Based on the feedback received from various stakeholders, public comments, recommendation of the Secondary Market Advisory Committee of SEBI (SMAC), SEBI has made amendments to the Securities Contracts (Regulation) (Stock Exchanges and Clearing Corporations) Regulations, 2018 and SEBI (Depositories and Participants) Regulations, 2018 relating to roles and responsibilities of the Managing Director (MD); directorship(s) of the MD in other companies; and appointment, roles and responsibilities of Executive Director (ED), Chief Technology Officer (CTO) and Chief Information Security Officer (CISO) of the MIIs. SEBI vide this circular has prescribed the provisions pertaining to the appointment of Executive Directors, reporting Structure of Executive Directors, reporting of Key Management Personnel (KMPs) to EDs and provisions related to Chief Risk Officer. It is inter alia provided that the EDs of Vertical 1 (Critical Operations) and Vertical 2 (Regulatory, compliance, risk management and investor grievances) shall be members on the Governing Board of the MII and shall report to the Managing Director (MD) of the MII for all purposes.