Strengthening Governance of Market Infrastructure Institutions
The Securities and Exchange Board of India (SEBI) has released new guidelines for Stock Exchanges, Clearing Corporations, and Depositories. These guidelines are based on the recommendations from the Committee on Strengthening Governance of Market Infrastructure Institutions (MIIs).
Key Points of the Guidelines:
- Mandatory Meetings for Public Interest Directors (PIDs): PIDs of MIIs are required to meet separately at least once every six months to discuss critical issues related to the MII.
- Compulsory Attendance: All PIDs must attend these meetings without exception.
Objectives of the Meetings:
- Compliance Review: Assess the status of compliance with all applicable SEBI regulations, circulars, guidelines, and letters.
- Functioning Review: Evaluate the performance of Vertical-1 (“Critical Operations”) and Vertical-2 (“Regulatory, Compliance, Risk Management, and Investor Grievances”).
- Resource Adequacy: Ensure there are sufficient financial and human resources for the functions under both Verticals.
- Conflict of Interest Identification: Identify significant issues that may involve conflicts of interest or impact the MII’s functioning or the securities market’s interests.
- Corrective Actions: Review the corrective measures taken by the MII in response to SEBI inspections, particularly concerning governance standards, technology, cybersecurity, system audits, and cybersecurity audit observations.
These guidelines aim to enhance the governance and operational efficiency of MIIs, ensuring a robust and transparent market infrastructure.
Ensuring Quality and Safety in Chemical Intermediates
New Quality Control Orders for H Acid, K Acid, and Vinyl Sulphone
The Central Government has introduced three new quality control orders targeting chemical intermediates: H Acid, K Acid, and Vinyl Sulphone. These measures are designed to enhance the quality and safety of these essential chemicals, which play a vital role in various industries.
Key Highlights of the Orders:
- Compliance with Indian Standards: Manufacturers and importers of H Acid, K Acid, and Vinyl Sulphone are now required to meet the specified Indian Standards.
- Standard Mark Certification: These products must display the Standard Mark issued by the Bureau of Indian Standards (BIS), indicating their adherence to quality standards.
- Enforcement by BIS: The BIS will oversee the enforcement of these regulations and take action against any entities that fail to comply.
The introduction of these quality control orders marks a significant step towards ensuring the safety and quality of chemical intermediates in India. By following these regulations, manufacturers can support the growth of the chemical industry while protecting public health and the environment.
Enhancing Road Safety with Verified Radar Equipment
Inclusion of Radar Equipment under Legal Metrology Rules
The Department of Consumer Affairs, Government of India, has announced the inclusion of radar equipment for measuring vehicle speed under the Legal Metrology (General) Rules, 2011. This move aims to ensure the accuracy and reliability of these devices, which are crucial for traffic enforcement and road safety.
Key Highlights:
- Verified and Stamped Equipment: Radar equipment used for measuring vehicle speed will now be verified and stamped to meet industry standards, ensuring their accuracy and reliability.
- Crucial Applications: Accurate radar equipment is essential for traffic enforcement, preventing accidents, and reducing road wear and tear.
Ongoing Developments:
The Department is also working on drafting rules for other weighing and measuring instruments in line with International OIML standards to protect stakeholder interests.
Draft Rules and Public Consultation:
The Legal Metrology Division has published draft rules for radar equipment on its website for public consultation. These rules were developed by a committee comprising members from the Indian Institute of Legal Metrology (IILM), Regional Reference Laboratories (RRSLs), manufacturers, and VCOs. After considering stakeholder inputs and public comments, the rules will be finalized and notified shortly.
Benefits of the New Rules:
- Enhanced Accuracy and Reliability: The new rules will ensure that radar equipment used for traffic speed measurement is accurate and reliable, complying with Legal Metrology standards.
- Standardization: These rules apply to microwave Doppler radar equipment, commonly referred to as “radar,” used for measuring traffic speed on roads.
- Public Trust: Verified radar equipment will reduce the risk of malfunctions or errors, ensuring precise measurement of speed, distance, and other parameters. This accuracy is vital for traffic enforcement and public safety.
- Improved Enforcement: Accurate radar speed guns will help enforce speed limits effectively, reducing speeding-related accidents and enhancing road safety.
- By implementing these rules, the Department of Consumer Affairs aims to improve road safety and build public trust in traffic enforcement measures.
Disclaimer: The information published in the above newsletter is collected from various sources in electronic medium and analyzed by the firm. The reader is advised to consult the attorney qualified in their jurisdiction, before acting on any information contained in this newsletter. India Juris excepts no liability what so ever in this regard.
