The move will help strengthen the corporate governance structure of the exchange which is currently facing a payment crisis of over Rs 5,000 crore, according to Sebi
GN Bureau | September 21, 2013
Following a warning issued by the Securities and Exchange Board of India (Sebi) to improve its governance standards, crisis-hit MCX-SX and its clearing company have constituted a high-level committee each to supervise their critical operations.
According to a report in Business Standard, the committees will look into the various functions including top-level recruitments, remuneration and important financial transactions. The move to comply with the markets watchdog order issued on September 12 comes at a time when the stock exchange is struggling to make payments worth Rs 5,600 crore.
“The boards of MCX-SX and MCX-SXCCL have constituted the committees as required in terms of the Sebi renewal letter dated September 12, 2013. We have kept Sebi informed of the same,” an MCX-SX spokesperson said.
However, the names of the committee members are yet to be disclosed.
While renewing the licence of MCX-SX, Sebi had warned the stock exchange to improve its governance standards or its licence would be scrapped.
The stock exchange also announced an extraordinary general meeting (EGM) of its shareholders on October 9, during which they will decide on “the status on conflict of interest and compliance” with the relevant Sebi regulations.
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