Exchanges for overhaul of 'fit and proper' rules

Market infra institutions send wishlist to Sebi, which is reviewing SECC regulations after 5 yrs

Stock exchanges have sought an overhaul of the 'fit and proper' norms applicable to their shareholders.

And, have requested the Securities and Exchange Board of India (Sebi) for changes to the rules on appointment and remuneration of directors, shareholding structure and on corporate governance norms.

Sebi, the markets regulator, is currently reviewing the regulations for exchanges and other market infrastructure institutions (MIIs), five years after an earlier such exercise.

The current rules don't allow an entity to directly or indirectly own shares in an exchange, unless declared 'fit and proper'. Sebi has listed different scenarios for monitoring and complying with the norm, based