## Policy Analysis Report: Securities Contracts Regulation Stock Exchanges and Clearing Corporations Third Amendment Regulations, 2025
**1. Executive Summary:**
This report analyzes the Securities Contracts Regulation Stock Exchanges and Clearing Corporations Third Amendment Regulations, 2025 (hereinafter referred to as "the Amendment"), based on the official gazette publication. The Amendment modifies the Securities Contracts Regulation Stock Exchanges and Clearing Corporations Regulations, 2018. Key changes relate to the appointment and cooling-off periods for non-independent and public interest directors on the governing boards of recognized stock exchanges, clearing corporations, and depositories. The report details these changes, their likely rationale, and potential impacts on the governance and oversight within the securities market.
**2. Introduction:**
This report provides an informative analysis of the Securities Contracts Regulation Stock Exchanges and Clearing Corporations Third Amendment Regulations, 2025. The analysis is based solely on the text of the official gazette publication provided, focusing on the changes introduced, their implications, and related implementation aspects. The purpose of this report is to inform the affected industry, including stock exchanges, clearing corporations, and depositories, about the specifics of these amendments.
**3. Policy Overview:**
* This report analyzes an *amendment* to the Securities Contracts Regulation Stock Exchanges and Clearing Corporations Regulations, 2018.
* The core objective of the Amendment, as inferred from the provided text, is to refine the regulations surrounding the appointment of directors within recognized stock exchanges, clearing corporations, and depositories, specifically addressing potential conflicts of interest and ensuring appropriate oversight.
**4. Background and Rationale:**
The Amendment likely aims to address potential issues related to director appointments and continuity within the securities market. The imposition of cooling-off periods suggests a concern regarding potential conflicts of interest or undue influence that could arise from directors moving directly between competing entities. The amendment aims to create a balance between retaining valuable experience and ensuring impartiality and competitiveness within the industry.
**5. Key Provisions / Changes:**
This amendment introduces changes to Regulation 24 of the Securities Contracts Regulation Stock Exchanges and Clearing Corporations Regulations, 2018. The specific changes are:
* **Change 1: Non-Independent Director Appointments:** A new proviso is inserted after subregulation 1, stating that a non-independent director may be appointed to another recognized stock exchange, clearing corporation, or depository *only after a cooling-off period* specified by the governing board of their original entity. The appointment also requires prior approval from the Board.
* **Effect:** This change introduces a cooling-off period requirement for non-independent directors before they can be appointed to another entity in the same industry. This aims to mitigate potential conflicts of interest that could arise from directors immediately transitioning between organizations.
* **Change 2: Public Interest Director Appointments:** The first proviso of subregulation 3 is replaced. It stipulates that after their term expires, a public interest director may be appointed to another recognized stock exchange, clearing corporation, or depository for a further term of three years *only after a cooling-off period* specified by the governing board of their original entity. This appointment also requires prior approval from the Board. A second proviso clarifies the cooling-off period is only applicable in case of appointment as a public interest director in a *competing* recognized stock exchange or a recognized clearing corporation.
* **Effect:** This clarifies and potentially restricts the movement of public interest directors between entities without a cooling-off period, especially in cases where the entities are deemed "competing." This aims to strengthen the independence and objectivity of public interest directors. The cooling-off period is not applicable, according to the second proviso, unless the director is being appointed to a competing recognized stock exchange or a recognized clearing corporation.
* **Change 3: Definition of "Competing":** Two explanations are added after the provisos of subregulation 3. Explanation 1 defines "competing recognised stock exchange or recognised clearing corporation" as being applicable in the case of the appointment of a public interest director from one recognised stock exchange to another recognised stock exchange or one recognised clearing corporation to another recognised clearing corporation. Explanation 2 states where the recognized clearing corporation is a subsidiary of a recognized stock exchange, both entities shall be treated as a single entity.
* **Effect:** Provides a more precise meaning of competing recognized stock exchange or recognized clearing corporation. Also clarifies that subsidiary clearing corporations will be treated as the same entity as its parent stock exchange for the purpose of applying the subregulation.
**6. Target Audience and Stakeholders:**
The primary target audience and stakeholders are:
* Recognized stock exchanges
* Recognized clearing corporations
* Depositories
* Non-independent directors and public interest directors of these entities
* The Securities and Exchange Board of India (SEBI)
**7. Implementation Aspects (Inferred):**
* **Responsible Agency/Bodies:** The Securities and Exchange Board of India (SEBI) is responsible for overseeing and enforcing these regulations. The governing boards of recognized stock exchanges and clearing corporations are responsible for specifying the cooling-off periods.
* **Timelines:** The amendments come into force on the ninetieth day from the date of their publication in the Official Gazette (April 30, 2025).
* **Procedures:** The appointment of both non-independent and public interest directors to other entities still requires prior approval from the Board (SEBI).
**8. Expected Outcomes / Impact of Changes:**
The intended outcome of these changes is to:
* Enhance the independence and objectivity of directors within the securities market.
* Mitigate potential conflicts of interest arising from directors moving between competing entities.
* Promote fair competition and investor confidence in the market.
* Provide clarity on the definition of competing entities in terms of public interest director appointments.
**9. Conclusion:**
The Securities Contracts Regulation Stock Exchanges and Clearing Corporations Third Amendment Regulations, 2025, introduce important modifications to the rules governing director appointments within the securities market. By mandating cooling-off periods and clarifying the definition of "competing" entities, these amendments aim to strengthen governance, mitigate conflicts of interest, and promote a more transparent and competitive environment. These changes are significant for all stakeholders involved in the operation and oversight of stock exchanges, clearing corporations, and depositories, as they contribute to the overall integrity and stability of the Indian securities market.
Key Entities Referenced
NEW DELHI: Place where the gazette notification was published.
WEDNESDAY, APRIL 30, 2025: Date of the gazette notification.
VAISAKHA 10, 1947: Date in the Indian national calendar corresponding to the date of the gazette notification.
Securities Contracts Regulation Act, 1956: A law that the Securities and Exchange Board of India (SEBI) is using to exercise its powers.
Securities and Exchange Board of India Act, 1992: A law that the Securities and Exchange Board of India (SEBI) is using to exercise its powers.
Securities and Exchange Board of India: The Board issuing the regulations, also known as SEBI.
Securities Contracts Regulation Stock Exchanges and Clearing Corporations Regulations, 2018: The regulations being amended by this notification.
Securities Contracts Regulation Stock Exchanges and Clearing Corporations Third Amendment Regulations, 2025: The title of the new regulations.
No. SEBILADNROGN2025246: The notification number for the Securities Contracts Regulation Stock Exchanges and Clearing Corporations Third Amendment Regulations, 2025.
Mumbai: The location where the SEBI notification was issued.
the 30th April, 2025: The date of the SEBI notification.
BABITHA RAYUDUE: The Executive Director at SEBI who signed the notification.
Government of India Press, Ring Road, Mayapuri, New Delhi110064: The location of the Dte. of Printing.
Controller of Publications, Delhi110054: The publisher of the gazette.
No. SEBILADNROGN201841: Notification number related to the original publication of 'The Securities Contracts Regulation Stock Exchanges and Clearing Corporations Regulations, 2018'.
Securities Contracts Regulation Stock Exchanges and Clearing Corporations Amendment Regulations, 2019: Amendment Regulations, 2019 to the 'Securities Contracts Regulation Stock Exchanges and Clearing Corporations Regulations, 2018'.
No. SEBILADNROGN201921: Notification number related to 'Securities Contracts Regulation Stock Exchanges and Clearing Corporations Amendment Regulations, 2019'.
Securities and Exchange Board of India Regulatory Sandbox Amendment Regulations, 2020: Amendment Regulations, 2020 to the Securities and Exchange Board of India Regulatory Sandbox.
No. SEBILADNROGN202010: Notification number related to 'Securities and Exchange Board of India Regulatory Sandbox Amendment Regulations, 2020'.
Securities Contracts Regulation Stock Exchanges and Clearing Corporations Amendment Regulations, 2020: Amendment Regulations, 2020 to the 'Securities Contracts Regulation Stock Exchanges and Clearing Corporations Regulations, 2018'.
No. SEBILADNROGN202032: Notification number related to 'Securities Contracts Regulation Stock Exchanges and Clearing Corporations Amendment Regulations, 2020'.
Securities Contracts Regulation Stock Exchanges and Clearing Corporations Amendment Regulations, 2021: Amendment Regulations, 2021 to the 'Securities Contracts Regulation Stock Exchanges and Clearing Corporations Regulations, 2018'.
No. SEBILADNROGN202112: Notification number related to 'Securities Contracts Regulation Stock Exchanges and Clearing Corporations Amendment Regulations, 2021'.
Securities Contracts Regulation Stock Exchanges and Clearing Corporations Second Amendment Regulations, 2021: Second Amendment Regulations, 2021 to the 'Securities Contracts Regulation Stock Exchanges and Clearing Corporations Regulations, 2018'.
No. SEBILADNROGN202144: Notification number related to 'Securities Contracts Regulation Stock Exchanges and Clearing Corporations Second Amendment Regulations, 2021'.
Securities Contracts Regulation Stock Exchanges and Clearing Corporations Amendment Regulations, 2022: Amendment Regulations, 2022 to the 'Securities Contracts Regulation Stock Exchanges and Clearing Corporations Regulations, 2018'.
No. SEBILADNROGN202293: Notification number related to 'Securities Contracts Regulation Stock Exchanges and Clearing Corporations Amendment Regulations, 2022'.
Securities Contracts Regulation Stock Exchanges and Clearing Corporations Second Amendment Regulations, 2022: Second Amendment Regulations, 2022 to the 'Securities Contracts Regulation Stock Exchanges and Clearing Corporations Regulations, 2018'.
No. SEBILADNROGN2022104: Notification number related to 'Securities Contracts Regulation Stock Exchanges and Clearing Corporations Second Amendment Regulations, 2022'.
Securities Contracts Regulation Stock Exchanges and Clearing Corporations Amendment Regulations, 2023: Amendment Regulations, 2023 to the 'Securities Contracts Regulation Stock Exchanges and Clearing Corporations Regulations, 2018'.
No. SEBILADNROGN2023124: Notification number related to 'Securities Contracts Regulation Stock Exchanges and Clearing Corporations Amendment Regulations, 2023'.
Securities Contracts Regulation Stock Exchanges and Clearing Corporations Second Amendment Regulations, 2023: Second Amendment Regulations, 2023 to the 'Securities Contracts Regulation Stock Exchanges and Clearing Corporations Regulations, 2018'.
No. SEBILADNROGN2023139: Notification number related to 'Securities Contracts Regulation Stock Exchanges and Clearing Corporations Second Amendment Regulations, 2023'.
Securities Contracts Regulation Stock Exchanges and Clearing Corporations Third Amendment Regulations, 2023: Third Amendment Regulations, 2023 to the 'Securities Contracts Regulation Stock Exchanges and Clearing Corporations Regulations, 2018'.
No. SEBILADNROGN2023148: Notification number related to 'Securities Contracts Regulation Stock Exchanges and Clearing Corporations Third Amendment Regulations, 2023'.
Securities Contracts Regulation Stock Exchanges and Clearing Corporations Amendment Regulations, 2024: Amendment Regulations, 2024 to the 'Securities Contracts Regulation Stock Exchanges and Clearing Corporations Regulations, 2018'.
No. SEBILADNROGN2024171: Notification number related to 'Securities Contracts Regulation Stock Exchanges and Clearing Corporations Amendment Regulations, 2024'.
Securities Contracts Regulation Stock Exchanges and Clearing Corporations Second Amendment Regulations, 2024: Second Amendment Regulations, 2024 to the 'Securities Contracts Regulation Stock Exchanges and Clearing Corporations Regulations, 2018'.
No. SEBILADNROGN2024174: Notification number related to 'Securities Contracts Regulation Stock Exchanges and Clearing Corporations Second Amendment Regulations, 2024'.
Securities Contracts Regulation Stock Exchanges and Clearing Corporations Third Amendment Regulations, 2024: Third Amendment Regulations, 2024 to the 'Securities Contracts Regulation Stock Exchanges and Clearing Corporations Regulations, 2018'.
No. SEBILADNROGN2024196: Notification number related to 'Securities Contracts Regulation Stock Exchanges and Clearing Corporations Third Amendment Regulations, 2024'.
Securities Contracts Regulation Stock Exchanges and Clearing Corporations Fourth Amendment Regulations, 2024: Fourth Amendment Regulations, 2024 to the 'Securities Contracts Regulation Stock Exchanges and Clearing Corporations Regulations, 2018'.
No. SEBILADNROGN2024202: Notification number related to 'Securities Contracts Regulation Stock Exchanges and Clearing Corporations Fourth Amendment Regulations, 2024'.
Securities Contracts Regulation Stock Exchanges and Clearing Corporations Amendment Regulations, 2025: Amendment Regulations, 2025 to the 'Securities Contracts Regulation Stock Exchanges and Clearing Corporations Regulations, 2018'.
No. SEBILADNROGN2025227: Notification number related to 'Securities Contracts Regulation Stock Exchanges and Clearing Corporations Amendment Regulations, 2025'.
Securities Contracts Regulation Stock Exchanges and Clearing Corporations Second Amendment Regulations, 2025: Second Amendment Regulations, 2025 to the 'Securities Contracts Regulation Stock Exchanges and Clearing Corporations Regulations, 2018'.
No. SEBILADNROGN2025238: Notification number related to 'Securities Contracts Regulation Stock Exchanges and Clearing Corporations Second Amendment Regulations, 2025'.
रजिस्ट्री स.ं डी.एल.- 33004/99 REGD. No. D. L.-33004/99
सी.जी.-एम.एच.-अ.-01052025-262820
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CG-MH-E-01052025-262820
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असाधारण
EXTRAORDINARY
भाग III—खण् ड 4
PART III—Section 4
प्राजधकार स ेप्रकाजित
PUBLISHED BY AUTHORITY
स.ं 334] िई ददल्ली, ब धिार, अप्रलै 30, 2025/ििै ाख 10, 1947
No. 334] NEW DELHI, WEDNESDAY, APRIL 30, 2025/VAISAKHA 10, 1947
भारतीय प्रजतभजू त और जिजिमय बोडड
अजधसचू िा
म ंबई, 30 अप्रलै , 2025
प्रजतभजू त सजं िदा (जिजियमि) (स्ट्टॉक एक्सचिें और समािोधि जिगम)
(तीसरा सिं ोधि) जिजियम, 2025
स.ं सबे ी/एलएडी-एिआरओ/िीएि/2025/246.—बोडड, भारतीय प्रजतभूजत और जिजिमय बोड ड अजधजियम, 1992
की धारा 11 तथा धारा 30 के साथ पठित प्रजतभूजत संजिदा (जिजियमि) अजधजियम, 1956 की धारा 4, धारा 8क तथा
धारा 31 द्वारा प्रदाि की गई िजियों का प्रयोग करते हुए, एतद्द्वारा प्रजतभूजत संजिदा (जिजियमि) (स्ट्टॉक एक्सचेंि और
समािोधि जिगम) जिजियम, 2018 का और संिोधि करिे के जलए जिम्नजलजखत जिजियम बिाता ह,ै अथाडत,् -
1. इि जिजियमों को प्रजतभूजत संजिदा (जिजियमि) (स्ट्टॉक एक्सचेंि और समािोधि जिगम) (तीसरा संिोधि)
जिजियम, 2025 कहा िा सकेगा ।
2. य े जिजियम रािपत्र म ेंइिके प्रकाजित होिे की तारीख स े िब्बिें ददि लाग ू होंगे ।
3. प्रजतभूजत संजिदा (जिजियमि) (स्ट्टॉक एक्सचेंि और समािोधि जिगम) जिजियम, 2018 म,ें
I. जिजियम 24 म,ें
i. उप-जिजियम (1) म,ें िब्दों “बोडड की पूिड मंिरू ी स े ही की िाएगी” के बाद ददए हुए जचह्ि “।” के स्ट्थाि
पर जचह्ि “:” आ िाएगा;
2852 GI/2025 (1)2 THE GAZETTE OF INDIA : EXTRAORDINARY [PART III—SEC.4]
ii. उप-जिजियम (1) के बाद, जिम्नजलजखत परंत क िोड़ा िाएगा, अथाडत,् -
“परंत यह दक दकसी मान्यताप्राप्त स्ट्टॉक एक्सचेंि या दकसी मान्यताप्राप्त क्लीयररंग कारपोरेिि
(समािोधि जिगम) के गिर्िगिं बोडड (िासी मडं ल) म ें िाजमल दकसी जिदेिक (िो स्ट्ितंत्र जिदिे क ि हो /
िो गरै -स्ट्ितंत्र जिदेिक हो) को दकसी दसू रे मान्यताप्राप्त स्ट्टॉक एक्सचेंि या मान्यताप्राप्त क्लीयररंग
कारपोरेिि या जडपॉजिटरी (जिक्षेपागार) म ें बोडड स े पहले मिं ूरी लेकर जिय ि दकया िा सकेगा, और
ऐसा केिल ऐस े मान्यताप्राप्त स्ट्टॉक एक्सचेंि या मान्यताप्राप्त क्लीयररंग कारपोरेिि के गिर्ििंग बोड ड
(िासी मंडल) द्वारा तय की गई जिराम-अिजध (कूललंग-ऑफ पीठरयड) बीतिे के बाद ही दकया िा
सकेगा।”
iii. उप-जिजियम (3) म,ें
d. पहले परंत क के स्ट्थाि पर जिम्नजलजखत परंत क आ िाएँग,े अथाडत्,-
“परंत यह दक मान्यताप्राप्त स्ट्टॉक एक्सचेंि या मान्यताप्राप्त क्लीयररंग कारपोरेिि म ें कायडकाल
समाप्त हो िाि े के बाद, एक लोक जहत जिदेिक (पजब्लक इंटरेस्ट्ट डाइरेक्टर) को बोड ड स े पहल े
मंिूरी लेकर, दकसी दसू रे मान्यताप्राप्त स्ट्टॉक एक्सचेंि या मान्यताप्राप्त क्लीयररंग कारपोरेिि
या जडपॉजिटरी म ें तीि िर्षों के एक और कायडकाल के जलए, जिय ि दकया िा सकेगा, और ऐसा
केिल ऐस े मान्यताप्राप्त स्ट्टॉक एक्सचेंि या मान्यताप्राप्त क्लीयररंग कारपोरेिि के गिर्िगिं बोड ड
(िासी मंडल) द्वारा तय की गई जिराम-अिजध (कूललगं -ऑफ पीठरयड) बीति े के बाद ही दकया
िा सकेगा:
परंत यह और दक जिराम-अिजध (कूललगं -ऑफ पीठरयड) केिल उसी मामल े म ें लाग ू होगी, िहाँ
लोक जहत जिदेिक की जिय जि िैसा ही कारोबार करिे िाल े दकसी दसू रे मान्यताप्राप्त स्ट्टॉक
एक्सचेंि या मान्यताप्राप्त क्लीयररंग कारपोरेिि म ें की िा रही हो ।”
ख. परंत कों के बाद, जिम्नजलजखत स्ट्पष्टीकरण िोड़ े िाएँग,े अथातड ्,-
“स्ट्पष्टीकरण-1: इस उप-जिजियम के प्रयोििाथ,ड िब्दों “िैसा ही कारोबार करि े िाल े दकसी
दसू रे मान्यताप्राप्त स्ट्टॉक एक्सचेंि या मान्यताप्राप्त क्लीयररंग कारपोरेिि” स े संबंजधत प्रािधाि
तब लाग ू होगा, िब दकसी लोक जहत जिदेिक की जिय जि दकसी एक मान्यताप्राप्त स्ट्टॉक
एक्सचेंि स े दकसी दसू रे मान्यताप्राप्त स्ट्टॉक एक्सचेंि म ें की िाए या दकसी एक मान्यताप्राप्त
क्लीयररंग कारपोरेिि स ेदकसी दसू री मान्यताप्राप्त क्लीयररंग कारपोरेिि म ें की िाए ।
स्ट्पष्टीकरण-2: इस उप-जिजियम के प्रयोििाथ,ड िहाँ मान्यताप्राप्त क्लीयररंग कारपोरेिि दकसी
मान्यताप्राप्त स्ट्टॉक एक्सचेंि की सहायक कंपिी (समि र्षंगी / सजब्सजडयरी) हो, िहा ँ दोिों
एंठटठटयों को एक ही एंठटटी मािा िाएगा ।”
बबीता राय डू, कायडपालक जिदिे क
[जिज्ञापि-III/4/असा./67/2025-26]
पाद ठटप्पण :
1. प्रजतभूजत संजिदा (जिजियमि) (स्ट्टॉक एक्सचेंि और समािोधि जिगम) जिजियम, 2018, सं. सेबी/एल.ए.डी.-
एि.आर.ओ./िी.एि./2018/41, द्वारा 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 संजिदा (जिजियमि) (स्ट्टॉक एक्सचेंि और समािोधि जिगम) (संिोधि) जिजियम,
2019, सं. सेबी/एल.ए.डी.-एि.आर.ओ./िी.एि./2019/21, द्वारा
(ख) 17 अप्रैल, 2020 को भारतीय प्रजतभूजत और जिजिमय बोडड (रेग्यूलेटरी सैंडबॉक्स) (संिोधि) जिजियम, 2020, सं.
सेबी/एल.ए.डी.-एिआरओ/िीएि/2020/10, द्वारा[भाग III—खण् ड 4] भारत का रािपत्र : असाधारण 3
(ग) 8 अिूबर, 2020 को प्रजतभूजत संजिदा (जिजियमि) (स्ट्टॉक एक्सचेंि और समािोधि जिगम) (संिोधि) जिजियम,
2020, सं. सेबी/एलएडी-एिआरओ/िीएि2020/32, द्वारा
(घ) 23 माचड, 2021 को प्रजतभूजत संजिदा (जिजियमि) (स्ट्टॉक एक्सचेंि और समािोधि जिगम) (संिोधि) जिजियम,
2021, सं. 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, सं. 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, सं. 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, सं. 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, सं. सेबी/एल.ए.डी.-एि.आर.ओ./िी.एि./2023/124, द्वारा
(झ) 24 ि लाई, 2023 को प्रजतभूजत संजिदा (जिजियमि) (स्ट्टॉक एक्सचेंि और समािोधि जिगम) (दसू रा संिोधि)
जिजियम, 2023, सं. सेबी/एलएडी-एिआरओ/िीएि/2023/139, द्वारा
(ञ) 22 अगस्ट्त, 2023 को प्रजतभूजत संजिदा (जिजियमि) (स्ट्टॉक एक्सचेंि और समािोधि जिगम) (तीसरा संिोधि)
जिजियम, 2023, सं. सेबी/एलएडी-एिआरओ/िीएि/2023/148, द्वारा
(ट) 26 अप्रैल, 2024 को प्रजतभूजत संजिदा (जिजियमि) (स्ट्टॉक एक्सचेंि और समािोधि जिगम) (संिोधि) जिजियम,
2024, सं. सेबी/एल.ए.डी.-एि.आर.ओ./िी.एि./2024/171, द्वारा
(ि) 10 मई, 2024 को प्रजतभूजत संजिदा (जिजियमि) (स्ट्टॉक एक्सचेंि और समािोधि जिगम) (दसू रा संिोधि)
जिजियम, 2024, सं. सेबी/एल.ए.डी.-एि.आर.ओ./िी.एि./2024/174, द्वारा
(ड) 29 ि लाई, 2024 को प्रजतभूजत संजिदा (जिजियमि) (स्ट्टॉक एक्सचेंि और समािोधि जिगम) (तीसरा संिोधि)
जिजियम, 2024, सं. सेबी/एलएडी-एिआरओ/िीएि/2024/196, द्वारा
(ढ) 29 अगस्ट्त, 2024 को प्रजतभूजत संजिदा (जिजियमि) (स्ट्टॉक एक्सचेंि और समािोधि जिगम) (चौथा संिोधि)
जिजियम, 2024, सं. सेबी/एलएडी-एिआरओ/िीएि/2024/202, द्वारा
(ण) 10 फरिरी, 2025 को प्रजतभूजत संजिदा (जिजियमि) (स्ट्टॉक एक्सचेंि और समािोधि जिगम) (संिोधि)
जिजियम, 2025, सं. सेबी/एलएडी-एिआरओ/िीएि/2025/227, द्वारा
(त) 21 माचड, 2025 को प्रजतभूजत सजं िदा (जिजियमि) (स्ट्टॉक एक्सचेंि और समािोधि जिगम) (दसू रा संिोधि) जिजियम,
2025, सं. सेबी/एलएडी-एिआरओ/िीएि/2025/238, द्वारा
संिोजधत हुए थ े।
SECURITIES AND EXCHANGE BOARD OF INDIA
NOTIFICATION
Mumbai, the 30th April, 2025
SECURITIES CONTRACTS (REGULATION) (STOCK EXCHANGES AND CLEARING
CORPORATIONS) (THIRD AMENDMENT) REGULATIONS, 2025
No. SEBI/LAD-NRO/GN/2025/246.─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)
(Third Amendment) Regulations, 2025.4 THE GAZETTE OF INDIA : EXTRAORDINARY [PART III—SEC.4]
2. They shall come into force on the ninetieth day from the date of their publication in the Official Gazette.
3. In the Securities Contracts (Regulation) (Stock Exchanges and Clearing Corporations) Regulations, 2018,
I. in regulation 24,
i. in sub-regulation (1), after the words “prior approval of the Board”, the symbol “.” shall be
substituted with the symbol “:”;
ii. after sub-regulation (1), the following proviso shall be inserted, namely, -
“Provided that the non-independent director on the governing board of a recognized stock exchange
or a recognized clearing corporation may be appointed in another recognized stock exchange or a
recognized clearing corporation or a depository with the prior approval of the Board, only after a
cooling-off period as may be specified by the governing board of such recognized stock exchange or
recognized clearing corporation.”
iii. in sub-regulation (3),
a. the first proviso shall be substituted with the following provisos, namely,-
“Provided that upon the expiry of the term(s) at the recognized stock exchange or the
recognized clearing corporation, a public interest director may be appointed with the prior
approval of the Board for a further term of three years in another recognized stock
exchange or a recognized clearing corporation or a depository, only after a cooling-off
period as may be specified by the governing board of such recognized stock exchange or
recognized clearing corporation:
Provided further that the cooling-off period would be applicable only in case of
appointment as a public interest director in a competing recognized stock exchange or a
recognized clearing corporation:”
b. after the provisos, the following explanations shall be inserted, namely,-
“Explanation 1: For the purpose of this sub-regulation, the expression “competing
recognised stock exchange or recognised clearing corporation” shall be applicable in case
of appointment of a public interest director from one recognised stock exchange to another
recognised stock exchange or one recognised clearing corporation to another recognised
clearing corporation.
Explanation 2: For the purpose of this sub-regulation, where the recognised clearing
corporation is a subsidiary of a recognised stock exchange, both the entities shall be treated
as a single entity.”
BABITHA RAYUDUE, Executive Director
[ADVT.-III/4/Exty./67/2025-26]
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–
(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.[भाग III—खण् ड 4] भारत का रािपत्र : असाधारण 5
(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) 29thAugust, 2024, by the Securities Contracts (Regulation) (Stock Exchanges and Clearing Corporations)
(Fourth Amendment) Regulations, 2024 vide No. SEBI/LAD-NRO/GN/2024/202.
(o) 10th February, 2025, by the Securities Contracts (Regulation) (Stock Exchanges and Clearing Corporations)
(Amendment) Regulations, 2025 vide No. SEBI/LAD-NRO/GN/2025/227.
(p) 21st March, 2025, by the Securities Contracts (Regulation) (Stock Exchanges and Clearing Corporations)
(Second Amendment) Regulations, 2025 vide No. SEBI/LAD-NRO/GN/2025/238.
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.