The Securities and Exchange Board of India (SEBI) on April 20, 2023, issued a circular regarding the Master Circular by Stock Exchanges, Clearing Corporations, and Depositories collectively called Market Infrastructure Institutions (MIIs).
To ensure that all market participants, including investors, find all applicable provisions on a specific subject at a place, the MIIs must ensure the following:
• Issue the respective Master Circulars consolidating all guidelines issued and applicable as on March 31 of every year, segregated subject-wise.
• Take due care to include only the relevant guidelines in the respective Master Circular while reviewing all the existing guidelines on a particular subject.
• Such Master Circular shall not include the following:
o Bye-laws, Rules, and Regulations issued by MIIs.
o Status of any compliance by the market participant.
o Actions were taken against any entity.
• 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 All such rescinded guidelines shall be archived on the respective websites of the MIIs.
The first Master Circular incorporating all the guidelines applicable as on March 31, 2023, shall be issued on or before June 30, 2023. Subsequently, MIIs shall update the Master Circular incorporating all guidelines issued during the financial year, and issue the same on or before April 30 of each year.
[Circular No. SEBI/HO/MRD/POD 3/CIR/P/2023/58]
