(1) There will be at most seven directors including at least two independent directors in the commodity exchange market.
(2) Qualifications of directors shall be as follows:-
(a) At least a master's degree or chartered accountancy degree from a recognized educational institution in economics, commerce, finance, accounting, management or law and having at least five years of work experience in the relevant field,
(b) having completed the age of thirty-five years, and
(c) There is no disqualification as specified.
(3) The appointment of directors should be done in such a way that, as far as possible, the different categories mentioned in clause (a) of sub-section (2) are represented.
(4) For the purpose of appointing an independent director, the stock exchange shall recommend and submit to the board a list of potential candidates three times the number of vacant independent directors.
(5) The board shall appoint a suitable candidate as an independent director from among the potential candidates submitted in accordance with sub-section (4).