Markets regulator Sebi on Tuesday revised its oversight framework for stock exchanges and other market infrastructure institutions (MIIs), defining the structure and responsibilities of various statutory committees to enhance governance. These guidelines are on the recommendations of Sebi's Committee on Strengthening Governance of MIIs, according to a circular issued by the market regulator. Statutory committees of MIIs can be divided into different categories, such as functional, oversight and investment. Functional committees are the Member Committee, Nomination and Remuneration Committee, Oversight Committees, Standing Committee on Technology Regulatory Oversight Committee, and Risk Management Committee and Investment Committee. On the composition of panels, Sebi said such committees should include Key Management Personnel (KMP), Non-Independent Directors (NIDs), Independent External Professionals (IEPs), and Public Interest Directors (PIDs). Each committee must be chaired by a