Regulator Sebi today reorganised its committee on market infrastructure institutions that advises it on reviewing norms pertaining to stock exchanges, clearing corporations and depository participants.
Regulator Sebi today reorganised its committee on market infrastructure institutions that advises it on reviewing norms pertaining to stock exchanges, clearing corporations and depository participants. The five member committee is chaired by R Gandhi, former Deputy Governor at Reserve Bank of India (RBI), according to latest update with Securities and Exchange Board of India (Sebi). Other members are UTI AMC Managing Director Leo Puri; Gopal Naik, Dean, faculty at Indian Institute of Management Bangalore; G Anantharaman, former whole time member Sebi; and S Ravindran executive director at Sebi.
One of the major terms of reference of this committee is overall assessment of the existing MIIs’ framework and identify areas for review in the SECC (Stock Exchanges and Clearing Corporations) norms and depository participants regulations. The committee is mandated to review regulations pertaining to Market Infrastructure Institutions (MIIs) and identify areas for continuous improvement of systems, procedures and practices and make recommendations thereof. The panel would also be responsible for addressing suggestions received from public under the consultation process.
The board of Sebi in December 2009 had constituted a committee under the Chairmanship of Bimal Jalan, former RBI Governor, to examine issues arising from the ownership and governance of market infrastructure institutions. Earlier in February this year, Sebi had issued a consultation paper to review the norms governing stock exchanges, clearing corporations and depositories in view of changing market dynamics. It had sought comments from public till March 31 in this regard.