In exercise of the powers conferred by Section 30 of the Securities and Exchange Board of India Act, 1992

## Report on the Repeal of the Securities and Exchange Board of India Central Database of Market Participants Regulations, 2003 **1. Executive Summary:** This report analyzes the notification issued by the Securities and Exchange Board of India (SEBI) on January 13, 2021, repealing the Securities and Exchange Board of India Central Database of Market Participants Regulations, 2003. The core purpose of this repeal is to eliminate these specific regulations. The report highlights that while the regulations are repealed, the repeal does not affect previous operations, rights, obligations, liabilities, penalties, punishments, investigations, legal proceedings or remedies related to the repealed regulations. **2. Introduction:** The purpose of this report is to provide a comprehensive overview of the SEBI notification repealing the Securities and Exchange Board of India Central Database of Market Participants Regulations, 2003, based solely on the information provided in the official notification text. This report aims to inform affected parties about the key aspects of this regulatory change. **3. Policy Overview:** This is a repeal of an existing policy. The original policy being repealed is the Securities and Exchange Board of India Central Database of Market Participants Regulations, 2003. * **Core Objective(s) as stated or inferred from the provided text:** The core objective of the *repeal* is to eliminate the legal force and effect of the Securities and Exchange Board of India Central Database of Market Participants Regulations, 2003. **4. Background and Rationale:** This is a repeal of an existing policy. The likely reason for the repeal cannot be explicitly determined from the provided text alone. However, it can be inferred that SEBI, for reasons not stated in the text, has decided that the Central Database of Market Participants Regulations, 2003 is no longer necessary or effective, or is being replaced by a different regulatory framework. Without additional context, the precise rationale remains speculative. **5. Key Provisions / Changes:** This document concerns a repeal. The key change introduced by the notification is the complete repeal of the Securities and Exchange Board of India Central Database of Market Participants Regulations, 2003. * **What specific part of the original policy is being changed:** The entire policy, "Securities and Exchange Board of India Central Database of Market Participants Regulations, 2003," is being repealed. * **What the *new* rule/provision *is*, based *only* on the amendment text:** The *new* provision is that the "Securities and Exchange Board of India Central Database of Market Participants Regulations, 2003" no longer exist, with the exceptions as specified in clauses 1 (i-iv) of the notification. * **Explain the *difference* or the *effect* of this specific change:** The effect of this repeal is that the regulations are no longer in force, and any new actions or matters will not be governed by these regulations. However, the notification explicitly states that this repeal does *not* affect past actions, rights, obligations, liabilities, penalties, punishments, investigations, legal proceedings, or remedies that arose under the repealed regulations. These will be handled as if the regulations were still in effect. **6. Target Audience and Stakeholders:** Based on the text, the primary target audience and stakeholders affected by this repeal are market participants who were previously subject to the Securities and Exchange Board of India Central Database of Market Participants Regulations, 2003. This includes any individuals or entities that were required to comply with those regulations, or whose activities were governed by them. **7. Implementation Aspects (Inferred):** * **Responsible agency/bodies mentioned:** The Securities and Exchange Board of India (SEBI) is the responsible body, as indicated by the notification issued under the authority of Section 30 of the Securities and Exchange Board of India Act, 1992. * **Any timelines or procedures specified *in the text*?:** The repeal is effective "with immediate effect" from January 13, 2021. * The continuation of previous obligations is specified in clauses 1 (i-iv) of the notification. **8. Expected Outcomes / Impact of Changes:** The likely intended outcome of this repeal is to remove the requirements and provisions of the Securities and Exchange Board of India Central Database of Market Participants Regulations, 2003 from current market operations. Market participants will no longer be bound by these regulations for *future* actions. However, it is important to note the explicit preservation of rights, obligations, liabilities, and ongoing proceedings related to the *previous* application of the repealed regulations. **9. Conclusion:** The SEBI notification repealing the Securities and Exchange Board of India Central Database of Market Participants Regulations, 2003 represents a significant regulatory change. While the repeal removes the regulations from current application, the notification clearly stipulates the continuation of obligations related to past actions. Market participants should be aware of this distinction and understand that any matters arising *before* the repeal date will still be governed by the repealed regulations. This information is crucial for ensuring compliance and understanding the impact of this regulatory change.

Key Entities Referenced