The Securities and Exchange Board of India (SEBI) announced new directives to improve governance and accountability for stock exchanges and other market infrastructure institutions. These directives include a 60-day deadline for resolving whistleblower complaints, mandatory adoption of RegTech and SupTech solutions, and enhanced transparency measures. The new rules, effective April 1, aim to strengthen regulatory oversight and protect investor interests.
NEW DELHI: The Securities and Exchange Board of India (Sebi) on Friday issued directives to improve accountability and governance practices of stock exchanges and other market infrastructure institutions (MIIs) by establishing a 60-day timeline for resolving whistleblower complaints.
The watchdog provided comprehensive guidelines covering various aspects, including back office vendor management, public interest directors meetings, disciplinary procedures for Key Management Personnel, transparency in board proceedings, and periodic reporting requirements for Compliance and Risk Officers.
These regulatory changes will take effect from April 1, as stated in Sebi's circular.
Sebi has also clearly defined the audit committee's responsibilities in managing whistleblower complaints. The committee must receive, investigate and make appropriate determinations on complaints, including suggesting necessary actions.
The audit committee must provide comprehensive quarterly updates to the MII's Governing Board, detailing received...
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