To safeguard investors as well as the market from systemic risks emanating from Financial Market Infrastructures, SEBI has decided to adopt 24 standard global principles for such institutions. These principles will apply to all clearing corporations and depositories present in the Indian securities market. They are aimed at enhancing safety and efficiency in payment, clearing and settlement arrangements, reducing the systemic risk, fostering transparency and financial stability, and protection of market participants and investors. Issuing detailed guidelines for FMIs, SEBI said they will provide for effective regulation, supervision and oversight of such entities, which ensure clearing, settlement and upkeep of various securities, their trades and payments. The 24 Principles for Financial Market Infrastructures (PFMIs) globally have been finalised by the International Organisation of Securities Commissions (IOSCO), a global body of securities regulators from across the world including SEBI.