TaxTMI 
TaxTMI 
Process for appointment, re-appointment, termination or acceptance of resignation of specific Key Management Personnel (KMPs) of a Market Infrastructure Institution (MII)
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..... Process for appointment, re-appointment, termination or acceptance of resignation of specific KMPs of an MII 1. To strengthen the governance framework of Stock Exchanges, Clearing Corporations and Depositories (collectively referred as Market Infrastructure Institutions (MIIs)), it is required that the Key Management Personnel (KMPs) of MIIs in the crucial areas of operations such as compliance, risk management, technology and information security are of appropriate stature and independence. These KMPs namely the Compliance Officer (CO), Chief Risk Officer (CRiO), Chief Technology Officer (CTO) and Chief Information Security Officer (CISO) are crucial for any MII to deliver on its core public interest mandate of giving primacy to complia....
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....bmit its recommendations for appointment of such KMPs to the Governing Board of the MII. 4.1.3. The Governing Board shall take the final decision for appointment of such KMPs. 4.2. For Re-appointment, Termination or acceptance of Resignation: The process for re-appointment, termination or acceptance of resignation shall be as under: 4.2.1. The NRC shall evaluate the cases of re-appointment, termination or acceptance of resignation of CO, CRiO, CTO and CISO or by whatever designations called and after discussion with the management of the MII, submit its recommendations to the Governing Board of the MII. 4.2.2. The Governing Board shall take the final decision for re-appointment, termination or acceptance of resignation of such KMPs. Pro....
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....blication in the Official Gazette. 5.2. The Governing Board of an MII shall prescribe the mechanism for a cooling-off period for KMPs (including the MD) of the MII joining a competing MII as a KMP. 5.3. For the purpose of this provision, the expression "competing MII" i.e. "competing recognised stock exchange or recognised clearing corporation" and "competing depository" shall be as explained under SECC Regulations, 2018 and D&P Regulations, 2018 respectively. C. Re-appointment of PID 6. Based on approval of the Board, it has been decided that in case the existing PID after completion of his first term is not considered for re-appointment by the Governing Board of the MII, the rationale for the same shall be recorded and informed to SEB....