Markets regulator SEBI on Friday strengthened the governance framework at Market Infrastructure Institutions (MIIs), including stock exchanges, by mandating the appointment of two executive directors (EDs) to bolster operational oversight.

Under the new structure, the ED of Vertical 1 will head "critical operations", while the ED of Vertical 2 will oversee regulatory functions, compliance, risk management and investor grievances. Both EDs will also be inducted into the MII's Governing Board.

To ensure transparency in hiring, SEBI has directed that applications for ED positions be invited through open advertisements. Applicants are required to have relevant experience and qualifications for their respective verticals, according to its circular.

Further, MIIs will be required to submit at

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