INSUBCONTINENT EXCLUSIVE:
Authors: Jordan
The Securities and Exchange
Board of India (SEBI) on Friday proposed higher regulatory requirement in terms of ownership, governance and certain additional standards of
essential accountability "Credit Rating Agencies, Registrar to an Issue and Share Transfer Agents and Debenture Trustees".According to SEBI,
the changes have been proposed by its committee under the Chairmanship of R
Gandhi, Former Deputy Governor, Reserve Bank of India, to review the existing framework of MIIs (Market Infrastructure
Institutions).Currently, stock exchanges, depositories and clearing corporations are collectively referred to as securities MIIs."The
committee, based on the presentations made by the market intermediaries, felt that these intermediaries do not meet majority of the criteria
of MIIs," the committee's report said."However, certain characteristics such as size, concentration, high dependence of investors on their
services, market share, etc
make them significantly important."Accordingly, the regulator has called for public comments till May 19 on the recommendations made by the
committee.(This story has not been edited by staff and is auto-generated from a syndicated feed.)
