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Latest from the Regulator - September 2026
1. Mediation Council of India: Building an Institutional Framework for Dispute Resolution
The Union Ministry of Law and Justice formally established the Mediation Council of India (MCI) on 27 August 2026 under the Mediation Act, 2023.
The statutory body is envisaged as the regulator for mediation in India, with responsibilities including:
• Regulating mediation service providers and mediators
• Setting standards
• Recognising mediation institutes, and
• Promoting the wider use of mediation
The move comes against the backdrop of a significant judicial backlog and the government's broader effort to encourage institutional mechanisms for resolving disputes outside the courts.
The appointment of the Council's members and the operationalisation of several provisions of the Mediation Act remain critical next steps. A Parliamentary Standing Committee has also called for faster operationalisation of the MCI, clear timelines for regulations and notification of the remaining provisions of the Act.
2. SEBI Proposes More Flexible Board Eligibility for Market Infrastructure Institutions
The Securities and Exchange Board of India (SEBI) has proposed changes to the eligibility framework for directors of Market Infrastructure Institutions (MIIs), including stock exchanges, clearing corporations and depositories.
Key proposals include:
• Wider talent pool: Directors of widely held companies could serve on MII boards even if another company within their group is a broker, clearing member or depository participant.
• Definition of widely held companies: A company would qualify where no private shareholder, individually or with related parties, holds or controls 10% or more. Public-sector shareholders would be excluded from this threshold.
• Greater focus on specialised expertise: The framework proposes clearer qualification and experience requirements for senior officials overseeing technology, cybersecurity, compliance and risk.
• Stronger continuity: Vacancies in critical functions would need to be filled within three months, with the proposal also providing for the appointment of deputies.
The proposed changes seek to balance conflict-of- interest safeguards with access to a broader pool of specialised board and management expertise, particularly in areas critical to the resilience of India's financial market infrastructure.
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Institute of Directors India
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Institute of Directors (IOD) is an apex national association of Corporate Directors under the India's 'Societies Registration Act XXI of 1860'. Currently it is associated with over 31,000 senior executives from Govt, PSU and Private organizations of India and abroad.
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