Market infrastructure governance requires public-interest board leadership, director eligibility safeguards, approval, conflict management, and periodic performance review.

Recognised market infrastructure institutions must maintain boards comprising non-independent directors, public interest directors and a managing director. Public interest directors must elect the chairperson and cannot be fewer than non-independent directors. Director appointments require prior approval, while specified nominees of broker dealers, clearing members and depository participants are barred, subject to exceptions for nominees of scheduled commercial banks or public financial institutions. Public interest director and managing director tenure, age limits and reappointment procedures apply. Boards must document conflict-of-interest procedures and regularly assess board and individual director performance.

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