Sebi tweaks norms for bourses

New Delhi: Capital markets regulator Sebi has tweaked its framework regarding ‘fit and proper’ criteria for stock exchanges and other market infrastructure institutions, whereby any direction passed against such institutions will not affect their operations. The new rules are aimed at separating the role of an individual from such institutions. In two separate notifications, the Securities and Exchange Board of India (Sebi) said that ‘fit and proper person’ criteria will apply to the applicant, stock exchange, clearing corporation, depository, their shareholders, directors and key management personnel at all times.