Sebi on Thursday came out with proposals connected with the process adopted by the markets regulator for the appointment of public interest directors (PIDs) on stock exchanges, clearing corporations and depositories, in a move aimed at improving shareholders' participation in the process.
For improving ease of doing business for PIDs, the proposals include easing documentation requirements when being considered for PID appointment, allowing payment of fixed stipend to them in addition to sitting fees, and reducing cooling off period for their appointment.
"The role of PIDs is vital in enhancing corporate integrity and governance standards in any market infrastructure institutions (MIIs). PIDs, especially, play a vital role in balancing the interests of MII's management, its shareholders and more importantly ensuring the safety, efficiency and integrity for the market participants using the infrastructure of these MIIs.
"PIDs ensure that in pursuance of their business objectives, MII
