New Delhi, Jan 30 (PTI) To bring consistency and uniformity with respect to evaluations by the external agency, Sebi on Thursday came out with guidelines for the evaluation of the performance of statutory committees of market infrastructure institutions (MIIs).

Under the guidelines, MIIs -- comprising stock exchanges, clearing corporations, and depositories -- are required to appoint an independent external agency to evaluate their performance and the functioning of their statutory committees. This needs to be done once every three years.

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The first evaluation should cover the 2024-2025 financial year, with a report due by September 30, 2025, Sebi said in a circular.

The evaluation will cover areas like roles and responsibilities of committees, the effectiveness of meetings, and governance aspects.

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The guidelines aim to improve transparency and accountability in the functioning of MIIs and their statutory committees.

Additionally, Sebi has asked MIIs to conduct an annual internal evaluation of their performance and that of their statutory committees.

The report should be submitted to the Governing Board within three months of the end of each financial year.

The external evaluation will give 40 per cent weightage to roles and responsibilities, and 30 per cent each to effectiveness of meetings and governance.

On the appointment of an external agency, Sebi said MIIs are required to obtain approval from it before appointing an external agency.

The agency needs to have experience in the securities market and be free from conflicts of interest.

With regards to timelines, Sebi said that the first external evaluation will focus on FY 2024-2025, and subsequent evaluations will cover a block of three years.

Sebi has directed MIIs to implement the necessary steps to comply with these evaluation processes, make amendments to their rules, and inform market participants about these requirements.

(This is an unedited and auto-generated story from Syndicated News feed, LatestLY Staff may not have modified or edited the content body)