On Nov. 22, IND SEBI issued MII guidelines to enhance governance.
IND SEBI issued Guidelines to stock exchanges, clearing corporations and depositories.
The guidelines are based on the recommendations of the committee on strengthening of governance of market infrastructure institutions (MIIs), see #153216.
Guidelines
Covers mechanisms to enhance accountability, including meetings of public interest directors and their reporting, quarterly reporting by Compliance Officer (CO).
Plus half yearly reporting by Chief Risk Officer (CRiO), disclosure of board meeting agenda and minutes, standard operating procedures (SOP) for disciplinary actions against key management personnel (KMP), and whistleblower policy of MIIs.
Enhancing monitoring mechanisms, such as mechanisms to monitor their members and participants, periodic monitoring of back office vendors/outsourced agencies.
Training or knowledge upgrading of directors on the governing board of MIIs.
Policy on data sharing, appointment/reappointment of directors on governing board.
Reporting lines of KMPs that include CO, CRiO, and Chief Technology Officer.
Effectiveness
The circular will be effective from Apr. 1, 2025.
In Nov. 2024, IND SEBI consulted on appointment of MII key managers, see #234486.
