CIRCULAR
SEBI/HO/MRD/MRD-PoD-1/P/CIR/2025/087 June 12, 2025
To
The Managing Directors / Chief Executive Officers
All Recognized Stock Exchanges having Commodity Derivatives Segment
Madam/Sir,
Sub: Review of provisions relating to Product Advisory Committee (PAC)
1. SEBI vide ‘Master Circular for Commodity Derivatives Segment’ dated August 04,
2023 (‘Master Circular’) has issued various requirements for stock exchanges and
clearing corporations for compliance in commodity derivatives segment. Chapter 2
of the Master Circular mandates that each stock exchange shall constitute a Product
Advisory Committee (“PAC”) for each group/ complex of commodities having
common stakeholders/ value chain participants, on which derivatives are traded or
being proposed to be traded on the stock exchange.
2. Based on representations received from market participants and deliberations by
Commodity Derivatives Advisory Committee (CDAC) of SEBI, paragraph 2.4.4.i. of
the aforementioned Master Circular on Proceeding of meetings stands revised as
under:
“2.4.4.i. The PAC shall meet at least twice a year and more frequently as and when
required. However, in case of agricultural commodities, the PAC shall meet at least
once a year.”
3. The Circular shall come into force with immediate effect.
4. The Stock Exchanges are advised to bring the provisions of this circular to the notice
of their members and also to disseminate the same on their website.
Page 1 of 2
5. This Circular is issued in exercise of the 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.
6. The Circular is issued with the approval of the competent authority.
7. This Circular is available on SEBI website www.sebi.gov.in under the category
“Circulars” and “Info for Commodity Derivatives”.
Yours faithfully,
Neetika Rajpal
Deputy General Manager
Market Regulation Department
Email: neetikar@sebi.gov.in
Phone number:022-26449628
Page 2 of 2