Sebi plans to tighten appointment rules for top executives at MIIs

The move comes at a time the Reserve Bank of India (RBI) is said to have raised objections over Axis Bank's decision to reappoint Shikha Sharma

The Securities and Exchange Board of India (Sebi) is planning to tighten rules governing the appointment process for top executives at market infrastructure institutions (MIIs) such as exchanges, clearing corporations and depositories. 

According to sources, MIIs might have to appoint managing directors (MDs) and chief executive officers (CEOs) afresh after the completion of their tenure. At present, the tenure of MDs and CEOs is extended by the board and is sent for Sebi’s approval without a formal appointment process.

The move comes at a time the Reserve Bank of India (RBI) is said to have raised objections over Axis Bank’s decision to