Financial Market Infrastructure (FMIs) are defined as “A multilateral system among participating institutions, including the operator of the system, used for the purposes of clearing, settling or recording payments, securities, derivatives or other financial transactions.” payment and financial settlement thus provides infrastructure to real economy and financial markets through which financial transactions are processed, cleared and settled among the participants. The safety and efficiency of the FMIs is critical for the smooth functioning of the financial markets and any deficiencies in the governance and operational arrangement or in the design of these systems can directly impact the financial and economic stability of the country.