The Securities and Exchange Board of India (Sebi) on September 9 proposed changes to strengthen the governance of market infrastructure institutions (MIIs), including a review of the criteria for appointing directors to their governing boards and a standardised framework for four key management positions.
In a consultation paper, the regulator has proposed extending the existing carve-out for directors of public financial institutions and public-sector banks to directors of companies with well-diversified shareholding, where such companies have associates that are trading members (TMs), clearing members (CMs) or depository participants (DPs).
