SEBI Updates SOP: MIIs Face Penalties for Technical Glitches, Individual Accountability Reviewed Internally.

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....This circular modifies the Standard Operating Procedure (SOP) for handling technical glitches by Market Infrastructure Institutions (MIIs) like stock exchanges, clearing corporations, and depositories. It removes the provision for imposing financial disincentives on individuals like the Managing Director and Chief Technology Officer of MIIs for technical glitches. Instead, financial disincentives will now be imposed only on MIIs. MIIs will be given an opportunity to make submissions before any disincentive is imposed. MIIs must conduct internal examinations to ascertain individual accountability for glitches and take appropriate action. SEBI retains the right to initiate enforcement action against individuals if warranted. The amendments aim to promote ease of doing business while ensuring smooth system operations.....