Sebi reconstitutes intermediary advisory committee for legal framework

Sebi has reconstituted its intermediary advisory committee, which suggests on matters pertaining to changes in legal framework and enhancing transparency in systems and procedures of market intermediaries including stock brokers, depository participants and clearing members.

Rejigging its committee, the capital markets regulator said the panel will continue to be chaired by S Ravindran Jain, former executive director at Sebi. Also, the regulator has inducted new members in the panel.

The 21-member committee has representation from the brokerage industry, financial institutions, legal fields and Sebi's members, as per the information available with the markets watchdog.

The regulator has inducted several new members including Nithin Kamath, founder and chief executive officer (CEO) of Zerodha Broking and Groww's CEO Lalit Keshre.

Further, Ashish Chauhan, managing director and CEO of National Stock Exchange (NSE); Sundararaman Ramamurthy, MD and CEO of BSE; Narendra Wadhwa, President at Commodity Participants Association of India (CPAI) and Vijay Mehta, President at Association Of National Exchanges Members of India (ANMI) are the other members.

The committee has been tasked to suggest measures for improving market safety, efficiency and transparency and advises Sebi on matters required to be taken up for changes in legal framework to introduce simplification and transparency in systems and procedures with regard to market intermediaries.

In addition, it advises the regulator on greater adoption of technology and cyber security by intermediaries, including in respect of compliances.