Managing market infrastructure

Institutions need better governance structure

The Securities and Exchange Board of India (Sebi) Committee on Strengthening Governance of Market Infrastructure Institutions (MII) has submitted its report and the regulator has asked for public comments on the suggestions. MIIs in this context refer to financial exchanges, depositories, and clearing corporations. The committee was formed in response to the governance lapses at the National Stock Exchange during the tenure of Chitra Ramkrishna, when Anand Subramanian was appointed group operating officer with a huge compensation in defiance of all norms. The committee was chaired by Sebi Whole Time Member G Mahalingam. The report has made 24 key recommendations.