MCX-SX sets up committee to comply with Sebi order

Sep 20 2013, 14:06 IST
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The committees would advise boards of the two entities on major policy matters and ensure all regulatory compliance. (AP) The committees would advise boards of the two entities on major policy matters and ensure all regulatory compliance. (AP)
SummaryThe committees would advise boards of the two entities on major policy matters and ensure all regulatory compliance.

be withdrawn in case of any non-compliance to its directions, including about the setting up and functioning of the governance committee.

This panel will oversee the exchange's financial transactions related to investment, lending, and borrowing of funds and related party transactions, appointment of key management personnel, all facility/infrastructure sharing arrangements and major capital expenditures.

As per Sebi order, the panel would advise MCX-SX board on all the major policy matters and the board will have to consider the advice of the panel and maintain a record of the proceedings.

In order to further secure the management of the exchange and clearing corporation, shareholders of MCX-SX and MCX-SX-CCL in AGM/EGM would examine conflict of interest and compliance with Stock Exchanges and Clearing Corporations (SECC) Regulations by the directors and the key management personnel and take appropriate action including reconstitution of board, reappointment of any key management personnel.

This will have to be reported to SEBI within 30 days from the date of renewal of recognition.

Sebi said any non-compliance with its directions or any adverse findings by any other regulator may result in withdrawal of recognition of the exchange.

MCX-SX offers electronic platform for trading in Capital Market, Futures & Options, Currency Derivatives and Debt Market segments. The exchange has also received in-principle approval from SEBI for operationalising SME trading platform.

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