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Sebi to penalise bourses for tech glitches

Market regulator Sebi on Monday issued a detailed framework for penalising market infrastructure institutions (MIIs)— which includes stock exchanges, clearing corporations and depositories— for technical glitches.

“MIIs are systemically important institutions as they provide infrastructure necessary for the smooth and uninterrupted functioning of the securities market….For any downtime or unavailability of services, beyond such predefined time, there is a need to ensure that ‘financial disincentive’ is paid by the MIIs as well as managing director (MD) and chief technology officer (CTO) of the MII," Sebi said in a circular. Read here