year, after it was notified as a “recognised stock exchange” by the ministry of corporate affairs in December 2012.
Meanwhile, a Reserve Bank of India investigation has apparently established that the banking industry’s exposure to the defaulting NSEL is Rs 280 crore only. The RBI concluded this after reviewing data of 41 banks, provided by the banks themselves, exposed to Financial Technologies group companies as per a report by CNBC-TV18.
The governance 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.
The panel would also advise the exchange’s board on all major policy matters. The board will have to consider the advice of the panel and maintain a record of the proceedings, Sebi said. Also in order to further secure the management of the exchange and clearing corporation, shareholders of the two entities regulated by Sebi would examine conflict of interest by the directors and key management personnel and take appropriate action including reconstitution of board as well as reappointment of any key management personnel.