The Securities and Exchange Board of India (Sebi) on Monday, formed a committee to review regulations and relevant circulars pertaining to market infrastructure institutions (MIIs).
The committee will be headed by R Gandhi, former deputy governor of the Reserve Bank of India (RBI) and will have four other members — G Anantharaman, former Sebi whole time member, Leo Puri managing director of UTI AMC Ltd, Professor Gopal Naik, dean of Indian Institute of Management Bangalore and S Ravindran, executive director of Sebi.
According to Sebi, one of the important terms of reference of this committee is overall assessment of the existing MIIs’ framework and identifying areas for review in the SECC (Stock Exchanges and Clearing Corporations) norms and depository participants regulations. The committee is also mandated to review regulations pertaining to MIIs and identify areas for improvement of systems, procedures and practices and make recommendations. The panel will be responsible for addressing suggestions received from public under the consultation process.
Earlier in February, the market regulator had floated 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. The Sebi consultation paper, has proposed review of its regulations pertaining to appointment and remuneration of independent directors, and also ownership and governance norms for exchanges.
The Sebi board had in December 2009 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. The committee had tabled its report in 2012.