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Skip to content Introduction: Contextual introduction.Body: Explain in detail why Market Infrastructure Institutions (MIIs) suffer from the conflicting nature of different roles.
Conclusion : Write a way forward.
Stock exchanges, depositories and clearing houses are all Market Infrastructure Institutions (MIIs) and constitute a key part of the nation’s vital economic infrastructure. Market Infrastructure Institutions (MIIs) are unique institutions providing vital infrastructure of trading, settlement and record keeping. They are vested with regulatory responsibilities, while pursuing commercial interests like other profit- oriented entities
Conflicting nature of different roles:
MIIs also perform a unique dual role. On the one hand, MIIs are corporate entities wherein attention to bottom line of their business is a natural outcome. On the other hand, as a first line regulator, MIIs carry out the key regulatory and public utility functions . Given their vital role in the capital market ecosystem, they cannot engage themselves exclusively in pursuit of profits which results in dilution of their focus on the regulatory role. At the same time, they have to be viable institutions generating sufficient surpluses to effectively discharge their role of public utility with an eye on robust investor protection. The business model of an MII is thus inherently conflicting. Misgovernance is another challenge with MIIs.Every key management person’s appointment decision of exchanges is controlled by the regulator (government). Personnel at MIIs have begun to behave like civil servants. E.g. not taking decisions and pushing every small question up through the hierarchy and get multiple signatures. This has hampered operational capability. Exchanges and MIIs in India can no longer be described as autonomous organisations as they lack in rapidly taking decisions. Well-functioning MIIs, constitute “the nucleus of the capital allocation system”, are indispensable for economic growth and have a net positive effect on society like any other infrastructure institution.
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