India regulator gives more power to exchange board on appointing management

MUMBAI, May 26 (Reuters) - India's markets regulator on Monday increased the number of senior positions at exchanges and depositories that will require approval of their governing boards, a move that could bring the nation's top derivatives exchange closer to a long-sought public listing.
Right now, governing boards of market institutions are only required to approve managing directors, but that requirement will extend to posts of compliance, chief risk, chief technology and chief information security officers, the Securities and Exchange Board of India (SEBI) said in a circular.
The National Stock Exchange of India, the world's largest derivatives exchange, has been unable to secure regulatory approval for its initial public offering and the regulator said in February that the pending regulation on key management appointments was one of the issues delaying the IPO's approval.
The regulator also said market infrastructure institutes should hire external agencies to find suitable candidates for the top jobs and their governing bodies decide on cooling off periods if they were to join from a competitor.

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