SEBI updates SOP on ‘MIIs’ penalties; MD and CTO exempted from fines for technical glitches
Editorial Note : Earlier, the SEBI issued a circular revising the Standard Operating Procedure (SOP) related to financial disincentives imposed on Market Infrastructure Institutions (MIIs) due to technical glitches. Extant norms allowed penalties to be levied on individuals, such as the Managing Director (MD) and Chief Technology Officer (CTO). Now it has been decided to limit penalty to the MIIs themselves. Further, MIIs must submit compliance reports & disclose disincentives on their websites and annual report