Views Solicited on SEBIs Committee Report on Review of Ownership and Governance
of Market Infrastructure Institutions (MII)
The Securities and Exchange Board of India (SEBI) constituted a Committee
under the Chairmanship of Dr. Bimal Jalan, (Former Governor, Reserve Bank
of India) to examine issues arising from the ownership and governance of
Market Infrastructure Institutions (MIIs). Dr. Bimal Jalan submitted its
report on November 22, 2010 and the same was released by the for Public
Comments.
The committee deliberated and recommended primarily on the following issues
among others after going through a consultative process:
-
Ownership norms: Structure of MIIs, ownership norms for the MIIs, ownership
and control of an MII in another class of MII, foreign participation
etc.
-
Governance norms: The board composition for the three MIIs and disclosures
to be made by board members.
-
Measures for conflicts resolution: Appointment and compensation for
senior management of the MII including MD/CEO, measures to ensure autonomy
of regulatory departments and requirements for a compliance officer
etc.
-
Other issues: Listing of MIIs, net worth requirements, distribution
of profits of MIIs, related businesses that can be entered into by MIIs,
replacement of MIMPS Regulations and powers to SEBI.
The Committee on Financial Markets and Investors Protection of ICAI
will be compiling its recommendations including suggestions on the Report
for Review of Ownership and Governance of Market Infrastructure Institutions
for submission to the SEBI. Accordingly, we solicit your views/suggestions
on the Report in the following format:
|
Sr. No. |
Recommendation of the Committee |
Comment with rationale |
|
1. |
Insert reference to paragraph in the Committees Report |
Provide your comment here |
We shall appreciate to receive the same by December 20, 2010 at
cfmip@icai.org
to enable us to review, compile and forward the consolidated suggestions
to SEBI.
Report on
Review of Ownership and Governance of Market Infrastructure Institutions
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