NSDL -BYELAWS -2000 CH-3 3. BOARD OF DIRECTORS 3.1.1. The Board of Directors of National Securities Depository Limited, constituted in accordance with the provisions of the Articles of Association of the Company, may organise, maintain, control, manage, regulate and facilitate the operations of the Depository and of securities transactions by the Participants of the Depository, subject to the provisions of The Depositories Act 1996, The Securities and Exchange Board of India Act, 1992, The Securities and Exchange Board of India (Depositories and Participants) Regulations, 1996 and any directives issued there under. 3.1.2. The Board of Directors may delegate, from time to time, to an Executive Committee or Committees or to the Managing Director or to any person or persons, such of the powers vested in it and upon such terms and conditions as it may think fit, and cancel, withdraw, alter or vary all or any of such powers so delegated. 3.1.3. The Board of Directors shall have the authority to issue directives from time to time to the Executive Committee or such other Committees or Managing Director or any other person or persons to whom any powers have been delegated by the Board of Directors, and such directives shall be binding on the Executive Committee, Committees, Managing Director, such other person/ persons. 3.1.4. Subject to the prior approval of the Securities and Exchange Board of India, the Board of Directors may amend, add or repeal any of the provisions of the Bye Laws framed by it.