Issue of Master Circular by Stock Exchanges, Clearing Corporations and Depositories
Summary
The circular mandates Market Infrastructure Institutions to issue consolidated Master Circulars annually by April 30. These Master Circulars must exclude bye-laws, compliance statuses, and enforcement actions while including a savings clause for rescinded guidelines. The first Master Circular covering guidelines up to March 31, 2023, was required to be issued by June 30, 2023.
Text
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 into the respective Master Circular while reviewing all the existing guidelines on a particular subject.
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.
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 All such rescinded guidelines shall be archived on the respective websites of the MIIs.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 Master Circulars shall contain a savings clause... Notwithstanding such rescission, Anything done or any action taken... under the rescinded guidelines before the commencement of this Master Circular shall be deemed to have been done or taken... under the corresponding provisions of the Master Circular... The previous operation of the rescinded guidelines... shall remain unaffected as if the rescinded guidelines have never been rescinded.
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.
make necessary amendments to the relevant bye-laws, rules and regulations for the implementation of the above decision immediately;
disseminate each Master Circular on their website and bring the same to the notice of all stakeholders including the Members, Depository Participants and the investors.
Source: SecMarx — Issue of Master Circular by Stock Exchanges, Clearing Corporations and Depositories. Verbatim text is public record; SecMarx structuring (linkage to applying orders) is cited to us.