On Aug. 30, IND IFSCA proposed revisions re regs on infrastructure.
IND IFSCA proposed amendments to the IFSCA (market infrastructure institutions) regulations, 2021, for better governance and regulation of market infrastructure institutions (MIIs), i.e. stock exchanges, clearing corporations, and depositories.
Significant advancements in capital markets over last few years necessitate review of these regs; emphasized need for robust governance of MIIs due to their dual role.
Follows IND IFSCA Jan. 2021 proposed infrastructure institutions rules, see #96970.
Amendments
Definition of key management personnel (KMP) is proposed to be amended to reflect the growth stage of MIIs in IFSC, focusing on those with decision-making abilities.
MIIs must segregate core functions into specific verticals; proposed age limit for managing directors at 65 years of age and public interest directors at 75 years of age.
As for KMP compensation, new policies to include malus, clawback arrangements for accountability; establish comprehensive code of conduct for MIIs, their key personnel.
Effectiveness
The comment period for this consultation is open until Sep. 19, 2024.
