INSUBCONTINENT EXCLUSIVE:
NEW DELHI: Market regulator Sebi on Friday relaxed guidelines for the composition and functioning of the advisory committee at market
infrastructure institutions such as stock exchanges, clearing corporations and depositories
In a circular, Sebi said the framework which prescribes that the "number of PIDs (public interest directors) shall not be less than the
total of number of other members put together for the composition of the committees, quorum for the meeting of the committees and for
validity of voting on a resolution in the meeting of the committee" will not be applicable to the advisory committee
The move is aimed at enabling wider participation of members at market infrastructure institutions (MIIs), Sebi said
The market watchdog last month issued directions regarding formation and composition of seven mandatory committees, including advisory
As the scope of work of some committees at MIIs were inter-related and overlapping, Sebi's board had earlier approved a proposal to
rationalise them into seven specific panels
The other members include shareholder directors, key management personnel and independent external persons
In the advisory committee, trading members, clearing members and depository participants can provide their suggestions to the concerned
market infrastructure institutions on non-regulatory and operational matters.
