Section 229 Investments and Securities Act

Section 229 of the Investments and Securities Act 2025 is about Appointment and removal of chief executive and principal officers of a commodities exchange. It is under Part XV (Commodities Exchange and Warehouse Receipts) of the Act. It provides as follows:

(1) The appointment of the chief executive and other principal officers of a commodities exchange shall be subject to the prior written approval of the Commission.

(2) The Commission may, in writing, direct a commodities exchange to remove the chief executive or an officer performing the functions of a chief executive and where the commodities exchange fails to comply with the directive of the Commission, the Commission may suspend or remove such officer from office in the public interest or for the protection of investors.

(3) The Commission may suspend or remove the chief executive or a principal officer of a commodities exchange, if it is satisfied that such officer has contravened, failed, or refused to comply with the —
(a) provisions of this Act or rules and regulations made under it;

(b) rules of the commodities exchange; or
(c) directive of the Commission:

Provided that the chief executive or such other principal officer shall be given an opportunity to be heard before the suspension or removal from office by the Commission.