(1) A recognised stock exchange and recognised clearing corporation shall, with the prior approval of the Board, make bye-laws for the regulation of contracts and clearing and settlement, as the case may be, as per section 9 of the Act and these regulations.
(2) No memorandum of association, articles of association or any other constitution document, in so far as they relate to matters specified in section 3 of the Act or under these regulations and bye- laws of a recognised stock exchange or a recognised clearing corporation, shall be amended except with prior approval of the Board.
(3) The Bye-laws of the clearing corporation and procedure for submitting amendments to Articles/Rules/Bye-laws [*]7, etc., of a recognised stock exchange/ recognized clearing corporation for approval of the Board shall be made in the manner as specified under
PART – E of Schedule – II of these regulations.
Settlement and netting