TaxTMI 
TaxTMI 
Parameters for Performance Evaluation of Market Infrastructure Institutions
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....ock exchange, recognised clearing corporation and depository (collectively referred as Market Infrastructure Institutions (MIIs)) shall appoint an independent external agency to evaluate its performance and the performance of its statutory committees within such periodicity and in such a manner as may be specified by the Board. 2. In order to bring consistency and uniformity with respect to evaluations to be done by the external agency, it was felt that basic minimum standards and principles should be developed along with weightages. Accordingly, the matter was discussed at the Industry Standards Forum (ISF) of MIIs where the broad criteria, the weightage for each criterion, sub-parameters under each criterion, etc. were deliberated. For e....
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....would reflect the Independent External Agency's judgment on the performance of the MII in respect of expected outcomes. The rating framework is provided at Annexure-B. 6. Principles for appointment of Independent External Agency: The following principles shall be adhered to by the MIIs for selection of an independent external agency: 6.1. The Independent External Agency shall be appointed with prior No Objection Certificate (NOC) from SEBI and on such terms and conditions, including fees, timelines, etc. as may be approved by the Governing Board of the MII. 6.2. The Independent External Agency shall have requisite domain knowledge, experience and expertise on matters concerning the securities market and the functioning of the MII. 6.....
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.... and compliance aspects to business and support teams" 8.2. Further Clause u(iv) of Part B under Schedule - II of the SECC Regulations, 2018 on Code of Conduct for Governing Board, inter alia, states that "Governing Board shall ….. u. endeavour that the stock exchange and clearing corporation put in place key elements related to culture such as …… iv. performance management mechanisms which take into account adherence to culture, conduct and behavior related dimensions." Similar provisions as stated at paragraphs 8.1 and 8.2 above, also exist for depositories under the D&P Regulations, 2018. 8.3. Above provisions require MIIs to clearly define the roles & responsibilities and the Key Performance Indi....