Sebi strengthened MII rules after Chitra Ramkrishna blowback

The committee submitted its report in two parts on March 26, 2018, and April 25, 2018.

The Securities and Exchange Board of India (Sebi) tightened rules governing market infrastructure institutions (MIIs) in the aftermath of the Chitra Ramkrishna scandal. In less than two months of Ramkrishna’s resignation as managing director (MD) and chief executive officer (CEO) of National Stock Exchange (NSE) in December 2016, the markets regulator decided to undertake a comprehensive review of MII regulations.

MIIs are systemically important institutions, such as stock exchanges, clearing corporations, and depositories. They are the backbone of the capital markets.

In this regard, Sebi set up an expert group under the chairmanship of former Reserve Bank of India deputy governor R