New Delhi, Dec. 12 -- The regulator has formalized the framework for restructuring of leadership, reporting lines and governance responsibilities across market infrastructure institutions (MIIs) such as stock exchanges, clearing corporations and depositories.The Securities and Exchange Board of India, in a circular issued on Friday, laid out the roles and responsibilities of the managing director, the directorships of the MD in other companies, and the appointment, roles and responsibilities of executive directors, chief technology officers and chief information security officers of MIIs.

MIIs must appoint two executive directors - one to head critical operations and the other responsible for regulatory, compliance, risk management and i...