Review of provisions relating to Product Advisory Committee (PAC)
Summary
SEBI has revised the meeting frequency requirements for Product Advisory Committees (PAC) in the commodity derivatives segment. The revision mandates that PACs meet at least twice a year, with an exception of once a year for agricultural commodities. This circular comes into immediate effect and requires stock exchanges to disseminate the updated provisions.
Text
paragraph 2.4.4.i. of the aforementioned Master Circular on Proceeding of meetings stands revised as under: “2.4.4.i. The PAC shall meet at least twice a year and more frequently as and when required. However, in case of agricultural commodities, the PAC shall meet at least once a year.”
The Circular shall come into force with immediate effect.
The Stock Exchanges are advised to bring the provisions of this circular to the notice of their members and also to disseminate the same on their website.
This Circular is issued in exercise of the powers conferred under Section 11 (1) of the Securities and Exchange Board of India Act, 1992, to protect the interests of investors in securities and to promote the development of, and to regulate the securities market.
Source: SecMarx — Review of provisions relating to Product Advisory Committee (PAC). Verbatim text is public record; SecMarx structuring (linkage to applying orders) is cited to us.