New Framework for Evaluating Market Infrastructure Institutions Focuses on Tech, Governance, and Compliance.

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....This circular outlines the parameters and framework for independent external evaluation of performance of Market Infrastructure Institutions (MIIs) like stock exchanges, clearing corporations, and depositories. The key aspects are: minimum criteria with weightages for evaluation across areas like technology resilience, investor education, regulatory compliance, governance, and fair access; a rating framework for consistent assessment; principles for appointment of independent external agency; timelines requiring first evaluation for FY 2024-25 and subsequent three-yearly evaluations; and guidelines for performance evaluation of Managing Director and Key Management Personnel linking to regulatory and compliance outcomes. MIIs must implement .........