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Corporate Laws Central Ministry of Finance Securities and Exchange Board of India Act, 1992

Ease of Doing Business in the context of Standard Operating Procedure for payment of "Financial Disincentives" by Market Infrastructure Institutions (MIIs) as a result of Technical Glitch

20-Sep-2024 | SEBI/HO/MRD/TPD-1/P/CIR/2024/124

SEBI has issued a circular on ease of doing business in the context of Standard Operating Procedure for payment of "Financial Disincentives" by Market Infrastructure Institutions (MIIs) as a result of Technical Glitch. Key highlights: - i) The Managing Director and Chief Technology Officer do not have to pay a "Financial Discentive" in case of any downtime or unavailability of services, beyond the pre-defined time. (Para 9.3.4 of Master Circular for Stock Exchanges and Clearing Corporations and 4.70.4 of SEBI Master Circular for Depositories). ii) Deletion of words "Financial disincentive on Managing Director (MD) and Chief Technology Officer (CTO) of MII Separately" in clauses 3,4,5 of Annexure XII to the Master Circular for Stock Exchanges and Clearing Corporations and Clauses 3,4,5 of sub-para 4.70.5.B of the SEBI Master Circular for Depositories. iii) Deletion of words "MD and CTO" in Clause 7 of Annexure XII of Master Circular for Stock Exchanges and Clearing Corporations and Clauses 7 of sub-para 4.70.5.B of the SEBI Master Circular for Depositories. Kindly refer to the attached document for more information.

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