HO/38/44/12(1)2026-MIRSD-TPD1 — THE SECURITIES AND EXCHANGE BOARD OF INDIA ACT, 1992

CIRCULAR HO/38/44/12(1)2026-MIRSD-TPD1 To All recognized Stock Exchanges All Registered Stock Brokers through Recognized Stock Exchanges Dear Sir/ Madam, Sub: -Review of Framework to address the 'technical glitches' in Stock Brokers' Electronic Trading Systems ' SEBI vide Circular No. SEBI/HO/MIRSD/TPD -1/P/CIR/2022/160 dated November 25, 2022 laid down a comprehensive framework to address the technical glitches in stock brokers' electronic trading systems. Subsequently, Stock Exchanges also issued detailed guidelines in this regard on December 16, 2022. SEBI received several representations from the various stakeholders and Industry forum regarding need to review the present framework on Technical glitches. Based on the representation received and the analysis of the technical glitch data , a public consultation paper was prepared and disseminated on SEBI website to obtain views from all the stakeholders. A views/feedback obtained on a consultation paper was analysed and discussed with stakeholders. The extant technical glitch framework for the stock brokers is thus modified. The modification is carried out based on the following broad principles: 3.1 Ease of compliance: The eligibility criteria has been streamlined to exclude smaller size stock brokers from the technical glitch framework to reduce overall compliance of such stock brokers. 3.2 Exemptions from applicability: The technical glitches which are outside the stock brokers ' trading architecture , glitches that don't directly affect the January 09, 2026 trading functionality and those which have negligible impact have been exempted from the technical glitch framework . 3.3 Simplifying the reporting requirement: Extension of time for reporting of technical glitches (from one hour to two hours), consideration of