Daily Current Affairs Article 21th January 2021: Securities and Exchange Board of India (SEBI) proposed a new framework for ownership of market infrastructure institutions to facilitate new entrants to set up stock exchanges and depositories.
As per the key proposals, a resident promoter setting up an MII may hold up to 100% shareholding, which will be brought down to not more than (either 51% or 26%) in 10 years.
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A foreign promoter from Financial Action Task Force FATF member jurisdictions setting up an MII may hold up to 49% shareholding, which shall be brought down to not more than (either 26% or 15%) in 10 years.
Foreign individuals or entities from other than FATF member jurisdictions may acquire or hold up to 10% in an MII.
Any person other than the promoter may acquire or hold less than 25% shareholding.
At least 50% of ownership of the MII may be represented by individuals or entities with experience of five years or more in the areas of capital markets or technology related to financial services.
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