परिषदो ण्यः

Operational rule vidhi

The affix ण्य comes after the word परिषद in the sense of 'who assembles there'.

Word by word (padaccheda)

Left context परिषदः pañcamī · ekavacanaSubstitute / term य ः prathamā · ekavacana

Left context Pañcamī (5th case): "after X", the operation applies to what follows (1.1.67 तस्मादित्युत्तरस्य). Also used for limits and sources.
Substitute / term Prathamā (1st case): in operational rules, the substitute or the thing introduced; in definitions, the term or its referent.

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Full reading

परिषदः ण्यः

Pāṇini leaves out words that carry over from earlier sūtras. Expand to see the rule as a reader actually understands it.

Commentary

The affix ण्य comes after the word परिषद in the sense of 'who assembles there'.
This debars ठक् ॥ Thus परिषदं समवैति = पारिषद्यः 'one present in a council, an assessor, a councillor'.

Śrīśa Chandra Vasu, The Ashtadhyayi of Panini (1897), via ashtadhyayi.com.