CIRCULAR
HO/47/13/14(1)2026-MRD-TPD1/I/4755/2026 February 11, 2026
To,
All Stock Exchanges with Commodity Derivatives Segment,
All Clearing Corporations with Commodity Derivatives Segment
Dear Sir/ Madam,
Sub: Capacity Planning and Real Time Performance Monitoring framework
for Commodity Derivatives Segment of Market Infrastructure Institutions
(MIIs)
1. Clause 16.1.2 of Chapter 16 of SEBI Master Circular for Commodity
Derivatives segment dated August 04, 2023 stipulates the following with
regard to capacity of the trading system of stock exchanges: -
16.1.2 The stock exchanges shall have arrangements, procedures and system
capability to manage the load on their systems in such a manner so as to achieve
consistent response time to all members. The capacity of the trading system of
the stock exchange should be at least four times the peak order load encountered
and the Exchange system should be upgraded on a regular basis. The stock
exchange shall continuously study the performance of its systems and, if
necessary, undertake system upgrade, including periodic upgrade of its
surveillance system, in order to keep pace with the speed of trade and volume of
data that may arise through algorithmic trading.
2. Vide circular SEBI/HO/MRD/TPD/CIR/P/2024/171 dated December 10,
2024, SEBI issued ‘Revised Guidelines for Capacity Planning and Real
Time Performance Monitoring framework of Market Infrastructure
Institutions (MIIs)’.
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3. The provisions of the said circular were applicable to all MIIs except
Commodity Derivatives Segment of Stock Exchanges and Clearing
Corporations.
4. Based on the representations received from Stock Exchanges with
Commodity Derivatives Segment, the capacity planning framework for
Commodity Derivatives Segment has been reviewed by SEBI in
consultation with Technical Advisory Committee (TAC) of SEBI. On the
basis of recommendations of TAC and public consultation carried out vide
consultation paper dated June 30, 2025, the following framework is
stipulated for the Commodity Derivatives Segment of MIIs w.r.to the
capacity planning and real time performance monitoring of their Critical
Information Technology systems and supporting components:
4.1. The provisions specified at para 3.1, 3.2, 3.4, 3.5, 3.6, 3.7, 3.8, 3.9, 3.10,
3.11, 3.12, 3.14, 3.15 and 3.16 in the aforementioned SEBI circular
dated December 10, 2024 shall apply mutatis mutandis to the
Commodity Derivatives Segment.
4.2. Para 3.3 of the aforementioned SEBI circular dated December 10, 2024
shall be applicable for Commodity Derivatives Segment with the
following change:
The installed capacity shall be at least 2 times (2x) of the
projected peak load.
4.3. Para 3.13 of the aforementioned SEBI circular dated December 10,
2024 shall be applicable for Commodity Derivatives Segment with the
following change:
In general, if actual capacity utilization of any component of Stock
Exchanges and Clearing Corporations with Commodity
Derivatives segment exceeds 75% of the installed capacity,
immediate action shall be taken by the MII such as fine tuning the
applications/systems or enhancing the capacity. SCOT shall
oversee such action taken by the MII. The framework for handling
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actual capacity utilization exceeding 75% of the installed capacity,
including situations that would necessitate augmentation of
installed capacity, shall be included in the Capacity Planning and
Real Time Performance Monitoring Policy of the MII.
5. Considering the above, Stock Exchanges and Clearing Corporations are
advised to prepare and submit their Capacity Planning and Real Time
Performance Monitoring Policy document for Commodity Derivatives
Segment to SEBI within three months from the date of this Circular, after
taking approval from their SCOT and the Governing Board.
6. The provisions of this circular shall come into effect three months from the
date of this circular.
7. This Circular supersedes Clause 16.1.2 of Chapter 16 of SEBI Master
Circular dated August 04, 2023 for Commodity Derivatives Segment.
8. Stock Exchanges and Clearing Corporations are required to take necessary
steps to put in place systems and processes for implementation of this
Circular, including necessary amendments to the relevant bye-laws, rules
and regulations, if any.
9. This Circular is being issued in exercise of the powers conferred by Section
11(1) of Securities and Exchange Board of India Act, 1992 read with
Regulation 51 of Securities Contracts (Regulation) (Stock Exchanges and
Clearing Corporations) Regulations, 2018 to protect the interest of investors
in securities market and to promote the development of, and to regulate the
securities market.
10. This Circular is issued with the approval of Competent Authority.
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11. This Circular is available on SEBI website at www.sebi.gov.in under the link
“Legal Framework” → “Circulars”.
Yours faithfully,
Darshil D. Bhatt
Deputy General Manager
Technology, Process Re-engineering, Data Analytics
Market Regulation Department
+91-22-26449735
Email: darshilb@sebi.gov.in
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