Examples of SECC Regulations in a sentence
As per under the SECC Regulations “Key Management Personnel” (hereinafter KMP) means a person serving as head of any department or in such senior executive position that stands higher in hierarchy to the head(s) of department(s) in the recognized stock exchange or the recognized clearing corporation or in any other position as declared so by such stock exchange or clearing corporation.
Further the remuneration payable to the Executive Directors is also governed by the SECC Regulations.
Further the remuneration payable to the Directors is also governed by the SECC Regulations.
As per regulation 35 of SECC Regulations, 2012, the disclosure requirements and corporate governance norms as applicable to a listed entity are mutatis mutandis applicable to a recognized stock exchange.
Such contribution can be adjusted against the transfer of profit by the Specified Stock Exchange as per Regulation 33 of Securities Contracts (Regulation) (Stock Exchanges and Clearing Corporations) Regulations, 2012 (SECC Regulations).
The Company’s Policy with regard to appointment and remuneration of Directors is governed by the provisions of SECC Regulations 2018.
In accordance with Section 197 (12) of the Companies Act, 2013 read with Rule 5 (1) of the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014 and Regulation 27(6) of SECC Regulations, 2018, the ratio of the remuneration of each Director to the median employee’s remuneration, ratio of compensation paid to each key management personnel vis-a-vis median of compensation paid to all employees and other details forms part of this report as Annexure III.
The SECC Regulations require the Public Interest Directors to constitute a minimum of two-third of the total Board strength and number of Shareholder Directors not to exceed one-third of the Board’s strength.
As per the SECC Regulations, the Governing Board of a clearing corporation comprises (i) Public Interest Directors (PIDs), (ii) Shareholder Directors and (iii) Managing Director.
As per Regulation 24 (9) of SECC Regulations 2018, Public Interest Directors shall be remunerated only by way of sitting fees as admissible to independent directors in the Companies Act, 2013.