The Securities and Exchange Board of India (Sebi) on Monday (4 April 2022) constituted an ad-hoc committee for reviewing and making recommendations for further strengthening of governance norms at Market Infrastructure Institutions (MIIs).
The members of the committee include G. Mahalingam (former whole time member, Sebi)-chairman; J. N. Gupta, MD of Stakeholders Empowerment Services; Aarti Nihalani, partner, Oliver Wyman; Sandip Bhagat, partner, S&R Associates; Uttam Bagri, former chairman, BSE Brokers Forum; MD & CEOs of NSE, BSE, NSDL and CDSL.
The terms of reference of the committee include, making recommendations on measures for strengthening the role played by the governing board and committees of MIIs; reviewing the requirements related to appointment and role & responsibility of directors on the board and key managerial persons (KMPs); developing effective metrics for monitoring various aspects of the functioning of MIIs and KMPs; enhancing accountability and transparency; reviewing the policy on safekeeping and sharing of information held by MIIs; revisiting the code of conduct and code of ethics for directors of the governing board and KMPs; and any other measures that the committee may consider appropriate.
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