THE GAZETTE OF INDIA EXTRAORDINARY PART III - SECTION 4 PUBLISHED BY AUTHORITY

1 · (1) These regulations may be called the Securities Contracts (Regulation) (Stock Exchanges and Clearing Corporations) Regulations, 2018.

2 · (***)

3 · [(ha) "debt securities" means corporate bonds, debentures or any other debt instruments as may be specified by the Board;]

1 · Substituted by the Securities Contracts (Regulation) (Stock Exchanges and Clearing Corporations) (Amendment) Regulations, 2020, w.e.f. 08-10-2020. Prior to its substitution, it read as "(d) "clearing corporation" means an entity that is established to undertake the activity of clearing and settlement of trades in securities or other instruments or products that are dealt with or traded on a recognized stock exchange and includes a clearing house;"

2 · Clause (g) omitted by the Securities Contracts (Regulation) (Stock Exchanges and Clearing Corporations) (Amendment) Regulations, 2019, w.e.f. 03-10-2018. Prior to its omission, it read as "(g) "commodity derivatives exchange" means a recognized stock exchange which assists, regulates or controls the business of buying, selling or dealing in commodity derivatives and option in securities with the prior approval of the Board."

3 · Inserted by the Securities Contracts (Regulation) (Stock Exchanges and Clearing Corporations) (Amendment) Regulations, 2020, w.e.f. 08-10-2020.

4 · [(hb) "financial year" means the period of twelve months commencing on the first day of April every year;]

5 · [(j) "key management personnel" shall include:

6 · [(ja) "limited purpose clearing corporation" means an entity that is established to undertake the activity of clearing and settlement of repo transactions;]

4 · Inserted by the Securities Contracts (Regulation) (Stock Exchanges and Clearing Corporations) (Amendment) Regulations, 2021, w.e.f. 23-03-2021.

5 · Inserted by the Securities Contracts (Regulation) (Stock Exchanges and Clearing Corporations) (Amendment) Regulations, 2023, w.e.f. 28-08-2023. Prior to its substitution, it read as under:

6 · Inserted by the Securities Contracts (Regulation) (Stock Exchanges and Clearing Corporations) (Amendment) Regulations, 2020, w.e.f. 08-10-2020.

7 · [(ka) "non-independent director" means a director elected or nominated by the shareholders who are neither trading members nor clearing members, as the case may be, or their associates and agents;]

8 · [(oa) "quarter" means the period of three months commencing on the first day of April, July, October and January of each financial year;]

9 · [(ra) "regulatory fee" means fees levied by the Board under these regulations for carrying out the functions under the Act and the Securities and Exchange Board of India Act, 1992 (15 of 1992);]

7 · Inserted by the Securities Contracts (Regulation) (Stock Exchanges and Clearing Corporations) (Amendment) Regulations, 2023, w.e.f. 28-08-2023.

8 · Inserted by the Securities Contracts (Regulation) (Stock Exchanges and Clearing Corporations) (Amendment) Regulations, 2021, w.e.f. 23-03-2021.

9 · Ibid.

10 · [ 11 [(rb)] "repo" means an instrument for borrowing by selling debt securities with an agreement to repurchase the debt securities on an agreed future date at an agreed price which includes interest on funds borrowed;

12 · [(rc)] "repo transaction" means a transaction in repo and reverse repo in the debt securities that are dealt with or traded on a recognised stock exchange;

13 · [(rd)] "reverse repo" means an instrument for lending by purchasing debt securities with an agreement to resell the debt securities on an agreed future date at an agreed price which includes interest on funds lent;]

14 · [***]

10 · Inserted by the Securities Contracts (Regulation) (Stock Exchanges and Clearing Corporations) (Amendment) Regulations, 2020, w.e.f. 08-10-2020.

11 · Substituted for "(ra)" by the Securities Contracts (Regulation) (Stock Exchanges and Clearing Corporations) (Amendment) Regulations, 2021, w.e.f. 23-03-2021.

12 · Substituted for "(rb)" by the Securities Contracts (Regulation) (Stock Exchanges and Clearing Corporations) (Amendment) Regulations, 2021, w.e.f. 23-03-2021.

14 · Omitted by the Securities Contracts (Regulation) (Stock Exchanges and Clearing Corporations) (Amendment) Regulations, 2023, w.e.f. 28-08-2023. Prior to its omission, the it read as under-

15 · [Provided that where the applicant is a limited purpose clearing corporation specified under Chapter IV-A, compliance with the requirement under this clause may be demonstrated by way of outsourcing arrangement(s) with a recognized clearing corporation(s), subject to such conditions as may be specified by the Board from time to time;]

16 · [Provided that where the applicant is a limited purpose clearing corporation specified under Chapter IV-A, compliance with the requirement under this clause may be demonstrated by way of outsourcing arrangement(s) with a recognized clearing corporation(s), subject to such conditions as may be specified by the Board from time to time;]

15 · Inserted by the Securities Contracts (Regulation) (Stock Exchanges and Clearing Corporations) (Amendment) Regulations, 2020, w.e.f. 08-10-2020.

16 · Inserted by the Securities Contracts (Regulation) (Stock Exchanges and Clearing Corporations) (Amendment) Regulations, 2020, w.e.f. 08-10-2020.

17 · [Code of conduct for recognised stock exchanges and recognised clearing corporations

10A · Every recognised stock exchange and recognised clearing corporation shall abide by the Code of Conduct as specified under Part-A of Schedule-II of these regulations.]

19 · [(2) A recognised stock exchange shall pay to the Board, within fifteen days from the end of each month, the amount provided in Part–A of Schedule-III to these regulations on its annual turnover for the financial year till the end of that month, after adjusting any regulatory fee already paid in that financial year:

17 · Inserted by the Securities Contracts (Regulation) (Stock Exchanges and Clearing Corporations) (Amendment) Regulations, 2023, w.e.f 28-08-2023.

18 · Substituted by the Securities Contracts (Regulation) (Stock Exchanges and Clearing Corporations) (Amendment) Regulations, 2021, w.e.f. 23-03-2021. Prior to its substitution, it reads as –

19 · Substituted by the Securities Contracts (Regulation) (Stock Exchanges and Clearing Corporations) (Second Amendment) Regulations, 2024, w.e.f. 10-05-2024. Prior to its substitution, it read as under:

22 · [***]

23 · [The fee mentioned in sub-regulation (2) and sub-regulation (3) shall be paid by a recognised stock exchange by way of direct credit into the bank account through NEFT/RTGS/IMPS or online payment using the SEBI Payment Gateway or any other mode as may be specified by the Board from time to time, and the intimation of remittance shall be forwarded along with the statement of computation of the fee.]

20 · Substituted for the words "quarter of a financial year" by the Securities Contracts (Regulation) (Stock Exchanges and Clearing Corporations) (Second Amendment) Regulations, 2024, w.e.f. 10-05-2024.

21 · Substituted for the word "quarter" by the Securities Contracts (Regulation) (Stock Exchanges and Clearing Corporations) (Second Amendment) Regulations, 2024, w.e.f. 10-05-2024.

22 · Omitted by the Securities Contracts (Regulation) (Stock Exchanges and Clearing Corporations) (Second

23 · Substituted by the Securities and Exchange Board of India (Payment of Fees and Mode of Payment) (Amendment) Regulations, 2023 w.e.f 01-04-2023. Prior to its substitution, clause (4) read as under-

24 · [(9)] Every recognised clearing corporation shall pay the regulatory fee as the Board may specify.

13 · The recognition granted to a stock exchange or a clearing corporation may be withdrawn in the manner provided under section 5 of the Act.

24 · Substituted for "(2)" by the Securities Contracts (Regulation) (Stock Exchanges and Clearing Corporations) (Amendment) Regulations, 2021, w.e.f. 23-03-2021.

15 · For the purposes of this Chapter:

27 · [***]

29 · [***]

25 · The word "listed" omitted by the Securities Contracts (Regulation) (Stock Exchanges and Clearing Corporations) (Second Amendment) Regulations, 2021 w.e.f. 13.08.2021.

26 · Ibid.

27 · Omitted by the Securities Contracts (Regulation) (Stock Exchanges and Clearing Corporations) (Second Amendment) Regulations, 2021 w.e.f. 13.08.2021. Prior to its omission, it reads as –

28 · The words "sub-regulation (2) or" omitted by the Securities Contracts (Regulation) (Stock Exchanges and Clearing Corporations) (Second Amendment) Regulations, 2021 w.e.f. 13.08.2021.

29 · Omitted by the Securities Contracts (Regulation) (Stock Exchanges and Clearing Corporations) (Second Amendment) Regulations, 2021 w.e.f. 13.08.2021. Prior to its omission, it reads as –

19A · The recognised stock exchange / recognised clearing corporation shall put in place a monitoring mechanism as specified in Part G of Schedule – II of these regulations to ensure compliance with the shareholding conditions specified in these regulations at all times.

30 · [Requirement and criteria of fit and proper

30 · Substituted by the Securities Contracts (Regulation) (Stock Exchanges and Clearing Corporations) (Third Amendment) Regulations, 2023 w.e.f 23-08-2023. Prior to its substitution, regulation 20 read as under: " Requirement and criteria of fit and proper

21 · . 31 [(1) Without prejudice to the provisions of the Act, rules and these regulations, the recognised stock exchange(s) and the recognised clearing corporation(s) shall disclose their shareholding pattern on their respective websites on a quarterly basis as per the requirements and format specified for listed companies in terms of the provisions of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015.]

32 · [CHAPTER IV - A LIMITED PURPOSE CLEARING CORPORATION

22A · (1) The provisions of this Chapter shall only apply to the recognized limited purpose clearing corporations.

31 · Substituted by the Securities Contracts (Regulation) (Stock Exchanges and Clearing Corporations) (Third Amendment) Regulations, 2024 w.e.f. 30-07-2024. Prior to its substitution, it read as:

32 · Inserted by the Securities Contracts (Regulation) (Stock Exchanges and Clearing Corporations) (Amendment) Regulations, 2020, w.e.f. 08-10-2020.

22B · (1) No person resident in India shall at any time, directly or indirectly, either individually or together with persons acting in concert, acquire or hold more than five per cent. of the paid-up equity share capital in a limited purpose clearing corporation:

33 · [22C. (1) The governing board of a recognized limited purpose clearing corporation shall include:

22D · (1) The contribution to the Fund as specified in regulation 37 shall be made by the recognized limited purpose clearing corporation, the clearing members 34 [, participants] and issuers of the debt securities, in the manner as may be specified by the Board from time to time.

22E · (1) The utilization of profits and investments by recognized limited purpose clearing corporations shall be in accordance with the norms specified by the Board:

33 · Substituted by the Securities Contracts (Regulation) (Stock Exchanges and Clearing Corporations) (Amendment) Regulations, 2022 w.e.f. 12.08.2022. Prior to its substitution, it read as:

34 · Inserted by the Securities Contracts (Regulation) (Stock Exchanges and Clearing Corporations) (Second Amendment) Regulations, 2023, w.e.f. 24.07.2023.

35 · [Dispute resolution Mechanism

22F · The recognized limited purpose clearing corporation shall put in place a dispute resolution mechanism, for settlement of disputes or claims arising out of transactions cleared and settled by it, in the manner as specified by the Board in consultation with the Reserve Bank of India.]

36 · [General Provisions

22G · (1) The limited purpose clearing corporation shall ensure compliance with the provisions of these regulations as well as directions issued by the Reserve Bank of India.

22H · In case the limited purpose clearing corporation is required to obtain the prior approval of the Board and the Reserve Bank of India, the limited purpose clearing corporation shall obtain the prior approval of the Board before seeking approval from the Reserve Bank of India.]

35 · Substituted by the Securities Contracts (Regulation) (Stock Exchanges and Clearing Corporations) (Amendment) Regulations, 2022 w.e.f. 12.08.2022. Prior to its substitution, it read as:

22F · The recognized limited purpose clearing corporation shall have arbitration mechanism for settlement of disputes or claims arising out of transactions cleared and settled by it.]

36 · Inserted by the Securities Contracts (Regulation) (Stock Exchanges and Clearing Corporations) (Amendment) Regulations, 2022 w.e.f. 12.08.2022.

42 · [Provided that for the purpose of limited purpose clearing corporation, the nominee director shall be treated as a 43[non-independent director] and the independent director shall be treated as a public interest director.]

37 · Substituted for the words "shareholder directors" by the Securities Contracts (Regulation) (Stock Exchanges and Clearing Corporations) (Amendment) Regulations, 2023, w.e.f. 28-08-2023.

38 · The word and symbol "and," omitted by the Securities Contracts (Regulation) (Stock Exchanges and Clearing Corporations) (Fourth Amendment) Regulations, 2025 w.e.f. 22.12.2025.

39 · Substituted for the symbol "." by the Securities Contracts (Regulation) (Stock Exchanges and Clearing Corporations) (Amendment) Regulations, 2022 w.e.f. 12.08.2022.

40 · Substituted for the symbol ":" by the Securities Contracts (Regulation) (Stock Exchanges and Clearing Corporations) (Fourth Amendment) Regulations, 2025 w.e.f. 22.12.2025.

41 · Inserted by the Securities Contracts (Regulation) (Stock Exchanges and Clearing Corporations) (Fourth Amendment) Regulations, 2025 w.e.f. 22.12.2025.

42 · Inserted by the Securities Contracts (Regulation) (Stock Exchanges and Clearing Corporations) (Amendment) Regulations, 2022 w.e.f. 12.08.2022.

43 · Substituted for the words "shareholder directors" by the Securities Contracts (Regulation) (Stock Exchanges and Clearing Corporations) (Amendment) Regulations, 2023, w.e.f. 28-08-2023.

44 · Ibid .

45 · Inserted by the Securities Contracts (Regulation) (Stock Exchanges and Clearing Corporations) (Fourth Amendment) Regulations, 2025 w.e.f. 22.12.2025.

46 · Substituted for the words "shareholder directors" by the Securities Contracts (Regulation) (Stock Exchanges and Clearing Corporations) (Amendment) Regulations, 2023, w.e.f. 28-08-2023.

47 · Substituted for the symbol "." by the Securities Contracts (Regulation) (Stock Exchanges and Clearing Corporations) (Amendment) Regulations, 2022 w.e.f. 12.08.2022.

48 · [Provided that in case of a limited purpose clearing corporation, the managing director 49 [and executive directors] shall not be included in the category of 50 [non-independent directors].]

48 · Inserted by the Securities Contracts (Regulation) (Stock Exchanges and Clearing Corporations) (Amendment) Regulations, 2022 w.e.f. 12.08.2022.

49 · Inserted by the Securities Contracts (Regulation) (Stock Exchanges and Clearing Corporations) (Fourth Amendment) Regulations, 2025 w.e.f. 22.12.2025.

50 · Substituted for the words "shareholder directors" by the Securities Contracts (Regulation) (Stock Exchanges and Clearing Corporations) (Amendment) Regulations, 2023, w.e.f. 28-08-2023.

51 · Ibid.

55 · [(14) (a) The governing board of the recognised stock exchange and the recognised clearing corporation shall 56 [consist of] directors having the requisite qualifications and experience in the areas of capital markets, finance and accountancy, legal and regulatory practice, technology, risk management and management or administration:

53 · Substituted for the words "shareholder directors" by the Securities Contracts (Regulation) (Stock Exchanges and Clearing Corporations) (Amendment) Regulations, 2023, w.e.f. 28-08-2023.

54 · Ibid.

55 · Inserted by the Securities Contracts (Regulation) (Stock Exchanges and Clearing Corporations) (Amendment) Regulations, 2023, w.e.f. 28-08-2023.

56 · Substituted for the words "comprise of" by the Securities Contracts (Regulation) (Stock Exchanges and Clearing Corporations) (Third Amendment) Regulations, 2023 w.e.f 23-08-2023.

57 · Ibid

58 · Substituted for the words "comprises of" by the Securities Contracts (Regulation) (Stock Exchanges and Clearing Corporations) (Third Amendment) Regulations, 2023 w.e.f 23-08-2023.

23A · The Board may appoint one or more persons not exceeding three in number, as director(s) on the governing board of any recognised stock exchange or recognised clearing corporation and such director(s) shall enjoy the same status and power as the other directors of the governing board.]

61 · [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.]

64 · [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

59 · Substituted for the words "shareholder directors" by the Securities Contracts (Regulation) (Stock Exchanges and Clearing Corporations) (Amendment) Regulations, 2023, w.e.f. 28-08-2023.

60 · Substituted for the symbol "." by the Securities Contracts (Regulation) (Stock Exchanges and Clearing Corporations) (Third Amendment) Regulations, 2025, w.e.f. 30-07-2025.

61 · Inserted by the Securities Contracts (Regulation) (Stock Exchanges and Clearing Corporations) (Third Amendment) Regulations, 2025, w.e.f 30-07-2025.

62 · Substituted for the words "nominated by" by the Securities Contracts (Regulation) (Stock Exchanges and Clearing Corporations) (Amendment) Regulations, 2023, w.e.f. 28-08-2023.

63 · Substituted for the words "nominated" by the Securities Contracts (Regulation) (Stock Exchanges and Clearing Corporations) (Amendment) Regulations, 2023, w.e.f. 28-08-2023.

64 · Substituted by the Securities Contracts (Regulation) (Stock Exchanges and Clearing Corporations) (Third Amendment) Regulations, 2025, w.e.f 30-07-2025. Prior to its substitution, the proviso read as under:

68 · [Provided further that in case of a limited purpose clearing corporation, the maximum age limit shall be seventy years or as may be specified by the Reserve Bank of India or the Board from time to time.]

69 · [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.

65 · Substituted for the words "nominated" by the Securities Contracts (Regulation) (Stock Exchanges and Clearing Corporations) (Amendment) Regulations, 2023, w.e.f. 28-08-2023.

66 · Substituted for the symbol "/" by the Securities Contracts (Regulation) (Stock Exchanges and Clearing Corporations) (Amendment) Regulations, 2023, w.e.f. 28-08-2023.

67 · Substituted for the symbol "." by the Securities Contracts (Regulation) (Stock Exchanges and Clearing Corporations) (Amendment) Regulations, 2022 w.e.f. 12.08.2022.

68 · Inserted by the Securities Contracts (Regulation) (Stock Exchanges and Clearing Corporations) (Amendment) Regulations, 2022 w.e.f. 12.08.2022.

69 · Inserted by the Securities Contracts (Regulation) (Stock Exchanges and Clearing Corporations) (Third Amendment) Regulations, 2025, w.e.f 30-07-2025.

25 · (1) The appointment, renewal of appointment and termination of service of the managing director of a recognised stock exchange or a recognised clearing corporation shall be subject to the prior approval of the Board.

70 · Substituted for the words "shareholder directors" by the Securities Contracts (Regulation) (Stock Exchanges and Clearing Corporations) (Amendment) Regulations, 2023, w.e.f. 28-08-2023.

71 · Inserted by the Securities Contracts (Regulation) (Stock Exchanges and Clearing Corporations) (Fourth Amendment) Regulations, 2025 w.e.f. 22.12.2025.

73 · [Provided further that the managing director may, with the prior approval of the governing board of the recognised stock exchange or the recognised clearing corporation, be appointed as:

72 · Substituted for the words "of two terms not exceeding five years each" by the Securities Contracts (Regulation) (Stock Exchanges and Clearing Corporations) (Amendment) Regulations, 2023, w.e.f. 28-08-2023.

73 · Inserted by the Securities Contracts (Regulation) (Stock Exchanges and Clearing Corporations) (Fourth Amendment) Regulations, 2025 w.e.f. 22.12.2025.

74 · [The roles and responsibilities of the managing director shall include the following:

75 · [Appointment of executive director

25A · (1) Every recognised stock exchange and recognised clearing corporation shall appoint two executive directors as key management personnel who shall head Vertical 1 and Vertical 2 respectively and the recognised stock exchange or recognised clearing corporation may, at its

74 · Inserted by the Securities Contracts (Regulation) (Stock Exchanges and Clearing Corporations) (Fourth Amendment) Regulations, 2025 w.e.f. 22.12.2025.

75 · Inserted by the Securities Contracts (Regulation) (Stock Exchanges and Clearing Corporations) (Fourth Amendment) Regulations, 2025 w.e.f. 22.12.2025.

76 · [Code of Conduct for the governing board, directors, committee members and key management personnel]

78 · [***]

79 · [***]

76 · Substituted for the words "Code of Conduct for directors and key management personnel" by the Securities Contracts (Regulation) (Stock Exchanges and Clearing Corporations) (Amendment) Regulations, 2023, w.e.f. 2808-2023.

77 · Substituted by the Securities Contracts (Regulation) (Stock Exchanges and Clearing Corporations) (Amendment) Regulations, 2023, w.e.f 28-08-2023. Prior to its substitution, sub-regulation (1) read as under –

78 · Omitted by the Securities Contracts (Regulation) (Stock Exchanges and Clearing Corporations) (Amendment) Regulations, 2023, w.e.f. 28-08-2023. Prior to its omission, sub-regulation (2) read as under-

79 · Omitted by the Securities Contracts (Regulation) (Stock Exchanges and Clearing Corporations) (Amendment) Regulations, 2023, w.e.f. 28-08-2023. Prior to its omission, sub-regulation (4) read as under-

81 · [Segregation of functions

80 · Substituted for the words "comprise of" by the Securities Contracts (Regulation) (Stock Exchanges and Clearing Corporations) (Amendment) Regulations, 2022 w.e.f. 12.08.2022.

81 · Substituted by the Securities Contracts (Regulation) (Stock Exchanges and Clearing Corporations) (Amendment) Regulations, 2023, w.e.f 28-08-2023. Prior to its substitution regulation 28 read as under"Segregation of regulatory departments

28 · The recognised stock exchange and recognised clearing corporation shall segregate its regulatory departments from other departments in the manner specified in Part - C of Schedule - II of these regulations.

29 · (1) Every recognised stock exchange / recognized clearing corporation shall constitute the committees as per sub-regulation (2) 82 [,] sub-regulation (3) 83 [and sub-regulation 3A] .

82 · Substituted for the words "and" by the Securities Contracts (Regulation) (Stock Exchanges and Clearing Corporations) (Amendment) Regulations, 2023, w.e.f 28-08-2023.

83 · Inserted by the Securities Contracts (Regulation) (Stock Exchanges and Clearing Corporations) (Amendment) Regulations, 2023, w.e.f. 28-08-2023.

84 · Omitted by the Securities Contracts (Regulation) (Stock Exchanges and Clearing Corporations) (Amendment) Regulations, 2022, w.e.f. 12-08-2022. Prior to its omission, it read as "of".

85 · Substituted by the Securities Contracts (Regulation) (Stock Exchanges and Clearing Corporations) (Amendment) Regulations, 2019, w.e.f. 04-06-2019. Prior to its substitution, it read as "(a) Member selection committee;"

86 · The words "and Core Settlement Guarantee Fund" omitted by the Securities Contracts (Regulation) (Stock Exchanges and Clearing Corporations) (Third Amendment) Regulations, 2024 w.e.f. 30-07-2024.

87 · Inserted by the Securities Contracts (Regulation) (Stock Exchanges and Clearing Corporations) (Amendment) Regulations, 2023, w.e.f. 28-08-2023.

88 · Substituted by the Securities Contracts (Regulation) (Stock Exchanges and Clearing Corporations) (Amendment) Regulations, 2023, w.e.f. 28-08-2023. Prior to its submission, clause(b) read as under*[Grievance redressal committee]

89 · Omitted by the Securities Contracts (Regulation) (Stock Exchanges and Clearing Corporations) (Amendment) Regulations, 2019, w.e.f. 04-06-2019. Prior to its omission, it read as "Investor".

90 · Omitted the word "of "by the Securities Contracts (Regulation) (Stock Exchanges and Clearing Corporations) (Amendment) Regulations, 2022, w.e.f. 12-08-2022..

91 · Omitted fby the Securities Contracts (Regulation) (Stock Exchanges and Clearing Corporations) (Amendment) Regulations, 2023, w.e.f. 28-08-2023. Prior to its omission clause (b) read as under-

92 · [(3A) Investment Committee.]

93 · [(4) The composition, quorum and functions of the committees under sub-regulation (2), (3) and sub-regulation (3A) shall be in the manner as specified by the Board from time to time.]

94 · [Grievance Redressal Panel

29A · Every recognised stock exchange and recognised clearing corporation shall have Grievance Redressal Panel(s) to resolve investor grievances which shall function in the manner as may be specified by the Board.]

95 · [(3) The compliance officer shall submit a report of any non-compliance of the Act, the Securities and Exchange Board of India Act, 1992, rules, regulations, circulars or directions issued thereunder and for the redressal of investors' grievances, to the Board on a quarterly basis in the manner as may be specified by the Board.

30A · (1) Every recognised stock exchange or recognised clearing corporation shall appoint a chief risk officer to identify, monitor and initiate necessary steps to mitigate the risk associated with the functioning of a recognised stock exchange or recognised clearing corporation.

92 · Inserted by the Securities Contracts (Regulation) (Stock Exchanges and Clearing Corporations) (Amendment) Regulations, 2023, w.e.f. 28-08-2023.

93 · Substituted by the Securities Contracts (Regulation) (Stock Exchanges and Clearing Corporations) (Amendment) Regulations, 2023, w.e.f. 28-08-2023. Prior to its substitution, sub-regulation (4) read as under –

94 · Inserted by the Securities Contracts (Regulation) (Stock Exchanges and Clearing Corporations) (Amendment) Regulations, 2023, w.e.f. 28-08-2023.

95 · Inserted by the Securities Contracts (Regulation) (Stock Exchanges and Clearing Corporations) (Amendment) Regulations, 2023, w.e.f. 28-08-2023.

96 · [Appointment, role and responsibilities of chief technology officer

30B · (1) Every recognised stock exchange or recognised clearing corporation shall appoint a chief technology officer to oversee and manage technology-related system design, infrastructure, and operations.

30C · (1) Every recognised stock exchange or recognised clearing corporation shall appoint a chief information security officer to assess, identify, and mitigate cybersecurity risks associated with the functioning of recognised stock exchange or the recognised clearing corporation and respond to cybersecurity incidents.

96 · Inserted by the Securities Contracts (Regulation) (Stock Exchanges and Clearing Corporations) (Fourth Amendment) Regulations, 2025 w.e.f. 22.12.2025.

97 · [(5) Every recognised stock exchange and recognised clearing corporation shall internally conduct annual evaluation of its performance and the performance of its statutory committees in such a manner as may be specified by the Board.

97 · Inserted by the Securities Contracts (Regulation) (Stock Exchanges and Clearing Corporations) (Amendment) Regulations, 2023, w.e.f. 28-08-2023.

98 · [Provided that in case a recognised stock exchange enters into an arrangement with more than one recognised clearing corporation, it shall enter into a multipartite agreement in writing with such recognised clearing corporations to ensure interoperability among the clearing corporations.]

98 · Inserted by the Securities Contracts (Regulation) (Stock Exchanges and Clearing Corporations) (Amendment) Regulations, 2019, w.e.f. 04-06-2019.

99 · [***]

103 · [(3) An employee of a recognised stock exchange or recognised clearing corporation shall not simultaneously be an employee of any other company where the recognised stock exchange or recognised clearing corporation has invested.

99 · Omitted by the Securities Contracts (Regulation) (Stock Exchanges and Clearing Corporations) (Amendment) Regulations, 2019, w.e.f. 04-06-2019. Prior to its omission, the proviso read as:

100 · Inserted by the Securities Contracts (Regulation) (Stock Exchanges and Clearing Corporations) (Second Amendment) Regulations, 2023, w.e.f. 24.07.2023.

101 · Inserted by the Securities Contracts (Regulation) (Stock Exchanges and Clearing Corporations) (Second Amendment) Regulations, 2023, w.e.f. 24.07.2023.

102 · Omitted by the Securities Contracts (Regulation) (Stock Exchanges and Clearing Corporations) (Amendment) Regulations, 2019, w.e.f. 04-06-2019. Prior to its omission, it read as "except".

103 · Inserted by the Securities Contracts (Regulation) (Stock Exchanges and Clearing Corporations) (Amendment) Regulations, 2023, w.e.f. 28-08-2023.

104 · [Administration of specified intermediaries

38A · Notwithstanding anything contained in these regulations, with the approval of the Board, the activities of administration and supervision over specified intermediaries may be carried out by recognised stock exchange on such terms and conditions and to such an extent as may be specified.]

105 · [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.]

106 · [Information and Data Sharing Policy

104 · Inserted by the Securities Contracts (Regulation) (Stock Exchanges and Clearing Corporations) (Amendment) Regulations, 2024, w.e.f. 26-04-2024.

105 · Inserted by the Securities Contracts (Regulation) (Stock Exchanges and Clearing Corporations) (Second Amendment) Regulations, 2025, w.e.f. 21-03-2025.

106 · Inserted by the Securities Contracts (Regulation) (Stock Exchanges and Clearing Corporations) (Amendment) Regulations, 2023, w.e.f. 28-08-2023.

39A · (1) Every recognised stock exchange and recognised clearing corporation and the company where the recognised stock exchange or recognised clearing corporation has invested shall lay down a framework for sharing and monitoring of data, including confidential and sensitive data.

107 · [Responsibility for the use of artificial intelligence

39B · A recognized stock exchange and a recognized clearing corporation which uses artificial intelligence and machine learning tools and techniques, either designed by it or procured from third-party technology service providers, irrespective of the scale and scenario of adoption of such tools for conducting its business and servicing its clients or constituents, shall be solely responsible–

107 · Inserted by the Securities Contracts (Regulation) (Stock Exchanges and Clearing Corporations) (Amendment) Regulations, 2025, w.e.f. 10-02-2025.

40 · 108[(1) Every recognised stock exchange shall maintain and preserve the following books of account and documents for a minimum period of eight years, namely: -

108 · Substituted by the Securities Contracts (Regulation) (Stock Exchanges and Clearing Corporations)

109 · Omitted by the Securities Contracts (Regulation) (Stock Exchanges and Clearing Corporations) (Amendment) Regulations, 2019, w.e.f. 04-06-2019. Prior to its omission, it read as "/Regulations"

110 · [Obligation of Clearing Corporation in Commodity Derivatives

43A · Every recognized Clearing Corporation providing clearing and settlement services for commodity derivatives shall ensure guarantee for settlement of trades including good delivery.

111 · [Orderly Winding Down

44A · (1) Every clearing corporation shall devise and maintain a framework for orderly winding down of its critical operations and services covering both voluntary and involuntary scenarios.

112 · [CHAPTER VIA

110 · Inserted by the Securities Contracts (Regulation) (Stock Exchanges and Clearing Corporations) (Amendment) Regulations, 2019, w.r.e.f. 03-10-2018.

111 · Inserted by the Securities Contracts (Regulation) (Stock Exchanges and Clearing Corporations) (Second Amendment) Regulations, 2022, w.e.f. 15-11-2022.

112 · Inserted by the Securities Contracts (Regulation) (Stock Exchanges and Clearing Corporations) (Fourth Amendment) Regulations, 2024, w.e.f. 29-08-2024.

44B · (1) No recognized stock exchange or recognized clearing corporation or their agent, shall have any direct or indirect association, with another person who-

44C · The Board may, in case of violation of any of the provisions of regulation 44B, take such action as it may deem fit including action as provided under regulation 49.]

113 · [Power to issue directions and levy penalty]

114 · [(2) The Board may take action against a recognised stock exchange or recognised clearing corporation, director, committee member, key management personnel, employee or any other person associated with the recognised stock exchange or recognised clearing corporation, for any contravention or abetting the contravention of these regulations, including the Code of Conduct specified under these regulations, the provisions of the Act, the Securities and Exchange Board of India Act, 1992, any rules or regulations framed thereunder and any circulars or directions issued by the Board, either upon a reference or suo motu, as it deems fit, including but not limited to any or all of the following:—

113 · Substituted for the heading "Directions by the Board" by the Securities Contracts (Regulation) (Stock Exchanges and Clearing Corporations) (Amendment) Regulations, 2023, w.e.f. 28-08-2023.

114 · Inserted by the Securities Contracts (Regulation) (Stock Exchanges and Clearing Corporations) (Amendment) Regulations, 2023, w.e.f. 28-08-2023.

49A · (1) The Board may, exempt any person or class of persons from the operation of all or any of the provisions of these regulations for a period as may be specified but not exceeding twelve months, for furthering innovation 116 [***] relating to testing new products, processes, services, business models, etc. in live environment of regulatory sandbox in the securities markets.

115 · Inserted by the SEBI (Regulatory Sandbox) (Amendment) Regulations, 2020, w.e.f. 17-04-2020.

116 · The words "in technological aspects" omitted by the Securities and Exchange Board of India (Regulatory Sandbox) (Amendment) Regulations, 2021, w.e.f. 03-08-2021.

117 · [Power to relax the strict enforcement of the regulations.

50A · (1) The Board may suo motu or upon an application made by a recognised stock exchange or recognised clearing corporation, for reasons recorded in writing, grant relaxation from the strict compliance of any of the provisions of these regulations subject to such conditions as the Board deems fit to impose in the interests of investors in securities and the securities market, if the Board is satisfied that:

117 · Inserted by the Securities Contracts (Regulation) (Stock Exchanges and Clearing Corporations) (Amendment) Regulations, 2023, w.e.f. 28-08-2023.

119 · [(4) On and from the commencement of the Securities Contracts (Regulation) (Stock Exchanges and Clearing Corporations) (Amendment) Regulations, 2021, the Securities and Exchange Board of India (Regulatory Fee on Stock Exchanges) Regulations, 2006, shall stand repealed.

118 · Inserted by the Securities Contracts (Regulation) (Stock Exchanges and Clearing Corporations) (Amendment) Regulations, 2021, w.e.f. 23-03-2021.

119 · Ibid.

120 · Substituted by the Securities and Exchange Board of India (Payment of Fees and Mode of Payment) (Amendment) Regulations, 2023 w.e.f 01-04-2023. Prior to its substitution, clause (4) read as under -

14 · Do you collect any security deposit from your clearing members? If so, give details and also state the manner in which such deposits are utilised and the rate of interest allowed, if any.

15 · Do you collect any admission or entrance fees from your clearing members? If so, how much?

16 · Do you insist on your clearing members divesting themselves of other activities either as principal or as employee?

18 · Do you prescribe standard form of agreement to be entered with the trading member for engaging the services of your clearing member? Attach two copies of such agreement.

19 · What are the measures adopted by you to regulate or prohibit advertising or issuing circulars by your clearing members?

20 · Do you require clearing members to supply such information or explanation and to produce such books relating to their business as your governing board may require?

21 · Do you undertake periodic inspection of your clearing members? Give details including the number of annual inspections and manpower available for conducting inspection.

22 · What is the present strength of your governing board? Give details of the constitution, powers of management, election and tenure of office of members of the governing board, and the manner in which its business is transacted.

23 · Are any trade or commercial interest represented on your governing board? If so, give details of interests represented.

24 · Do you associate members of investors associations with the management of your clearing corporation? If so, state the manner in which it is done.

25 · Are there any Government or the Board representatives on your governing board? If so, furnish their names.

26 · How many public interest directors are there on the governing board? Furnish their names, qualifications and experience.

121 · [***]

28 · Do you have any provision for the appointment of standing or ad hoc subcommittees of the governing board? If so, furnish details of their composition, appointment, term of office, powers and functions.

29 · Give the designations, powers and duties of key management personnel of your clearing corporation. Give details as to the mode of their appointment, tenure of office and remuneration.

30 · What are the disciplinary powers with the governing board to enforce due compliance by clearing members of the rules and bye-laws of the clearing corporation and generally to ensure proper standard of business conduct?

31 · What provisions have you made for the levy and recovery of fees, fines and penalties?

32 · Describe the clearing and settlement system of the clearing corporation.

33 · State the different kinds of products being cleared and settled or proposed to be cleared and settled in your clearing corporation (e.g., equity, equity derivative, currency derivatives, interest rate derivatives, debt instruments, etc.). State the period of delivery, payment and the settlement mechanism in each case.

34 · What are the conditions subject to which trades are settled and cleared on your clearing corporation?

121 · Omitted by the Securities Contracts (Regulation) (Stock Exchanges and Clearing Corporations) (Third Amendment) Regulations, 2024 w.e.f. 30-07-2024. Prior to omission, it read as:

35 · What are your requirements for admitting derivative transactions for clearing and settlement?

36 · Do you have the right to prohibit, withdraw or suspend clearing and settlement of dealings admitted for clearing and settlement? If so, under what circumstances is this right exercised?

37 · Give details of the clearing and settlement charges and other charges, if any, levied by your clearing corporation.

38 · What provisions have you made for periodical settlement of contracts and differences thereunder, the delivery of, and payment for securities and the passing of delivery orders?

122 · [Part-A

122 · Substituted by the Securities Contracts (Regulation) (Stock Exchanges and Clearing Corporations) (Amendment) Regulations, 2023, w.e.f. 28-08-2023 . Prior to its substitution, it read as under -

1 · Meetings and minutes.

3 · Strategic planning.

4 · Regulatory compliances.

5 · General responsibility.

1 · Objectives and underlying principles.

2 · Regulatory oversight committee.

3 · General standards.

4 · Disclosure of dealings in securities by key management personnel of the stock exchange or clearing corporation.

5 · Disclosure of dealings in securities by directors of the stock exchange or clearing corporation.

8 · Role of the Chairperson and directors in the day to day functioning of the stock exchange or clearing corporation.

9 · Access to information.

10 · Misuse of position.

11 · Regulatory Oversight committee to lay down procedures.

28 · of these Regulations mandate segregation of regulatory departments from other departments. For this purpose, an indicative list of regulatory departments is given below. The governing board of the stock exchange/ clearing corporation may specify any other department having a regulatory function in addition to the list given below as a regulatory department.

123 · Substituted for the words "comprises of" by the Securities Contracts (Regulation) (Stock Exchanges and Clearing Corporations) (Third Amendment) Regulations, 2023 w.e.f 23-08-2023.

1 · General Responsibility.

2 · Regulatory Compliances.

3 · Disclosures of Beneficial Interest.

4 · Access to Information.

5 · Misuse of Position.

1 · Meetings and Minutes.

4 · Strategic Planning.

5 · Disclosure of dealings in securities by Directors of the recognised stock exchange and recognised clearing corporations.

124 · Omitted by the Securities Contracts (Regulation) (Stock Exchanges and Clearing Corporations) (Amendment) Regulations, 2019, w.e.f. 04-06-2019. Prior to its omission, it read as "/Regulations".

125 · Omitted by the Securities Contracts (Regulation) (Stock Exchanges and Clearing Corporations) (Amendment) Regulations, 2019, w.e.f. 04-06-2019. Prior to its omission, it read as "/Regulations".

126 · Omitted by the Securities Contracts (Regulation) (Stock Exchanges and Clearing Corporations) (Amendment) Regulations, 2019, w.e.f. 04-06-2019. Prior to its omission, it read as ", Regulations".

130 · [(I)] Procedure for appointment:-

127 · The words, figures and symbol "In terms of sub-regulation 10 of regulation 19, the" substituted by the word "The"

128 · The word "the" omitted by the Securities Contracts (Regulation) (Stock Exchanges and Clearing Corporations) (Third Amendment) Regulations, 2024 w.e.f. 30-07-2024.

129 · The words, figures and symbol "Board circular dated January 01, 2016" substituted by the words "guidelines as specified by the Board from time to time" by the Securities Contracts (Regulation) (Stock Exchanges and Clearing Corporations) (Third Amendment) Regulations, 2024 w.e.f. 30-07-2024.

130 · Inserted by the Securities Contracts (Regulation) (Stock Exchanges and Clearing Corporations) (Amendment) Regulations, 2019, w.e.f. 04-06-2019.

131 · [(2) The recognised stock exchange or recognised clearing corporation shall forward the above details to the Board while recommending their names along with the minutes of the governing board meeting where their name(s) was approved, copy of the shareholders' resolution (wherever applicable) and a confirmation by the recognised stock exchange or recognised clearing corporation that they are fit and proper persons in terms of the fit and proper criteria, are not associated with any trading member or clearing member in terms of regulation 23 (6) read with regulation 2 (1) (b) of these regulations and compliance with the requirements specified in regulation 23 (14).]

132 · [(II)] Managing Director / Executive Director:-

131 · Substituted by the Securities Contracts (Regulation) (Stock Exchanges and Clearing Corporations)

133 · Substituted by the Securities Contracts (Regulation) (Stock Exchanges and Clearing Corporations)

134 · [(III)] Public Interest Directors:-

135 · [The names of the public interest directors shall be forwarded to the Board after the approval of the governing board of the recognised stock exchange or recognised clearing corporation. The shareholders' approval shall not be necessary. A minimum of two names shall be submitted to the Board for each vacancy of public interest directors, two months before such vacancy.]

134 · Inserted by the Securities Contracts (Regulation) (Stock Exchanges and Clearing Corporations) (Amendment) Regulations, 2019, w.e.f. 04-06-2019.

135 · Substituted by the Securities Contracts (Regulation) (Stock Exchanges and Clearing Corporations)

136 · Substituted by the Securities Contracts (Regulation) (Stock Exchanges and Clearing Corporations) (Amendment) Regulations, 2023, w.e.f. 28-08-2023 Prior to its substitution item (a) read as under-

137 · Omitted by the Securities Contracts (Regulation) (Stock Exchanges and Clearing Corporations) (Amendment) Regulations, 2023, w.e.f. 28-08-2023.

138 · [Public interest directors shall peruse the relevant laws, code of conduct, etc. and submit an undertaking to the recognised stock exchange or recognised clearing corporation that they are aware of their role, responsibilities and obligations.]

139 · [In case of reappointment of the public interest director, the recognised stock exchange or recognised clearing corporation shall apply to the Board four months before the expiry of the term. In addition to the other requirements specified herein, the application for reappointment of the public interest director shall be accompanied with, their attendance details on meetings of various mandatory committees and on the governing board of the recognised stock exchange or recognised clearing corporation, performance review and the reasons for extension of term.]

140 · [The existing public interest director, may continue holding the post for a maximum period of three months from the date of expiry of their term or till a new public interest director is appointed, whichever is earlier, only if the governing board does not meet the mandatory regulatory requirements on its composition.]

138 · Substituted by the Securities Contracts (Regulation) (Stock Exchanges and Clearing Corporations) (Amendment) Regulations, 2023, w.e.f. 28-08-2023. Prior to its substitution sub-clause (3) read as under-

139 · Substituted by the Securities Contracts (Regulation) (Stock Exchanges and Clearing Corporations) (Amendment) Regulations, 2023, w.e.f. 28-08-2023. Prior to its substitution sub-clause (4) read as under-

141 · [(IV)] 142 [Non-independent directors]

144 · [The manner of election, appointment, tenure, resignation, vacation, etc. of nonindependent directors shall be governed by the provisions applicable to shareholder directors under the Companies Act, 2013 save as otherwise specifically provided under these Regulations or in accordance with the Act and circulars issued thereunder.]

145 · [***]

146 · [(VI)] General conditions on appointment of directors:-

147 · [(1A) The limited purpose clearing corporation shall complete the appointment process for the managing directors within thirty days from the date of approval of the Reserve Bank of India and submit a compliance report within one week from the date of appointment.]

141 · Inserted by the Securities Contracts (Regulation) (Stock Exchanges and Clearing Corporations) (Amendment) Regulations, 2019, w.e.f. 04-06-2019.

142 · Substituted for the words "shareholder directors" by the Securities Contracts (Regulation) (Stock Exchanges and Clearing Corporations) (Amendment) Regulations, 2023, w.e.f. 28-08-2023

143 · Ibid.

144 · Substituted by the Securities Contracts (Regulation) (Stock Exchanges and Clearing Corporations) (Amendment) Regulations, 2023, w.e.f. 28-08-2023. Prior to its substitution sub-clause (2) read as under-

145 · Omitted by the Securities Contracts (Regulation) (Stock Exchanges and Clearing Corporations) (Third Amendment) Regulations, 2024 w.e.f. 30-07-2024. Prior to omission, it read as under:

146 · Inserted by the Securities Contracts (Regulation) (Stock Exchanges and Clearing Corporations) (Amendment) Regulations, 2019, w.e.f. 04-06-2019.

147 · Inserted by the Securities Contracts (Regulation) (Stock Exchanges and Clearing Corporations) (Amendment) Regulations, 2022 w.e.f. 12.08.2022.

148 · [(VII) The recognised stock exchange and recognised clearing corporation shall provide at least seven days of training to all directors each year.]

149 · [Regulation 27 of these regulations mandates that the compensation policy for key management personnel of recognised stock exchange or recognised clearing corporation shall be in accordance with the norms specified by the Board. The compensation norms, in this regard, shall be as follows:-

148 · Inserted by the Securities Contracts (Regulation) (Stock Exchanges and Clearing Corporations) (Amendment) Regulations, 2023, w.e.f. 28-08-2023.

149 · Substituted by the Securities Contracts (Regulation) (Stock Exchanges and Clearing Corporations) (Amendment) Regulations, 2023, w.e.f. 28-08-2023. Prior to its substitution clause (1) read as under-

150 · [SCHEDULE – III PART – A [See regulation 11(1)]

150 · Inserted by the Securities Contracts (Regulation) (Stock Exchanges and Clearing Corporations) (Amendment) Regulations, 2021, w.e.f. 23-03-2021.