The International Financial Services Centres Authority (IFSCA) on August 30, 2024, issued the Consultation Paper on The Review of IFSCA (Market Infrastructure Institutions) Regulations, 2021.
The following has been stated namely: -
• The definition of KMP is proposed to be amended in such a way that it includes the individuals with the ability to influence decisions as well as those involved in the core functions in the MIIs.
• The extant regulations of IFSCA prescribe a maximum tenure of five years for the appointment of Managing Director of an MII subject to the maximum age limit of seventy years. Similarly, the Public Interest Director can be appointed for a term of three years extendable by another term of three years subject to the approval of the Authority
• To ensure the transparency and accountability in the roles of KMPs, the proposed code of conduct for the MIIs, inter-alia, specify that a MII shall segregate roles and responsibilities of KMP within the MII Comments may be sent by email at [email protected] and [email protected] latest by September 19, 2024.
