Parameters for external evaluation of Performance of Statutory Committees of Market Infrastructure Institutions (MIIs); and Mechanism for internal evaluation of Performance of MIIs and its Statutory Committees

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....gulation 29 of the Securities Contracts (Regulation) (Stock Exchanges and Clearing Corporations) Regulations, 2018 (hereafter referred to as "SECC Regulations, 2018") and Regulation 30 of the SEBI (Depositories and Participants Regulations, 2018 (hereafter referred to as "D&P Regulations, 2018") provides for the constitution of following statutory committees by every recognised Stock Exchange, recognised Clearing Corporation and Depository (collectively referred as Market Infrastructure Institutions (MIIs)): 1.1. Functional Committees 1.1.1. Member Committee 1.1.2. Nomination and Remuneration Committee 1.2. Oversight Committees 1.2.1. Standing Committee on Technology 1.2.2. Regulatory Oversight Committee 1.2.3. Risk Man....

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....and operating context. 6. The broad framework in this regard, developed in consultation with ISF of MIIs is provided at Annexure A. 7. Rating Framework 7.1. In order to ensure consistency in the manner of assessment and outcomes across Statutory Committees of similar MIIs, compare performance of such Committees and monitor trends over time, a rating framework has been developed which would be assigned after evaluation of Statutory Committees of MIIs. The rating would reflect the Independent External Agency's judgment on the performance of the Statutory Committees of an MII in respect of expected outcomes. The rating framework is provided at Annexure-B. 8. Principles for appointment of Independent External Agency: The following p....

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....the MII and SEBI by September 30, 2025. 9.1.2. The subsequent independent external evaluation(s) shall be for a block of next three FYs and so on. Upon completion, a report in this regard shall be submitted to the Governing Board of the MII and SEBI within 6 months from the end of the 3rd FY to be evaluated. 10. Internal Evaluation of Performance of MIIs and its Statutory Committees 10.1. Regulation 33(5) of SECC Regulations, 2018 and Regulation 31(5) of D&P Regulations, 2018 stated that every recognised stock exchange, recognised clearing corporation and depositories shall internally conduct annual evaluation of its performance and the performance of its statutory committees in such a manner as may be specified by the Board. 10....

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....I website at www.sebi.gov.in. Yours faithfully, Hruda Ranjan Sahoo Deputy General Manager Tel. No. 022-26449586 Email: [email protected] ============= Document 1 Annexure-A: Parameters for evaluation of performance of Statutory Committees of MIIs by External Agency Criteria Sub-Parameter Nature of Sample KPIs Parameters Rating Metric Scale Rating Metric Metric Rating by Score Weightage Evaluator (A*B) Metric Sub- Parameter Score (C) Sub- Parameter Score Weightage Final Rationale Observations for assigning (A) (B) (D) the rating by the Evaluator 0 0 50% 0 20% 0 Quantitative Coverage of ToR by the Committee Parameters ....