RBI tweaks directions for Central Counterparties; hikes upper age limit for appointment of directors

The RBI has revised directions for Central Counterparties (CCPs) wherein the upper age limit for appointment of Director, Nominee Director, Independent Director and Chairperson has been revised to 70 years from the existing upper age limit of 65 yrs. The Companies Act, 2013 doesn’t specify any upper age limit for appointment of directors except in case of public Cos. where appointment of director beyond age of 70 is subject to a special resolution by the shareholders.

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