The Securities and Exchange Board of India (Sebi) has expressed serious concern over public representatives continuing on the governing board of the Bombay Stock Exchange (BSE) even after their terms have expired.
The governing board comprises 19 persons: one executive director, three Sebi nominees, one nominee from the Reserve Bank of India, five public representatives and nine elected members. The elected members sit on the board for one year.
In a recent closed-door meeting at the stock exchange, Sebi said it might have to take steps to remove the public representatives on the Bombay Stock Exchange board. The exchange has also been told to minimise brokers
