SEBI forms panel to improve governance norms for market infra institutions

The Securities and Exchange Board of India (SEBI) on April 4 announced the constitution of an ad-hoc committee which will suggest measures to improve the government norms for market infrastructure institutions (MIIs).

The panel will be headed by SEBI's former whole time member G Mahalingam. Other members of the committee are J N Gupta, MD of Stakeholders Empowerment Services; Aarti Nihalani, Partner, Oliver Wyman; Sandip Bhagat, Partner, S&R Associates and Uttam Bagri, Former Chairman, BSE Brokers Forum.

The managing directors and chief executive officers of NSE, BSE, NSDL and CDSL have also been included in the panel, SEBI said.

The committee would be tasked with "making recommendations on measures for strengthening the role played by the Governing Board and Committees of MIIs", the market regulator said.

They would also be reviewing the requirements related to appointment and role  responsibility of directors on the board and key managerial persons (KMPs), it added.

The panel would also "developing effective metrics for monitoring various aspects of the functioning of MIIs and KMPs", "enhancing accountability and transparency" and "reviewing the policy on safekeeping and sharing of information held by MIIs", the press release issued by SEBI stated.

Revisiting the "code of conduct and code of ethics" for directors of the governing board and KMPs is also listed among the tasks that will be assigned to the committee.