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TMI BlogParameters for Performance Evaluation of Market Infrastructure InstitutionsX X X X Extracts X X X X X X X X Extracts X X X X ..... ck exchange, recognised clearing corporation and depository (collectively referred as Market Infrastructure Institutions (MIIs)) shall appoint an independent external agency to evaluate its performance and the performance of its statutory committees within such periodicity and in such a manner as may be specified by the Board. 2. In order to bring consistency and uniformity with respect to evaluations to be done by the external agency, it was felt that basic minimum standards and principles should be developed along with weightages. Accordingly, the matter was discussed at the Industry Standards Forum (ISF) of MIIs where the broad criteria, the weightage for each criterion, sub-parameters under each criterion, etc. were deliberated. For eac ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... gency s judgment on the performance of the MII in respect of expected outcomes. The rating framework is provided at Annexure-B. 6. Principles for appointment of Independent External Agency: The following principles shall be adhered to by the MIIs for selection of an independent external agency: 6.1. The Independent External Agency shall be appointed with prior No Objection Certificate (NOC) from SEBI and on such terms and conditions, including fees, timelines, etc. as may be approved by the Governing Board of the MII. 6.2. The Independent External Agency shall have requisite domain knowledge, experience and expertise on matters concerning the securities market and the functioning of the MII. 6.3. MII shall ensure that there is no conflict o ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... f Part B under Schedule II of the SECC Regulations, 2018 on Code of Conduct for Governing Board, inter alia, states that Governing Board shall .. u. endeavour that the stock exchange and clearing corporation put in place key elements related to culture such as iv. performance management mechanisms which take into account adherence to culture, conduct and behavior related dimensions. Similar provisions as stated at paragraphs 8.1 and 8.2 above, also exist for depositories under the D P Regulations, 2018 . 8.3. Above provisions require MIIs to clearly define the roles responsibilities and the Key Performance Indicators (KPIs) of each Key Management Personnel (KMP) and have performance management mechanisms for their evaluation. Further, these ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ia Act 1992 read with Regulation 51 of the Securities Contracts (Regulation) (Stock Exchanges and Clearing Corporations) Regulations, 2018 , Section 26(3) of the Depositories Act, 1996 and Regulation 97 of Securities and Exchange Board of India (Depositories and Participants) Regulations, 2018 to protect the interests of investors in securities and to promote the development of, and to regulate the securities market. 12. This circular is available on SEBI website at www.sebi.gov.in. Yours faithfully, Hruda Ranjan Sahoo Deputy General Manager Tel. No. 022-26449586 Email: [email protected] - Circular - Trade Notice - Public Notice - Instructions - Office orders Tax Management India - taxmanagementindia - taxmanagement - taxmanagementindi ..... X X X X Extracts X X X X X X X X Extracts X X X X
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