The Securities and Exchange Board of India (SEBI) has issued a comprehensive framework for the appointment, re-appointment, termination, and resignation of Key Management Personnel (KMPs) and Public Interest Directors (PIDs) in Market Infrastructure Institutions (MIIs).
SebiKmpsPidsMarket Infrastructure InstitutionsGovernanceReal EstateMay 27, 2025
Key Management Personnel (KMPs) in Market Infrastructure Institutions (MIIs) include senior roles such as the Chief Compliance Officer (CO), Chief Risk Officer (CRiO), Chief Technology Officer (CTO), and Chief Information Security Officer (CISO).
The cooling-off period for KMPs, including Managing Directors, moving to a competing MII will now be determined by the respective Governing Board of the MII, replacing the earlier fixed one-year requirement.
If a Public Interest Director (PID) is not re-appointed after completing their first term, MIIs must record the reason for non-reappointment and inform SEBI, adding transparency to the governance process.
The new SEBI norms will come into effect 90 days from the date of issuance, i.e., from August 24, 2025.
The purpose of these new governance norms is to strengthen oversight, promote transparency, and uphold the public interest role of Market Infrastructure Institutions (MIIs) in the securities market.
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