The Securities and Exchange Board of India (SEBI) on June 25, 2024, issued a circular regarding the Statutory Committees at Market Infrastructure Institutions (MIIs).
The following has been stated:
• PIDs in Statutory Committees at MIIs:
o The PIDs on the governing board of an MII shall not act simultaneously as members on more than 5 statutory committees of the MII.
o The MIIs shall ensure the availability of the required number of PIDs in order to fulfil the requirement of composition of statutory committees.
• The MIIs are advised to:
o Take necessary steps to put in place systems for implementation.
o Make necessary amendments to the relevant bye-laws, rules and regulations, wherever required, for the implementation of the above; and
o Bring the provisions of this circular to the notice of market participants (including investors) and also to disseminate the same on their website.
[Notification No SEBI/HO/MRD/MRD-PoD-3/2024/088]
