According to SEBI, the changes have been proposed by its committee under the Chairmanship of R. Gandhi, Former Deputy Governor, Reserve Bank of India, to review the existing framework of MIIs (Market Infrastructure Institutions).
Currently, stock exchanges, depositories and clearing corporations are collectively referred to as securities MIIs.
"The committee, based on the presentations made by the market intermediaries, felt that these intermediaries do not meet majority of the criteria of MIIs," the committee's report said.
"However, certain characteristics such as size, concentration, high dependence of investors on their services, market share, etc. make them significantly important."
Accordingly, the regulator has called for public comments till May 19 on the recommendations made by the committee.
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