Sebi on Tuesday decided to amend the governance norms for stock exchanges and market infrastructure institutions, including categorising their functions into three verticals and rationalising the appointment process for public interest directors.
The regulatory changes are expected to bring in “greater transparency and accountability” in the functioning of Market Infrastructure Institutions (MIIs), Sebi said after its board meeting here.
The changes, cleared by the board, have been finalised after a comprehensive review of the governance of MIIs — stock exchanges, clearing corporations and depositories.
Going forward, the function of an MII will be categorised into three verticals — critical operations, regulatory, compliance and risk management, and other functions, including business development.
The Key Management Personnel (KMPs) heading the functions under the first two verticals will be at par in the hierarchy with the KMPs heading the third vertical. Also, MIIs will have t
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