India’s Securities and Exchange Commission said the Market Infrastructure Agency (MII) needs to appoint two officers.
Officers will become part of the governing committee, regulators added.
SEBI has proposed that its Regulatory and Risk Management Committee will meet two officers quarterly, without gifts, with the MII managing director.
Currently, only MDs must be part of MII’s board of directors. In India, MII includes exchanges and deposits.
“The MD will continue to oversee the entire MII, but the appointed executive director must be at a height comparable to MD,” the proposal said. The newly appointed officers report to the Exchange Governance Committee and SEBI every three months under the new proposed rules. They do not serve on other boards as members. The proposal comes about a month after SEBI has increased the number of senior positions that require approval from the MII governing committee, and about a month after bidding to bring the exchange of the country’s top derivatives closer to a long-term public list.
