Home› India› Securities and Exchange Board of India› In exercise of the powers conferred by sections 4, 8A and 31...
Date: 2025-03-20 Category: Extra Ordinary State: Union Government Country: India

In exercise of the powers conferred by sections 4, 8A and 31 of the Securities Contracts Regulation Act, 1956, read with sections 11 and 30 of the Securities and Exchange Board of India Act

Issued by Securities and Exchange Board of India · Not Applicable

Research with AI Agent Chat with Document Generate Summary Translate Helpful Share Add to Project Create Task

Executive Summary & Key Takeaways

What it means

  • The gazette notification introduces the Securities Contracts (Regulation) (Stock Exchanges and Clearing Corporations) (Second Amendment) Regulations, 2025.
  • These regulations amend the Securities Contracts (Regulation) (Stock Exchanges and Clearing Corporations) Regulations, 2018.
  • The amendment allows recognized stock exchanges to carry out the activity of a Past Risk and Return Verification Agency Data Centre, subject to SEBI approval and terms and conditions.

Key Changes

  • Insertion of Regulation 38B in Chapter VI of the Securities Contracts (Regulation) (Stock Exchanges and Clearing Corporations) Regulations, 2018.
  • Regulation 38B permits recognized stock exchanges to operate a Past Risk and Return Verification Agency Data Centre, a function described under Regulation 12A(2) of the Securities and Exchange Board of India (Credit Rating Agencies) Regulations, 1999.
  • Stock exchanges can undertake this activity with SEBI's approval and adherence to SEBI-specified terms and conditions.
  • The regulations come into force on the date of their publication in the Official Gazette, March 20, 2025.

Impact Analysis

Stock Exchanges

  • Increased responsibility for stock exchanges in ensuring the accuracy and reliability of risk-return metrics.

Credit Rating Agencies

  • The amendment references the Securities and Exchange Board of India (Credit Rating Agencies) Regulations, 1999, indicating a connection between the activities of the data centers and the regulatory framework for credit rating agencies.

Investors

  • Access to more reliable data may lead to better investment decisions.

SEBI

  • SEBI's role in maintaining market integrity and investor protection is reinforced through this amendment.

Action Items

  • Legal and compliance teams should review the amendment and update internal policies and procedures accordingly.

Key Entities Referenced

SEBI: Securities and Exchange Board of India. The regulatory body responsible for securities market regulation in India. Securities Contracts (Regulation) Act, 1956: The principal legislation governing securities contracts and stock exchanges in India. Securities and Exchange Board of India Act, 1992: The legislation that established SEBI and defines its powers and functions. Securities Contracts (Regulation) (Stock Exchanges and Clearing Corporations) Regulations, 2018: The regulations being amended by this notification, governing stock exchanges and clearing corporations. Securities and Exchange Board of India (Credit Rating Agencies) Regulations, 1999: Regulations governing the operations of credit rating agencies in India. Regulation 12A(2) is specifically referenced. Past Risk and Return Verification Agency Data Centre: An entity that verifies the accuracy of past risk and return metrics, as defined within the context of credit rating agencies. Recognized Stock Exchange: A stock exchange recognized by SEBI under the Securities Contracts (Regulation) Act, 1956.
Official Source Record View Original Source →
See Full Document Text
रजिस्ट्री स.ं डी.एल.- 33004/99 REGD. No. D. L.-33004/99 सी.जी.-एम.एच.-अ.-21032025-261822 xxxGIDHxxx CG-MH-E-21032025-261822 xxxGIDExxx असाधारण EXTRAORDINARY भाग III—खण् ड 4 PART III—Section 4 प्राजधकार स ेप्रकाजित PUBLISHED BY AUTHORITY स.ं 187] िई ददल्ली, बृहस्ट्प जतिार, माच ड20, 2025/फाल्ग ि 29, 1946 No. 187] NEW DELHI, THURSDAY, MARCH 20, 2025/PHALGUNA 29, 1946 भारतीय प्रजतभजू त और जिजिमय बोडड अजधसचू िा म ंबई, 20 माच,ड 2025 प्रजतभजू त सजं िदा (जिजियमि) (स्ट्टॉक एक्सचिें और समािोधि जिगम) (दसू रा सिं ोधि) जिजियम, 2025 फा. स.ं सबे ी/एलएडी-एिआरओ/िीएि/2025/238.—बोड,ड भारतीय प्रजतभूजत और जिजिमय बोडड अजधजियम, 1992 की धारा 11 तथा धारा 30 के साथ पठित प्रजतभूजत सजं िदा (जिजियमि) अजधजियम, 1956 की धारा 4, धारा 8क तथा धारा 31 द्वारा प्रदाि की गई िजियों का प्रयोग करत ेहुए, एतद्द्वारा प्रजतभूजत संजिदा (जिजियमि) (स्ट्टॉक एक्सचेंि और समािोधि जिगम) जिजियम, 2018 का और संिोधि करिे के जलए जिम्नजलजखत जिजियम बिाता है, अथाडत,् - 1. इि जिजियमों को प्रजतभूजत संजिदा (जिजियमि) (स्ट्टॉक एक्सचेंि और समािोधि जिगम) (दसू रा संिोधि) जिजियम, 2025 कहा िा सकेगा । 2. ये जिजियम रािपत्र म ेंइिके प्रकाजित होिे की तारीख से लाग ू होंगे । 3. प्रजतभूजत संजिदा (जिजियमि) (स्ट्टॉक एक्सचेंि और समािोधि जिगम) जिजियम, 2018 म,ें अध्याय-VI म,ें जिजियम 38क के बाद, जिम्नजलजखत जिजियम िोड़ा िाएगा, अथाडत्,- 1906 GI/2025 (1)2 THE GAZETTE OF INDIA : EXTRAORDINARY [PART III—SEC.4] “ “िफा-िक साि और िोजखम के माि (ठरस्ट्क ठरटि डमठे रक्स)” की पज ि 38ख. इि जिजियमों म ें दी हुई दकसी भी बात के होते हुए भी, डाटा सेंटर [“हुए िफा-ि कसाि और रह े िोजखम की प जि करि े िाली एिेंसी” (पास्ट्ट ठरस्ट्क एडं ठरटि ड िेठरदफकेिि एिेंसी) हते गठित] का काय ड {जिसका जिक्र भारतीय प्रजतभूजत और जिजिमय बोडड (साख जिधाडरण एिेंजसयााँ) जिजियम, 1999 [सेबी (क्रेजडट रेटटंग एिेंसीज़) रेग्यूलेिन्स, 1999] के जिजियम 12क के उप-जिजियम (2) म ें दकया गया ह}ै दकसी मान्यताप्राप्त स्ट्टॉक एक्सचेंि द्वारा, बोड ड स े मंिूरी लेकर, बोडड द्वारा यथा जिधाडठरत ितों आदद के अि सार दकया िा सकेगा ।” बबीता राय डू, कायडपालक जिदिे क [जिज्ञापि-III/4/असा./1048/2024-25] पाद ठटप्पण : 1. प्रजतभूजत संजिदा (जिजियमि) (स्ट्टॉक एक्सचेंि और समािोधि जिगम) जिजियम, 2018, स.ं सेबी/एल.ए.डी.- एि.आर.ओ./िी.एि./2018/41, 3 अिूबर, 2018 को भारत के रािपत्र में प्रकाजित हुए थे । 2. प्रजतभूजत संजिदा (जिजियमि) (स्ट्टॉक एक्सचेंि और समािोधि जिगम) जिजियम, 2018, तत्पश्चात् – (क) 4 िूि 2019 को प्रजतभूजत सजं िदा (जिजियमि) (स्ट्टॉक एक्सचेंि और समािोधि जिगम) (संिोधि) जिजियम, 2019, स.ं सेबी/एल.ए.डी.-एि.आर.ओ./िी.एि./2019/21, द्वारा (ख) 17 अप्रलै , 2020 को भारतीय प्रजतभूजत और जिजिमय बोडड (रेग्यूलेटरी सैंडबॉक्स) (संिोधि) जिजियम, 2020, स.ं सेबी/एल.ए.डी.-एिआरओ/िीएि/2020/10, द्वारा (ग) 8 अिूबर, 2020 को प्रजतभूजत संजिदा (जिजियमि) (स्ट्टॉक एक्सचेंि और समािोधि जिगम) (संिोधि) जिजियम, 2020, स.ं सेबी/एलएडी-एिआरओ/िीएि2020/32, द्वारा (घ) 23 माच,ड 2021 को प्रजतभूजत संजिदा (जिजियमि) (स्ट्टॉक एक्सचेंि और समािोधि जिगम) (संिोधि) जिजियम, 2021, स.ं सेबी/एल.ए.डी.-एि.आर.ओ./िी.एि./2021/12, द्वारा (ङ) 13 अगस्ट्त, 2021 को प्रजतभूजत संजिदा (जिजियमि) (स्ट्टॉक एक्सचेंि और समािोधि जिगम) (दसू रा संिोधि) जिजियम, 2021, स.ं सेबी/एल.ए.डी.-एि.आर.ओ./िी.एि./2021/44, द्वारा (च) 12 अगस्ट्त, 2022 को प्रजतभूजत संजिदा (जिजियमि) (स्ट्टॉक एक्सचेंि और समािोधि जिगम) (संिोधि) जिजियम, 2022, स.ं सेबी/एल.ए.डी.-एि.आर.ओ./िी.एि./2022/93, द्वारा (छ) 15 ििम्बर, 2022 को प्रजतभूजत संजिदा (जिजियमि) (स्ट्टॉक एक्सचेंि और समािोधि जिगम) (दसू रा संिोधि) जिजियम, 2022, स.ं सेबी/एल.ए.डी.-एि.आर.ओ./िी.एि./2022/104, द्वारा (ि) 28 फरिरी, 2023 को प्रजतभूजत संजिदा (जिजियमि) (स्ट्टॉक एक्सचेंि और समािोधि जिगम) (संिोधि) जिजियम, 2023, स.ं सेबी/एल.ए.डी.-एि.आर.ओ./िी.एि./2023/124, द्वारा (झ) 24 िल ाई, 2023 को प्रजतभूजत संजिदा (जिजियमि) (स्ट्टॉक एक्सचेंि और समािोधि जिगम) (दसू रा संिोधि) जिजियम, 2023, स.ं सेबी/एलएडी-एिआरओ/िीएि/2023/139, द्वारा[भाग III—खण् ड 4] भारत का रािपत्र : असाधारण 3 (ञ) 22 अगस्ट्त, 2023 को प्रजतभूजत संजिदा (जिजियमि) (स्ट्टॉक एक्सचेंि और समािोधि जिगम) (तीसरा संिोधि) जिजियम, 2023, स.ं सेबी/एलएडी-एिआरओ/िीएि/2023/148, द्वारा (ट) 26 अप्रलै , 2024 को प्रजतभूजत संजिदा (जिजियमि) (स्ट्टॉक एक्सचेंि और समािोधि जिगम) (संिोधि) जिजियम, 2024, स.ं सेबी/एल.ए.डी.-एि.आर.ओ./िी.एि./2024/171, द्वारा (ि) 10 मई, 2024 को प्रजतभजू त संजिदा (जिजियमि) (स्ट्टॉक एक्सचेंि और समािोधि जिगम) (दसू रा संिोधि) जिजियम, 2024, स.ं सेबी/एल.ए.डी.-एि.आर.ओ./िी.एि./2024/174, द्वारा (ड) 29 िल ाई, 2024 को प्रजतभूजत संजिदा (जिजियमि) (स्ट्टॉक एक्सचेंि और समािोधि जिगम) (तीसरा संिोधि) जिजियम, 2024, स.ं सेबी/एलएडी-एिआरओ/िीएि/2024/196, द्वारा (ढ) 26 अगस्ट्त, 2024 को प्रजतभूजत संजिदा (जिजियमि) (स्ट्टॉक एक्सचेंि और समािोधि जिगम) (चौथा संिोधि) जिजियम, 2024, स.ं सेबी/एलएडी-एिआरओ/िीएि/2024/202, द्वारा (ण) 6 फरिरी, 2025 को प्रजतभूजत संजिदा (जिजियमि) (स्ट्टॉक एक्सचेंि और समािोधि जिगम) (संिोधि) जिजियम, 2025, फा. स.ं सेबी/एलएडी-एिआरओ/िीएि/2025/227, द्वारा संिोजधत हुए थे । SECURITIES AND EXCHANGE BOARD OF INDIA NOTIFICATION Mumbai, the 20th March, 2025 SECURITIES CONTRACTS (REGULATION) (STOCK EXCHANGES AND CLEARING CORPORATIONS) (SECOND AMENDMENT) REGULATIONS, 2025 F. No. SEBI/LAD-NRO/GN/2025/238.—In exercise of the powers conferred by sections 4, 8A and 31 of the Securities Contracts (Regulation) Act, 1956, read with sections 11 and 30 of the Securities and Exchange Board of India Act, 1992, the Board hereby makes the following regulations to further amend the Securities Contracts (Regulation) (Stock Exchanges and Clearing Corporations) Regulations, 2018, namely, – 1. These regulations may be called the Securities Contracts (Regulation) (Stock Exchanges and Clearing Corporations) (Second Amendment) Regulations, 2025. 2. They shall come into force on the date of their publication in the Official Gazette. 3. In the Securities Contracts (Regulation) (Stock Exchanges and Clearing Corporations) Regulations, 2018, in Chapter VI, after regulation 38A, the following regulation shall be inserted, namely,– “Verification of risk-return metrics 38B. Notwithstanding anything contained in these regulations, the activity of a Past Risk and Return Verification Agency Data Centre as referred to in sub-regulation (2) of Regulation 12A of the Securities and Exchange Board of India (Credit Rating Agencies) Regulations, 1999, may be carried out by a recognised stock exchange, with the approval of the Board, on such terms and conditions as may be specified by the Board.” BABITHA RAYUDU, Executive Director [ADVT.-III/4/Exty./1048/2024-25] Footnote: 1. The Securities Contracts (Regulation) (Stock Exchanges and Clearing Corporations) Regulations, 2018 were published in the Gazette of India on 3rd October 2018 vide No. SEBI/LAD-NRO/GN/2018/41. 2. The Securities Contracts (Regulation) (Stock Exchanges and Clearing Corporations) Regulations, 2018 were subsequently amended on–4 THE GAZETTE OF INDIA : EXTRAORDINARY [PART III—SEC.4] (a) 4th June, 2019, by the Securities Contracts (Regulation) (Stock Exchanges and Clearing Corporations) (Amendment) Regulations, 2019 vide No. SEBI/LAD-NRO/GN/2019/21. (b) 17th April, 2020, by the Securities and Exchange Board of India (Regulatory Sandbox) (Amendment) Regulations, 2020vide No. SEBI/LAD-NRO/GN/2020/10. (c) 8th October, 2020, by the Securities Contracts (Regulation) (Stock Exchanges and Clearing Corporations) (Amendment) Regulations, 2020 vide No. SEBI/LAD-NRO/GN/2020/32. (d) 23rd March, 2021, by the Securities Contracts (Regulation) (Stock Exchanges and Clearing Corporations) (Amendment) Regulations, 2021 vide No. SEBI/LAD-NRO/GN/2021/12. (e) 13th August, 2021, by the Securities Contracts (Regulation) (Stock Exchanges and Clearing Corporations) (Second Amendment) Regulations, 2021 vide No. SEBI/LAD-NRO/GN/2021/44. (f) 12th August 2022, by the Securities Contracts (Regulation) (Stock Exchanges and Clearing Corporations) (Amendment) Regulations, 2022 vide No. SEBI/LAD-NRO/GN/2022/93. (g) 15th November, 2022, by the Securities Contracts (Regulation) (Stock Exchanges and Clearing Corporations) (Second Amendment) Regulations, 2022 vide No. SEBI/LAD-NRO/GN/2022/104. (h) 28th February, 2023, by the Securities Contracts (Regulation) (Stock Exchanges and Clearing Corporations) (Amendment) Regulations, 2023 vide No. SEBI/LAD-NRO/GN/2023/124. (i) 24th July, 2023, by the Securities Contracts (Regulation) (Stock Exchanges and Clearing Corporations) (Second Amendment) Regulations, 2023 vide No. SEBI/LAD-NRO/GN/2023/139. (j) 22nd August, 2023, by the Securities Contracts (Regulation) (Stock Exchanges and Clearing Corporations) (Third Amendment) Regulations, 2023 vide No. SEBI/LAD-NRO/GN/2023/148. (k) 26th April, 2024, by the Securities Contracts (Regulation) (Stock Exchanges and Clearing Corporations) (Amendment) Regulations, 2024 vide No. SEBI/LAD-NRO/GN/2024/171. (l) 10th May, 2024, by the Securities Contracts (Regulation) (Stock Exchanges and Clearing Corporations) (Second Amendment) Regulations, 2024 vide No. SEBI/LAD-NRO/GN/2024/174. (m) 29th July, 2024, by the Securities Contracts (Regulation) (Stock Exchanges and Clearing Corporations) (Third Amendment) Regulations, 2024 vide No. SEBI/LAD-NRO/GN/2024/196. (n) 26th August, 2024, by the Securities Contracts (Regulation) (Stock Exchanges and Clearing Corporations) (Fourth Amendment) Regulations, 2024 vide No. SEBI/LAD-NRO/GN/2024/202. (o) 06th February, 2025, by the Securities Contracts (Regulation) (Stock Exchanges and Clearing Corporations) (Amendment) Regulations, 2025 vide No. SEBI/LAD-NRO/GN/2025/227. Uploaded by Dte. of Printing at Government of India Press, Ring Road, Mayapuri, New Delhi-110064 and Published by the Controller of Publications, Delhi-110054.

Continue your research

Related Documents from Securities and Exchange Board of India