New Delhi, June 24 -- The capital markets regulator has proposed new measures, including the appointment of board members for specific roles, to strengthen governance of stock exchanges, clearing corporations and depositories.

The regulator seeks to reinforce the public-interest role of the market infrastructure institutions (MIIs) over their commercial objectives, according to a consultation paper released by the Securities and Exchange Board of India (Sebi) on Tuesday.

"MIIs have seen a rapid increase in investor base and volumes, as well as a growing network of intermediaries associated with them... a significant growth in revenue and profitability, and they enjoy high profit margins," the regulator noted in its consultation paper. ...