The development comes against the background of alleged corporate governance failures NSEwith several problems coming to the fore after a Sebi arrangement which ruled out the existence of a ‘Himalayan yogi‘ that influenced the decisions of the exchange’s former executive and CEO Chitra Ramkrishna.
Apart from that, Ramkrishna had shared certain internal confidential information including financial and business plans of NSE, dividend scenario, financial results with the yogi and even consulted him on the performance reviews of the exchange’s employees.
The six-member committee will be chaired by former full-time Sebi member G Mahalingam, according to a statement.
The other members of the committee are — MDs and CEOs of the NSE and BSE exchanges and custodians — NSDL and CDSL; JN Gupta, Managing Director of Stakeholders Empowerment Services; Aarti Nihalani, Partner, Oliver Wyman; Sandip Bhagat, Partner, S&R Associates; and Uttam Bagri, former Chair of the BSE Brokers Forum.
The committee’s responsibilities include recommending actions to strengthen the role of the board and committees of MIIs.
In addition, the panel will review requirements related to the appointment, role and responsibility of directors on the board and key managerial persons (KMPs) and develop effective metrics to monitor various aspects of the functioning of MIIs and KMPs.
In addition, the committee will improve accountability and transparency, review the policy on the safe keeping and disclosure of information held by MIIs, and revise the Code of Conduct and Ethics for Directors of the Board and KMPs.
https://economictimes.indiatimes.com/markets/stocks/news/sebi-forms-panel-to-strengthen-governance-of-bourses-other-market-infra-institutions/articleshow/90648930.cms sebi: Sebi forms a committee to strengthen the governance of stock exchanges and other market infrastructure institutions