SEBI calls for mechanism to prevent market abuse Updated: Updated: MIIs told to formulate code of conduct Share Article MIIs told to formulate code of conduct SEBI on Wednesday asked stock exchanges, clearing corporations and depositories to put in place a code of conduct and institutional mechanism to prevent fraud or market abuse by them and their designated persons. Under this, the managing director (MD) or chief executive officer (CEO) of market infrastructure institutions (MIIs) will be obligated to frame a code of conduct and put in place an institutional mechanism. Further, the board of directors needs to ensure compliance by the MD/CEO in this regard. MIIs will have to formulate a code of conduct to regulate, monitor and report trading by their designated persons and immediate relative of designated persons towards achieving compliance with the prohibition of insider trading regulations.