The changes in clearing corporations come at a time when payment crises surfaced at National Spot Exchange Ltd (NSEL) and the US bourse Nasdaq faced a technical glitch.

Market regulator Sebi has reconstituted two of its key advisory committees, which are mandated to give suggestions on regulation for clearing corporations and risk management review system.

The six-member panel on clearing corporations is headed by ICICI Bank Chairman K V Kamath, while the 10-member committee on risk management review is chaired by IIM Ahmedabad Professor J R Varma.

The two committees have been revamped after departure of Sebi Executive Director S Raman, who was also a member of both the panels.

Securities and Exchange Board of India (Sebi) Executive Director S V Murali Dhar Rao is now a member on the two committees.

The changes in clearing corporations come at a time when payment crisis surfaced at National Spot Exchange Ltd (NSEL) and the US bourse Nasdaq faced a technical glitch.

Clearing corporation committee is mandated to examine and review the existing regulation of transfer of profits every year, by the bourses to CCs, and is also given task of defining ‘the liquid assets’ of CCs for the purpose of calculation of net worth among others.

The panel on risk management system would review the risk management framework for the cash and derivatives segment and recommend the changes if required.

Other members of clearing corporation are RBI Executive Director G Padmanabhan, IIT Mumbai professor Deepak Pathak, IIM Bangalore professor V Ravi Anshuman and Director at Institute for Development and Research in Banking Technology (IDRBT) B Sambamurty.

Other members of the risk management review committee included MCX-SX Clearing Corporations Vice President Balu R Nair, National Securities Clearing Corporation Senior Vice President R Sundararaman and BSE Chief Regulatory Officer Nehal Vora.

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