{"id":369887,"date":"2025-12-16T09:00:07","date_gmt":"2025-12-16T03:30:07","guid":{"rendered":"https:\/\/www.scconline.com\/blog\/?p=369887"},"modified":"2025-12-15T18:22:17","modified_gmt":"2025-12-15T12:52:17","slug":"sebi-notifies-governance-provisions-for-market-infrastructure-institutions","status":"publish","type":"post","link":"https:\/\/www.scconline.com\/blog\/post\/2025\/12\/16\/sebi-notifies-governance-provisions-for-market-infrastructure-institutions\/","title":{"rendered":"SEBI&#8217;s New Governance Provisions for Market Infrastructure Institutions (MIIs)"},"content":{"rendered":"<div style=\"text-align: justify; line-height: 150%;\">\n<p style=\"margin-bottom: 3%;\">On 12-12-2025, the Securities and Exchange Board of India (&#8216;SEBI&#8217;) notified the <span style=\"font-weight: bold;\">provisions relating to strengthening governance of Market Infrastructure Institutions (&#8216;MIIs&#8217;).<\/span> These provisions aim to enhance accountability and ensure that MIIs continue to operate in the public interest, maintaining market integrity and stability.<\/p>\n<h3>Background:<\/h3>\n<p style=\"margin-bottom: 3%;\">The importance of MIIs stems from the ever-expanding Indian securities market. With a growing investor base, rising trading volumes, rapid technology adoption, and an increasing number of market intermediaries, there is a pressing need for systematic governance and oversight by MIIs, particularly <span style=\"font-weight: bold;\">Stock Exchanges, Clearing Corporations, and Depositories<\/span>.<\/p>\n<p style=\"margin-bottom: 3%;\">Any setback from these institutions can have adverse impact on the securities market.<\/p>\n<p>Thus, to address this SEBI has amended:<\/p>\n<ul style=\"list-style-type: disc;\">\n<li>\n<p><a href=\"https:\/\/www.scconline.com\/Members\/NoteView.aspx?enc=SlRYVC05MDAwODk3Nzk1JiYmJiY0MCYmJiYmU2VhcmNoUGFnZSN1bmRlZmluZWQ=\" target=\"_blank\">Securities Contracts (Regulation) (Stock Exchanges and Clearing Corporations) Regulations, 2018<\/a> through <span style=\"font-weight: bold;\"><a href=\"http:\/\/www.scconline.com\/DocumentLink\/7iIDDg18\" target=\"_blank\">Securities Contracts (Regulation) (Stock Exchanges and Clearing Corporations) (Fourth Amendment) Regulations, 2025<\/a><\/span><span style=\"font-weight: bold;\">.<\/span><\/p>\n<\/li>\n<li>\n<p style=\"margin-bottom: 3%;\"><a href=\"https:\/\/www.scconline.com\/Members\/NoteView.aspx?enc=SlRYVC05MDAwMTQxODY4JiYmJiY0MCYmJiYmU2VhcmNoUGFnZSN1bmRlZmluZWQ=\" target=\"_blank\">SEBI (Depositories and Participants) Regulations, 2018<\/a> through <a href=\"http:\/\/www.scconline.com\/DocumentLink\/gpf7Xrtv\" target=\"_blank\"><span class=\"Hyperlink\" style=\"font-weight: bold;\">SEBI (Depositories and Participants) (Third Amendment) Regulations, 2025<\/span><\/a>.<\/p>\n<\/li>\n<\/ul>\n<p style=\"margin-bottom: 3%;\">Notified on 21-11-2025, these amendments will come into effect from 20-12-2025.<\/p>\n<h3>Key Provisions:<\/h3>\n<ol style=\"list-style-type: decimal;\">\n<li>\n<p style=\"font-weight: bold;\">Appointment of Executive Directors (&#8216;EDs&#8217;)<\/p>\n<p style=\"margin-left: 36pt; text-indent: -18pt;\">&#11162; EDs will be appointed as members of the Governing Board of <span style=\"font-weight: bold;\">Market Infrastructure Institutions<\/span>, EDs will be appointed. EDs will oversee:<\/p>\n<\/li>\n<p style=\"margin-left: 54pt; text-indent: -18pt;\">&bull; Vertical 1: Critical operations<\/p>\n<p style=\"margin-left: 54pt; text-indent: -18pt;\">&bull; Vertical 2: Regulatory compliance, risk management, and investor grievances<\/p>\n<p style=\"margin-left: 36pt; text-indent: -18pt;\">&#11162; EDs will be selected through open advertisement in national newspapers; and candidates applying must have relevant experience.<\/p>\n<p style=\"margin-left: 36pt; text-indent: -18pt;\">&#11162; MIIs will then forward two names per post to SEBI for approval, including compensation details.<\/p>\n<p style=\"margin-left: 36pt; text-indent: -18pt;\">&#11162; Performance evaluation of EDs will be overseen by Public Interest Directors (&#8216;PIDs&#8217;).<\/p>\n<p style=\"margin-left: 36pt; text-indent: -18pt;\">&#11162; MIIs facing genuine difficulties may seek temporary exemptions from SEBI.<\/p>\n<li>\n<p style=\"font-weight: bold;\">Reporting Structure of EDs<\/p>\n<\/li>\n<p style=\"margin-left: 36pt; text-indent: -18pt;\">&#11162; EDs of vertical 1 and 2 will report to the Managing Director (&#8216;MD&#8217;).<\/p>\n<p style=\"margin-left: 36pt; text-indent: -18pt;\">&#11162; Independent quarterly reviews:<\/p>\n<p style=\"margin-left: 54pt; text-indent: -18pt;\">&bull; Standing Committee on Technology (&#8216;SCOT&#8217;) with ED of Vertical 1.<\/p>\n<p style=\"margin-left: 54pt; text-indent: -18pt;\">&bull; Regulatory Oversight Committee (&#8216;ROC&#8217;) and Risk Management Committee (&#8216;RMC&#8217;) with ED of Vertical 2.<\/p>\n<p style=\"margin-left: 36pt; text-indent: -18pt;\">&#11162; EDs will submit quarterly reports to the Governing Board and may escalate critical matters directly to SEBI.<\/p>\n<li>\n<p style=\"font-weight: bold;\">Reporting of Key Management Personnel to EDs<\/p>\n<p style=\"margin-left: 36pt; text-indent: -18pt;\">&#11162; Chief Technology Officer (&#8216;CTO&#8217;) and Chief Information Security Officer (&#8216;CISO&#8217;) will report to ED of Vertical 1.<\/p>\n<p style=\"margin-left: 36pt; text-indent: -18pt;\">&#11162; Compliance Officer (&#8216;CO&#8217;) and Chief Risk Officer (&#8216;CRiO&#8217;) will report to ED of Vertical 2.<\/p>\n<p style=\"margin-left: 36pt; text-indent: -18pt;\">&#11162; Statutory Committees will continue independent quarterly meetings with these Key Management Personnels.<\/p>\n<li>\n<p style=\"font-weight: bold;\">Role of Chief Risk Officer<\/p>\n<p style=\"margin-left: 36pt; text-indent: -18pt;\">&#11162; CRiO will handle system and cybersecurity audits.<\/p>\n<p style=\"margin-left: 36pt; text-indent: -18pt;\">&#11162; CRiO will be an invitee to SCOT meetings along with CTO and CISO.<\/p>\n<li>\n<p style=\"font-weight: bold;\">Applicability<\/p>\n<p style=\"margin-left: 36pt; text-indent: -18pt;\">&#11162; First ED: Within 6 months of amendment implementation.<\/p>\n<p style=\"margin-left: 36pt; text-indent: -18pt;\">&#11162; Second ED: Within 9 months.<\/p>\n<p style=\"margin-left: 36pt; text-indent: -18pt;\">&#11162; Reporting provisions apply from ED appointment date.<\/p>\n<p style=\"margin-left: 36pt; text-indent: -18pt;\">&#11162; CRiO-related provisions apply from 60 days after circular issuance.<\/p>\n<li>\n<p style=\"font-weight: bold;\">Advisory to Market Infrastructure Institutions<\/p>\n<p style=\"margin-left: 36pt; text-indent: -18pt;\">&#11162; Take necessary steps for implementation.<\/p>\n<p style=\"margin-left: 36pt; text-indent: -18pt;\">&#11162; Amend byelaws, rules, and regulations where needed.<\/p>\n<p style=\"margin-left: 36pt; text-indent: -18pt;\">&#11162; Disseminate these provisions to market participants and publish them on their websites.<\/p>\n<\/ol>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p style=\"font-style: italic;\">SEBI has notified governance provisions for Market Infrastructure Institutions to strengthen oversight.<\/p>\n","protected":false},"author":67525,"featured_media":369889,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[4,1193],"tags":[38236,31731,25624,94971,40311,94969,86770,86771,5321,2563,94970,29663,37767],"class_list":["post-369887","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-legislationupdates","category-notifications","tag-clearing-corporations","tag-compliance","tag-corporate-governance","tag-dp-regulations","tag-depositories","tag-governance-reforms","tag-market-infrastructure-institutions","tag-miis","tag-risk-management","tag-SEBI","tag-secc-regulations","tag-securities-market","tag-stock-exchanges"],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v26.4 (Yoast SEO v26.4) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Governance provisions for 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issues circular on System and Network Audit of Market Infrastructure Institutions (MIIs)","author":"Bhumika Indulia","date":"May 5, 2022","format":false,"excerpt":"On May 02, 2022, SEBI has issued a circular on System and Network Audit of Market Infrastructure Institutions (MIIs).\u00a0 SEBI had mandated that stock exchanges, clearing corporations and depositories should conduct an Annual System Audit by a reputed independent auditor. In order to keep pace with the technological advancements in\u2026","rel":"","context":"In &quot;Legislation Updates&quot;","block_context":{"text":"Legislation Updates","link":"https:\/\/www.scconline.com\/blog\/post\/category\/legislationupdates\/"},"img":{"alt_text":"SEBI","src":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2022\/03\/MicrosoftTeams-image-111-4.jpg?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2022\/03\/MicrosoftTeams-image-111-4.jpg?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2022\/03\/MicrosoftTeams-image-111-4.jpg?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2022\/03\/MicrosoftTeams-image-111-4.jpg?resize=700%2C400&ssl=1 2x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2022\/03\/MicrosoftTeams-image-111-4.jpg?resize=1050%2C600&ssl=1 3x"},"classes":[]},{"id":298211,"url":"https:\/\/www.scconline.com\/blog\/post\/2023\/08\/01\/sebi-introduces-online-dispute-redressal-portal-legal-news\/","url_meta":{"origin":369887,"position":1},"title":"SEBI introduces Online Dispute Resolution Portal to harness disputes arising in Indian Securities Market","author":"Kriti","date":"August 1, 2023","format":false,"excerpt":"On 31-7-2023, the Securities and Exchange Board of India (\u2018SEBI') introduced a common Online Dispute Resolution Portal (\u2018ODR Portal') which will harness online conciliation and online arbitration for resolution of disputes arising in the Indian Securities Market. Key Points: The provisions of this circular will be Implemented in Phases: First\u2026","rel":"","context":"In &quot;Legislation Updates&quot;","block_context":{"text":"Legislation Updates","link":"https:\/\/www.scconline.com\/blog\/post\/category\/legislationupdates\/"},"img":{"alt_text":"SEBI","src":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2023\/06\/sebi.webp?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2023\/06\/sebi.webp?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2023\/06\/sebi.webp?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2023\/06\/sebi.webp?resize=700%2C400&ssl=1 2x"},"classes":[]},{"id":355882,"url":"https:\/\/www.scconline.com\/blog\/post\/2025\/08\/06\/revised-penalty-review-framework-for-miis-sebi-circular-2025\/","url_meta":{"origin":369887,"position":2},"title":"SEBI revamps Penalty Review System to empower MIIs and ensure fair appeals","author":"Shubhi","date":"August 6, 2025","format":false,"excerpt":"SEBI\u2019s new framework for MIIs reshapes the penalty review, appeal, and waiver process by introducing independent oversight, a dual-track mechanism, and external professionals, while preserving legal recourse and mandating implementation by September 2025.","rel":"","context":"In &quot;Legislation Updates&quot;","block_context":{"text":"Legislation Updates","link":"https:\/\/www.scconline.com\/blog\/post\/category\/legislationupdates\/"},"img":{"alt_text":"Penalty Review Framework","src":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2025\/08\/Penalty-Review-Framework.webp?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2025\/08\/Penalty-Review-Framework.webp?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2025\/08\/Penalty-Review-Framework.webp?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2025\/08\/Penalty-Review-Framework.webp?resize=700%2C400&ssl=1 2x"},"classes":[]},{"id":300231,"url":"https:\/\/www.scconline.com\/blog\/post\/2023\/08\/28\/modification-in-cyber-security-and-cyber-resilience-framework-legal-news\/","url_meta":{"origin":369887,"position":3},"title":"SEBI modifies Cyber Security and Cyber Resilience Framework","author":"Kriti","date":"August 28, 2023","format":false,"excerpt":"On 24-8-2023, the Securities and Exchange Board of India (\u2018SEBI') made modifications in Cyber Security and Cyber Resilience frame for Stock Exchanges, Clearing Corporations and Depositories. The provisions came into effect on 24-8-2023. The Market Infrastructure Institutions (\u2018MIIs') are now mandated to: Conduct comprehensive cyber audit at least 2 times\u2026","rel":"","context":"In &quot;Legislation Updates&quot;","block_context":{"text":"Legislation Updates","link":"https:\/\/www.scconline.com\/blog\/post\/category\/legislationupdates\/"},"img":{"alt_text":"SEBI","src":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2023\/06\/sebi.webp?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2023\/06\/sebi.webp?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2023\/06\/sebi.webp?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2023\/06\/sebi.webp?resize=700%2C400&ssl=1 2x"},"classes":[]},{"id":267806,"url":"https:\/\/www.scconline.com\/blog\/post\/2022\/06\/02\/legislations-monthly-roundup-may-2022\/","url_meta":{"origin":369887,"position":4},"title":"Legislations | Monthly RoundUp [May, 2022]","author":"Bhumika Indulia","date":"June 2, 2022","format":false,"excerpt":"Legal Round Up for the month of May is mentioned below: \u00a0 MINISTRY OF CORPORATE AFFAIRS Companies (Share Capital and Debentures) Amendment Rules 2022 The Central Government has notified Companies (Share Capital and Debentures) Amendment Rules 2022 to amend the Companies (Share Capital and Debenture) Rules, 2014. The amendment has\u2026","rel":"","context":"In &quot;Legal RoundUp&quot;","block_context":{"text":"Legal RoundUp","link":"https:\/\/www.scconline.com\/blog\/post\/category\/columns-for-roundup\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2022\/06\/MicrosoftTeams-image-134.jpg?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2022\/06\/MicrosoftTeams-image-134.jpg?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2022\/06\/MicrosoftTeams-image-134.jpg?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2022\/06\/MicrosoftTeams-image-134.jpg?resize=700%2C400&ssl=1 2x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2022\/06\/MicrosoftTeams-image-134.jpg?resize=1050%2C600&ssl=1 3x"},"classes":[]},{"id":363124,"url":"https:\/\/www.scconline.com\/blog\/post\/2025\/10\/09\/sebi-notifies-revised-block-deal-framework-compliance-update-scc-times\/","url_meta":{"origin":369887,"position":5},"title":"SEBI Notifies Revised Block Deal Framework: Key Changes Effective December 2025","author":"Shubhi","date":"October 9, 2025","format":false,"excerpt":"SEBI updates Block Deal Framework to enhance transparency and efficiency by raising trade thresholds, widening price bands, expanding settlement options, and mandating timely disclosures.","rel":"","context":"In &quot;Legislation Updates&quot;","block_context":{"text":"Legislation Updates","link":"https:\/\/www.scconline.com\/blog\/post\/category\/legislationupdates\/"},"img":{"alt_text":"Revised Block Deal Framework","src":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2025\/10\/Revised-Block-Deal-Framework.webp?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2025\/10\/Revised-Block-Deal-Framework.webp?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2025\/10\/Revised-Block-Deal-Framework.webp?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2025\/10\/Revised-Block-Deal-Framework.webp?resize=700%2C400&ssl=1 2x"},"classes":[]}],"amp_enabled":true,"_links":{"self":[{"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/posts\/369887","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/users\/67525"}],"replies":[{"embeddable":true,"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/comments?post=369887"}],"version-history":[{"count":0,"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/posts\/369887\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/media\/369889"}],"wp:attachment":[{"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/media?parent=369887"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/categories?post=369887"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/tags?post=369887"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}