The Market Regulator, Securities, and Exchange Board of India proposed higher regulatory requirements in terms of ownership, governance and certain additional standards of essential accountability "Credit Rating Agencies, Registrar to an Issue and Share Transfer Agents and Debenture Trustees".
According to SEBI, a discussion paper on the review of regulations and relevant circulars pertaining to Market Infrastructure Institutions (MIIs) was placed on its website on February 22, 2017, for seeking comments from the public.
Subsequently, SEBI had constituted a committee under the Chairmanship of Shri R. Gandhi, Former Deputy Governor, Reserve Bank of India, on October 16, 2017, to review the existing framework of MIIs.
The committee submitted its report thereon March 26, 2018.
The recommendations submitted so fare is still under the active examination of SEBI.
In the meantime, the terms of reference of the Gandhi Committee were expanded to include the desirability of classifying certain Market Intermediaries as MIIs and assess the possibility of extending the extant framework to such MIIs.
On the aspect, the Committee has submitted its second report as on April 25, 2018. The second report is currently hosted on the SEBI's website for Public Comments.
SEBI has invited comments from public related to proposals contained in the second report and the same is expected to reach them at the earliest before May 19, 2018.
As of now, Stock Exchanges, depositories and clearing corporations are collectively referred to as securities MIIs.