MANU/SMIS/0028/2023
Ministry : Securities and Exchange Board of India
Department/Board : Market Regulation Department
Circular No. : SEBI/HO/MRD/POD 3/CIR/P/2023/58
Date : 20.04.2023
To
All recognized Stock Exchanges
All recognized Clearing Corporations and All Depositories
Dear Sir/Madam,
Issue of Master Circular by Stock Exchanges, Clearing Corporations and Depositories
1. Stock Exchanges, Clearing Corporations and Depositories (hereinafter collectively referred to as 'Market Infrastructure Institutions (MIIs)') communicate with market participants including investors on a regular basis by way of circulars, directions, operating instructions, communiques or any other mode of communication (hereinafter collectively referred to as 'guidelines') for necessary compliance. This has led to a plethora of guidelines by the MIIs on various subjects.
2. Due to the issuance of such guidelines of varied nature
and based on the feedback received from the market participants, to ensure that
all market participants, including investors, find all applicable provisions on
a specific subject at a place, the MIIs shall ensure the following:
a. Issue the respective Master Circulars consolidating all guidelines issued and applicable as on March 31 of every year, segregated subject-wise.
b. Take due care to include only the relevant guidelines into the respective Master Circular while reviewing all the existing guidelines on a particular subject.
c. Such Master Circular shall not include the following:
i. Bye-laws, Rules and Regulations issued by MIIs.
ii. Status of any compliance by the market participant.
iii. Actions taken against any entity.
d. Each Master Circular shall contain a list of all guidelines incorporated therein as well as a provision rescinding all such guidelines with effect from the date of implementation of the Master Circular. All such rescinded guidelines shall be archived on the respective websites of the MIIs.
e. The Master Circulars shall contain a savings clause as under:
"Notwithstanding such rescission,
a. Anything done or any action taken or purported to have been done or contemplated under the rescinded guidelines before the commencement of this Master Circular shall be deemed to have been done or taken or commenced or contemplated under the corresponding provisions of the Master Circular or rescinded guidelines whichever is applicable.
b. The previous operation of the rescinded guidelines or
anything duly done or suffered thereunder, any right, privilege, obligation or
liability acquired, accrued or incurred under the rescinded guidelines, any
penalty, incurred in respect of any violation co........