Sebi tightens grip on board composition at market infra institutions

The Securities and Exchange Board of India (Sebi) has tightened its grip on board composition at market infrastructure institutions (MIIs).

The regulator already has a strict framework in place dictating the appointments and tenures of board members at stock exchanges, clearing corporations and depositories –termed MIIs in market parlance. However, it appears the regulator opposed reappointment of certain ‘shareholder directors’ due to concerns over their lengthy association.

“In terms of Sebi letter dated February 17, 2020, NSE is advised not to forward the names of Abhay Havaldar and Prakash Parthasarthy for reappointment to the NSE board as