Standard Operating Procedure for handling of Stock Exchange outage and extension of trading hours thereof in Commodity Derivatives segment
Summary
SEBI issues a circular prescribing the Standard Operating Procedure for handling stock exchange outages and extending trading hours in the Commodity Derivatives segment. The framework, developed by the Commodity Derivatives Advisory Committee, mandates system changes by exchanges and becomes effective from July 1, 2024. Stock exchanges are required to notify members and disseminate these provisions on their websites.
Text
The stock exchanges should ensure necessary changes in the systems to extending market hours as specified in this circular. Accordingly, the circular shall be effective from July 01, 2024.
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.
Stock Exchange Outage shall mean stoppage of continuous trading, either suo moto by exchange or by virtue of reasons beyond control of stock exchange.
If outage occurs on one exchange, market hours shall remain unchanged on unaffected exchange/s.
The stock exchange that suffered the outage shall intimate about the outage to various stakeholders... Immediate but not later than 15 minutes from occurrence of outage... Through broadcast message and/or by publishing on its website.
Immediate after occurrence of outage. Through an email to dedicated email id: techglitch@sebi.gov.in
Further, the affected stock exchange shall update about the ongoing outage in the time intervals of 45 minutes from the initial intimation, until normalcy to operations is restored.
Affected stock exchange would restore operations to normalcy at the earliest including from the Disaster Recovery Site and carry out various activities, in terms of SEBI Circular dated March 22, 2021 on Business Continuity Planning (BCP) and Disaster Recovery (DR).
If trading resumes to normalcy at least 30 minutes before scheduled market closure (excluding 15 minutes of prior intimation time), trading hours would remain unchanged on that exchange i.e., market participants will have to be intimated latest by 4:15 pm or 8:15 pm regarding resumption of trading by 4:30 pm or 8:30 pm.
The intimation to re-start trading can be sent latest till 4:45pm or 8:45pm, as the case may be. The intimation shall, inter-alia, inform that trading shall commence from 5 pm or 9 pm for a duration of 30 minutes i.e., extended trading hours would be till 5:30pm or 9:30pm.
If intimation is not sent to market participants by 4:45pm or 8:45pm, then there shall be no extension of trading hours.
If trading resumes to normalcy at least 30 minutes before scheduled market closure (excluding 15 minutes of prior intimation time), trading hours would remain unchanged on that exchange, i.e., market participants will have to be intimated by 10:45pm or 11:10pm regarding resumption of trading by 11:00pm or 11:25pm.
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Source: SecMarx — Standard Operating Procedure for handling of Stock Exchange outage and extension of trading hours thereof in Commodity Derivatives segment. Verbatim text is public record; SecMarx structuring (linkage to applying orders) is cited to us.