Sebi Enforces Cooling-Off Rule for Directors at MIIs

07 May 2025 CW Team

Markets regulator Sebi has tightened governance norms for market infrastructure institutions (MIIs)—including stock exchanges, clearing corporations, and depositories—by introducing a mandatory cooling-off period for directors before they can move to a competing entity.

The new rules are part of amendments to the Securities Contracts (Regulation) (Stock Exchanges and Clearing Corporations) Regulations, 2018, and the Depositories and Participants Regulations, 2018, as per Sebi notifications dated April 30.

Under the revised framework, non-independent directors serving on the board of an MII will need to observe a cooling-off period, as determined by the board of the concerned institution, and obtain Sebi’s prior approval before joining a competing MII. This aims to prevent potential conflicts of interest and ensure market neutrality.

Sebi added that public interest directors can be reappointed to another MII, such as a stock exchange, clearing corporation, or depository, for a fresh three-year term only after regulator approval. However, the cooling-off requirement will apply specifically when such appointments involve competing entities.

These changes follow Sebi's March review of the appointment process for senior personnel at MIIs and are aimed at reinforcing market transparency and institutional integrity through stricter transition norms.

Infrastructure Transport

06 Feb 2026

Lucknow Metro East-West Corridor Consultancy Contract Awarded

The Uttar Pradesh Metro Rail Corporation has awarded the first construction-related consultancy contract for the Lucknow Metro East West Corridor to a joint venture of AYESA Ingenieria Arquitectura SAU and AYESA India Pvt Ltd. The firm was declared the lowest bidder for the Detailed Design Consultant contract for Lucknow Metro Line-2 under Phase 1B and the contract was recommended following the financial bid. The contract is valued at Rs 159.0 million (mn), covering design services for the corridor. Lucknow Metro Line-2 envisages the construction of an 11.165 kilometre corridor connecting Cha..

Div Com Kashmir Urges Fast Tracking Of Jhelum Water Transport Project

The Divisional Commissioner of Kashmir has called for the fast-tracking of the Jhelum water transport project, urging district administrations and relevant agencies to accelerate planning and clearances. In a meeting convened at the divisional headquarters, the commissioner instructed officials from irrigation, public health engineering and municipal departments to prioritise the project and coordinate survey and design work. The directive emphasised removal of administrative bottlenecks and close monitoring to ensure timely mobilisation of resources and contractors. Officials were told to in..

Interarch Reports Strong Q3 And Nine Month Results

Interarch Building Solutions Limited reported unaudited results for the third quarter and nine months ended 31 December 2025, recording strong revenue growth driven by execution and a robust order book. Net revenue for the third quarter rose by 43.7 per cent to Rs 5.225 billion (bn), compared with Rs 3.636 bn a year earlier, reflecting heightened demand in pre-engineered building projects. The company’s total order book as at 31 January 2026 stood at Rs 16.85 bn, supporting near-term visibility. EBITDA excluding other income for the quarter increased by 43.2 per cent to Rs 503 million (mn),..