MASTER CIRCULAR
SEBI/HO/MRD2/PoD-2/CIR/P/2023/171 October 16, 2023
To,
All Recognized Stock Exchanges
All Recognized Clearing Corporations
Dear Sir / Madam,
Subject: Master Circular for Stock Exchanges and Clearing Corporations
1. Securities and Exchange Board of India (SEBI), from time to time, has been issuing
various circulars/directions to Stock Exchanges and Clearing Corporations. In order
to enable the users to have access to all the applicable circulars/directions at one
place, Master Circular for Stock Exchanges and Clearing Corporations has been
prepared.
2. This Master Circular shall come into force from the date of its issue. This Master
Circular covers the relevant circulars/communications pertaining to Stock
Exchanges and Clearing Corporations issued by SEBI up to August 31, 2023.
References in the Master Circular to the Statutes/Regulations which now stand
repealed have been suitably updated. This Master Circular rescinds the circulars and
communications listed in Schedule I.
3. Notwithstanding such rescission:
a) anything done or any action taken or purported to have been done or taken
under the rescinded circulars, including registrations or approvals granted,
fees collected, registration or approval suspended or cancelled, any inspection
or investigation or enquiry or adjudication commenced or show-cause notice
issued, prior to such rescission, shall be deemed to have been done or taken
under the corresponding provisions of this Master Circular;
b) any application made to SEBI under the rescinded circulars, prior to such
rescission, and pending before it shall be deemed to have been made under the
corresponding provisions of this Master Circular;
c) the previous operation of the rescinded circulars or anything duly done or
suffered thereunder, any right, privilege, obligation or liability acquired,
accrued or incurred under the rescinded circulars, any penalty, incurred in
respect of any violation committed against the rescinded circulars, or any
investigation, legal proceeding or remedy in respect of any such right,
privilege, obligation, liability, penalty as aforesaid, shall remain unaffected as
if the rescinded circulars have never been rescinded.
4. Words and expressions used but not defined in this Circular shall have the same
meanings as may be defined in Securities Contracts (Regulation) Act, 1956 or the
Securities and Exchange Board of India Act, 1992 or the Depositories Act, 1996 or
Regulations made thereunder i.e. Securities Contracts (Regulation) (Stock Exchanges
and Clearing Corporations) Regulations, 2018, SEBI (Depositories and Participants)
Regulations, 2018, PIT Regulations, SEBI (Prohibition of Fraudulent and Unfair
Trade Practices relating to Securities Market) Regulations, 2003, unless the context
requires otherwise.
5. This Master Circular shall supersede previous Master Circular
SEBI/HO/MRD2/DDAP/CIR/P/2021/18 dated July 05, 2021 and is available on
SEBI website at www.sebi.gov.in.
6. This Master Circular is issued in exercise of powers conferred under Section 11(1) of
the Securities and Exchange Board of India Act, 1992 to protect the interests of
investors in securities and to promote the development of, and to regulate the
securities market.
Yours faithfully
Vishal Shukla
General Manager
Market Regulation Department
Email: vishals@sebi.gov.in
Phone: 022-2649959
Enclosures:
Chapter 1: Trading
Chapter 2: Trading Software and Technology
Chapter 3: Settlement
Chapter 4: Comprehensive Risk Management for Cash Market and Debt
Segment
Chapter 5: Exchange Traded Derivatives
Chapter 6: Administration of Stock Exchanges and Clearing Corporation
Schedule I