Markets regulator Sebi chairman Tuhin Kanta Pandey on Wednesday called on public interest directors (PIDs) to ensure that the “public interest” perspective remains central to all key decisions taken by the governing boards of market infrastructure institutions (MIIs).
Speaking at the Public Interest Directors Conclave 2025, Pandey emphasised that MIIs must ensure all interventions made by PIDs during board meetings are appropriately recorded.
Describing PIDs as “custodians of trust” within the MII ecosystem, he said, “Your role is fiduciary, moral, and institutional. You are not there merely to tick a compliance checkbox”.
The Sebi chief urged PIDs to exercise their independence while assessing the adequacy of financial and human resources for functions falling under verticals 1 and 2. He advised them to hold separate meetings without management or key managerial personnel (KMPs) to discuss critical governance and operational issues.
Under Sebi’s framework, vertical 1 covers critic
