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of <h1>SEBI tightens MII governance with mandatory Executive Directors, direct KMP reporting and CRO-led tech, cyber oversight</h1> The circular mandates strengthened governance for Market Infrastructure Institutions by prescribing appointment, roles, and reporting structures for Executive Directors overseeing critical operations and regulatory/compliance functions. Executive Directors must be board members, selected via open advertisement, with SEBI approval for appointments and compensation. Key management personnel, including CTO, CISO, Compliance Officer, and Chief Risk Officer, will report to respective Executive Directors, while statutory committees retain direct quarterly access to them. The Chief Risk Officer will oversee system and cybersecurity audits and attend technology committee meetings. Staggered timelines are set for appointing Executive Directors and implementing the new structures, and MIIs must amend internal regulations and inform market participants.
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