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Introducing the “In Favour Of” filter in Case Laws.
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of SEBI issued a circular prescribing comprehensive norms for internal audit mechanisms and audit committee composition for Market Infrastructure Institutions (MIIs). Key requirements include mandatory annual internal audits by independent audit firms, direct reporting to the Audit Committee, and strict governance standards. The Audit Committee must exclude executive directors, with auditors and key management personnel having hearing rights but no voting privileges. The provisions become effective 90 days from issuance, mandating MIIs to implement systematic internal control and oversight mechanisms to enhance institutional transparency, risk management, and regulatory compliance.
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