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TMI BlogParameters for external evaluation of Performance of Statutory Committees of Market Infrastructure Institutions (MIIs); and Mechanism for internal evaluation of Performance of MIIs and its Statutory CommitteesX X X X Extracts X X X X X X X X Extracts X X X X ..... Exchanges and Clearing Corporations) Regulations, 2018 (hereafter referred to as "SECC Regulations, 2018") and Regulation 30 of the SEBI (Depositories and Participants Regulations, 2018 (hereafter referred to as "D&P Regulations, 2018") provides for the constitution of following statutory committees by every recognised Stock Exchange, recognised Clearing Corporation and Depository (collectively referred as Market Infrastructure Institutions (MIIs)): 1.1. Functional Committees 1.1.1. Member Committee 1.1.2. Nomination and Remuneration Committee 1.2. Oversight Committees 1.2.1. Standing Committee on Technology 1.2.2. Regulatory Oversight Committee 1.2.3. Risk Management Committee 1.3. Investment Committee 2. Regulation 33(6) of the S ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... is provided at Annexure A. 7. Rating Framework 7.1. In order to ensure consistency in the manner of assessment and outcomes across Statutory Committees of similar MIIs, compare performance of such Committees and monitor trends over time, a rating framework has been developed which would be assigned after evaluation of Statutory Committees of MIIs. The rating would reflect the Independent External Agency's judgment on the performance of the Statutory Committees of an MII in respect of expected outcomes. The rating framework is provided at Annexure-B. 8. Principles for appointment of Independent External Agency: The following principles shall be adhered to by the MIIs for selection of an independent external agency: 8.1. The Independent E ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... three FYs and so on. Upon completion, a report in this regard shall be submitted to the Governing Board of the MII and SEBI within 6 months from the end of the 3rd FY to be evaluated. 10. Internal Evaluation of Performance of MIIs and its Statutory Committees 10.1. Regulation 33(5) of SECC Regulations, 2018 and Regulation 31(5) of D&P Regulations, 2018 stated that every recognised stock exchange, recognised clearing corporation and depositories shall internally conduct annual evaluation of its performance and the performance of its statutory committees in such a manner as may be specified by the Board. 10.2. The MIIs shall develop the set of criteria for comprehensive internal evaluation of performance of the MII and its Statutory Commi ..... X X X X Extracts X X X X X X X X Extracts X X X X
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