The Securities and Exchange Board of India on November 21, 2025, issued the Securities Contracts (Regulation) (Stock Exchanges and Clearing Corporations) (Fourth Amendment) Regulations, 2025, to further amend the Securities Contracts (Regulation) (Stock Exchanges and Clearing Corporations) Regulations, 2018.
The following amendments have been stated:
• In regulation 23 (1)-
o In clause (b), the word and symbol “and” shall be omitted;
o In clause (c), the symbol shall be substituted with the word and symbols “and”;
o after clause (c), the words and symbols “(d) executive directors” shall be inserted.
• In regulation 23(4) and proviso thereto, after the words” managing director” and before the word “shall”, the words “and executive directors” shall be inserted;
• In regulation 25-
o in the title, after the word “Appointment” and before the words “of managing director”, the words and symbol “, role and responsibilities” shall be inserted;
o in clause (c) of sub-regulation (4), after first proviso, the following second proviso shall be inserted, namely, -
“Provided further that the managing director may, with the prior approval of the governing board of the recognised stock exchange or the recognised clearing corporation, be appointed as: a) non-executive director on the board of a company registered under Section 8 of the Companies Act, 2013;
b) non-executive director on the board of an unlisted government company not engaged in any commercial activity;
c) chairperson or member (non-executive capacity) of the governing board of an educational institution established by the Central Government, the State Government, a government company, or a statutory body, or
d) chairperson or member (non-executive capacity) of the governing board of a university established or incorporated by or under a Central Act or a State Act.”
They shall come into force on the thirtieth day from the date of their publication.
Please refer to the document attached below for more details.
[Notification No. SEBI/LAD-NRO/GN/2025/276]
