Master CIRCULAR
SEBI/HO/MRD-PoD2/CIR/P/2024/00181
December 30, 2024
To
All Recognised Stock Exchanges
All Recognised Clearing Corporations
Dear Sir/ Madam,
Sub: 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 October 31, 2024. 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Master Circular to the Statutes/Regulations which now stand repealed have been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 1 to this circular.
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3. Notwithstanding such rescission:
3.1. 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the rescinded circulars, including registrations or approvals granted, fees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;
3.2. any application made to SEBI under the rescinded circulars, prior to such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;
3.3. the previous operation of the rescinded circulars or anything duly done or suffered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under the rescinded circulars, any penalty, incurred in respect of any violation
committed against the rescinded circulars, or any investigation, legal proceeding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aforesaid, shall remain unaffected as if the rescinded circulars have never been
rescinded.
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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/PoD-
2/CIR/P/2023/171 dated October 16, 2023 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 and Regulation 51 of the
Securities Contracts (Regulation) (Stock Exchanges and Clearing Corporations)
Regulations, 2018 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 number:022-26449959
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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 Corporations
Schedule 1
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