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ICAI - Views Solicited on SEBIs Committee Report on Review of Ownership and Governance of MII
December, 17th 2010
All Members

Dear Sir/Madam,

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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