Skip to main content
Custom print

B. Board Committees

Effective from Feb 07 2023 - Aug 23 2023
To view other versions open the versions tab on the right

1. The Board of a VASP providing Custody Services shall establish remuneration, nomination and audit committees, and may establish additional committees, to perform certain delegated functions on behalf of the Board. The Board may delegate specific authority, but not its responsibilities, to its committees, provided that it continuously monitors and oversees the work conducted by all committees.
2. Each committee created by the Board of a VASP providing Custody Services shall—
 
  a. have a charter or other instrument that sets out its membership, mandate, scope, working procedures and means of accountability to the Board; and
  b. report to the Board on findings and recommendations relating to the work entrusted by the Board to it regularly.
 
3. The Board and its committees shall keep minutes to record details of the matters discussed, recommendations made, decisions taken, resolutions passed and any dissenting opinions at a Board meeting for a period, notwithstanding any requirements in any law or regulations, of not less than eight [8] years.