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Date: 24-Jul-2023 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

Issued by Securities and Exchange Board of India · Not Applicable

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Executive Summary & Key Takeaways

Key Changes

  • The regulations come into force on the date of their publication in the Official Gazette, July 24, 2023.
  • Regulation 22D is amended to include 'participants' after 'clearing members' and before 'and issuers of the debt securities'.
  • Regulation 37(2) is amended to include 'or a participant' after 'the event of a clearing member' and before 'failing to honour'.
  • Regulation 37(3) is amended to include 'or participant(s)' after 'failure of clearing member(s)'.

What it means

  • The gazette notification announces the Securities Contracts (Regulation) (Stock Exchanges and Clearing Corporations) (Second Amendment) Regulations, 2023.
  • These regulations further amend the Securities Contracts (Regulation) (Stock Exchanges and Clearing Corporations) Regulations, 2018.
  • The amendments include the addition of the term 'participants' in specific regulations related to clearing members and settlement obligations.

Impact Analysis

Stock Exchanges and Clearing Corporations

  • Risk management frameworks should be reviewed to ensure adequate coverage of participants' activities and potential impact on the clearing system.

Clearing Members

  • Existing agreements and arrangements with participants may need to be reviewed and updated to align with the amended regulations.

Participants

  • Participants should ensure they have adequate risk management and compliance measures in place to meet their obligations.

SEBI

  • SEBI may need to provide guidance and clarifications to the industry on the interpretation and application of the amended regulations.

Key Entities Referenced

SEBI: Securities and Exchange Board of India, the regulatory body that issued the notification. Securities Contracts (Regulation) Act, 1956: The Act that provides the legal framework for regulating securities contracts. Securities and Exchange Board of India Act, 1992: The Act that established SEBI and defines its powers and functions. Securities Contracts (Regulation) (Stock Exchanges and Clearing Corporations) Regulations, 2018: The principal regulations being amended by this notification. Stock Exchanges: Organizations that provide a platform for trading securities. Clearing Corporations: Entities that facilitate the clearing and settlement of securities transactions. Clearing Members: Members of a clearing corporation responsible for settling trades. Participants: Entities now explicitly included in the regulations, likely referring to entities involved in trading and settlement processes.
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रजिस्ट्री स.ं डी.एल.- 33004/99 REGD. No. D. L.-33004/99 सी.जी.-एम.एxचxx.G-अID.H-2x4xx0 72023-247576 CG-MHxx-xEG-I2D4E0x7x2x 023-247576 असाधारण EXTRAORDINARY भाग III—खण् ड 4 PART III—Section 4 प्राजधकार स ेप्रकाजित PUBLISHED BY AUTHORITY स.ं 516] िई ददल्ली, सोमिार, ि लाई 24, 2023/श्रािण 2, 1945 No. 516] NEW DELHI, MONDAY, JULY 24, 2023/SHRAVANA 2, 1945 भारतीय प्रजतभजू त और जिजिमय बोडड अजधसचू िा म ंबई, 24 ि लाई, 2023 प्रजतभजू त सजं िदा (जिजियमि) (स्ट्टॉक एक्सचिें और समािोधि जिगम) (दसू रा सिं ोधि) जिजियम, 2023 स.ं सबे ी/एलएडी-एिआरओ/िीएि/2023/139.—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) (दसू रा संिोधि) जिजियम, 2023 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,ें - 4769 GI/2023 (1)2 THE GAZETTE OF INDIA : EXTRAORDINARY [PART III—SEC.4] (1) जिजियम 22घ में, िब्दों "समािोधि सदस्ट्यों" के बाद और िब्दों तथा जचह्िों "और ऋण प्रजतभूजतयों (डैट जसक्यूठरटीज़)” से पहल,े जचह्ि तथा िब्द “, सहभाजगयों (पार्टडजसपेंट)” िोड़े िाएँग े । (2) जिजियम 37 म,ें (क) उप-जिजियम (2) म,ें िब्दों "यदद समािोधि सदस्ट्य" के बाद और िब्दों "अपिी जिपटाि संबधं ी बाध्यताओं” से पहल,े िब्द तथा जचह्ि "या सहभागी (पार्टडजसपेंट)" िोड़े िाएगँ ;े (ख) उप-जिजियम (3) म,ें िब्दों तथा जचह्िों "समािोधि सदस्ट्य (सदस्ट्यों)" के बाद िब्द तथा जचह्ि “या सहभागी (सहभाजगयों)" िोड़े िाएँग े । बबीता राय डू, कायडपालक जिदेिक [जिज्ञापि-III/4/असा./298/2023-24] पाद ठटप्पण : 1. प्रजतभूजत संजिदा (जिजियमि) (स्ट्टॉक एक्सचेंि और समािोधि जिगम) जिजियम, 2018, सं. सेबी/एल.ए.डी.- एि.आर.ओ./िी.एि./2018/41, 3 अिूबर, 2018 को भारत के रािपत्र म ें प्रकाजित हुए थ े। 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 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, सं. सेबी/एलएडी-एिआरओ/िीएि2020/32, द्वारा (घ) 23 माच,ड 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, 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 संिोजधत हुए थे ।[भाग III—खण् ड 4] भारत का रािपत्र : असाधारण 3 SECURITIES AND EXCHANGE BOARD OF INDIA NOTIFICATION Mumbai, the 24th July, 2023 SECURITIES CONTRACTS (REGULATION) (STOCK EXCHANGES AND CLEARING CORPORATIONS) (SECOND AMENDMENT) REGULATIONS, 2023 No. SEBI/LAD-NRO/GN/2023/139.─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, 2023. 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, — (1) in regulation 22D, after the words “the clearing members” and before the words “and issuers of the debt securities”, the words and symbol “, participants” shall be inserted. (2) in regulation 37, (a) in sub-regulation (2), after the words “the event of a clearing member” and before the words “failing to honour”, the words “or a participant” shall be inserted; (b) in sub-regulation (3), after the words “failure of clearing member(s)”, the words “or participant(s)” shall be inserted. BABITHA RAYUDU, Executive Director [ADVT.-III/4/Exty./298/2023-24] Footnotes: 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. (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. 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.

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