SEBI/HO/MRD/POD -III/CIR/P/2025/12 — THE SECURITIES AND EXCHANGE BOARD OF INDIA ACT, 1992

CIRCULAR SEBI/HO/MRD/POD -III/CIR/P/2025/12 To, All Recognized Stock Exchanges All Recognized Clearing Corporations All Depositories Sir/ Madam, Subject: Parameters for external evaluation of Performance of Statutory Committees of Market Infrastructure Institutions (MIIs); and Mechanism for internal evaluation of Performance of MIIs and its Statutory Committees Regulation 29 of the Securities Contracts (Regulation) (Stock Exchanges and Clearing Corporations) Regulations, 2018 (hereafter referred to as "SECC Regulations, 2018") and Regulation 30 of the SEBI (Depositories and Participants Regulations, 2018 (hereafter referred to as "D&P Regulations, 2018") provides for the constitution of following statutory committees by every recognised Stock Exchange, recognised Clearing Corporation and Depository (collectively referred as Market Infrastructure Institutions (MIIs)): 1.1. Functional Committees 1.1.1. Member Committee 1.1.2. Nomination and Remuneration Committee 1.2. Oversight Committees 1.2.1. Standing Committee on Technology 1.2.2. Regulatory Oversight Committee 1.2.3. Risk Management Committee 1.3. Investment Committee Regulation 33(6) of the SECC Regulations, 2018 and Regulation 31(6) of the D&P Regulations, 2018 states that every MIIs shall appoint an independent external agency to evaluate its performance and the performance of its statutory January 30 , 2025 committees within such periodicity and in such a manner as may be specified by the Board . The guidelines on "Parameters for Performance Evaluation of Market Infrastructure Institutions" have been issued vide SEBI Circular No. SEBI/HO/MRD/POD -III/CIR/P/2024/127 dated September 24, 2024. In order to bring consistency and uniformity with respect to evaluations to be done by the external agency , the matter with