India's markets regulator proposed easing rules on who can serve on the boards of stock exchanges and other market infrastructure institutions, according to a consultation paper published Wednesday.
The regulator proposed allowing directors of companies with well-diversified shareholding to serve on MII boards even if another group company is a broker, clearing member or depository participant.
It proposed defining such companies as those where no non-public-sector shareholder, alone or with persons acting in concert, owns or controls 10% or more.
Separately, SEBI proposed standardized qualification, experience, skill and certification requirements for chief technology, information security, compliance and risk officers at MIIs.
It also proposed filling vacancies in these roles within three months and sought views on appointing deputies to ensure continuity.
SEBI has invited public comments on the proposals by Sept. 30.