Sebi committee to review depository system
Sebi's Depository System Review Committee, which comprises outside experts as also a member secretary from the regulator, would assess the existing depository system to benchmark it against the global best practices.
Besides, it will also identify the areas for continuous improvement of systems, procedures and practices and make the required recommendations.
The mandate to the Sebi panel also includes identifying "systemically important market infrastructure providers/ institutions/depository participants and their inter-linkages and identify areas and suggest safeguards to prevent single point failures and denial of depository service.
It would also review the existing system of inspection by depositories and suggest changes for strengthening monitoring and oversight of depository participants, the official added.
Sebi's Depository System Review Committee would also study the relevant principles of IOSCO, a global body of market regulators from across the world, and European Central Bank recommendations for Central Securities Depositories.
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