Regulation 29 of Securities Contracts (Regulation) (Stock Exchanges and Clearing Corporations) Regulations, 2018 (hereinafter referred as “SECC Regulations, 2018”) & Regulation 30 of Securities and Exchange Board of India (Depositories and Participants) Regulations, 2018 (hereinafter referred as “D&P Regulations, 2018”), inter alia, state that, MIIs shall have the following statutory committees:
Member Committee (MC)
The Committee may include two Key Management Personnel (KMP) including the Managing Director (MD), Non-Independent Directors (NIDs) (other than Executive Director), Independent External Professionals (IEPs) along with Public Interest Directors (PIDs). b. The committee shall be chaired by the PID with expertise in Capital Markets.
Nomination & Remuneration Committee (NRC)
a. The Committee may include NIDs (other than Executive Director and MD), IEPs along with PIDs. b. IEPs may be part of the committee for the limited purpose of recommendation relating to selection of the MD.
Oversight Committees: Standing Committee on Technology (SCOT) Regulatory Oversight Committee (ROC) and Risk Management Committee (RMC)
The Chairperson of each statutory committee at MII shall be a PID.
The voting on a resolution in the meetings of the statutory committees at MIIs shall be valid only when the number of PIDs that have casted their vote on such resolution is not less than the total number of other members put together who have casted their vote on such resolution.
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