Sebi likely to tweak its June reform proposal on governance of MIIs

The Securities and Exchange Board of India (Sebi) is considering watering down its June proposal on governance reforms for market infrastructure institutions (MIIs), including stock exchanges, clearing corporations, and depositories, according to people familiar with the matter. 

Separately, the regulator is weighing the introduction of a variable pay component of up to 25 per cent for certain key managerial employees of MIIs in their annual remuneration. 

In June, Sebi had proposed appointing executive directors (EDs) at a level comparable to managing directors (MDs) of the MIIs. It also suggested that key committees — Regulatory Oversight, Risk Management, and Technology —