years.

[Notification No. DPSS.CO.OD No.2565/06.08.005/2018-2019]

Click here to download the Notification.

 


Bookmark

Related Updates



Alternate Text

Get updates on the go on RuleZbook Mobile App.