Master Circular for Stock Exchanges and Clearing Corporations
Summary
This Master Circular consolidates various SEBI circulars and directions issued to Stock Exchanges and Clearing Corporations up to August 31, 2023. It officially rescinds previous circulars listed in Schedule I while preserving the legal validity of actions taken under them prior to rescission. The document establishes that undefined terms shall carry meanings from specified statutes and regulations, and it supersedes the previous Master Circular dated July 5, 2021.
Text
Master Circular for Stock Exchanges and Clearing Corporations has been prepared to enable users to have access to all applicable circulars/directions at one place.
This Master Circular shall come into force from the date of its issue and covers relevant circulars/communications pertaining to Stock Exchanges and Clearing Corporations issued by SEBI up to August 31, 2023.
This Master Circular rescinds the circulars and communications listed in Schedule I.
Anything done or any action taken or purported to have been done or taken under the rescinded circulars... shall be deemed to have been done or taken under the corresponding provisions of this Master Circular.
Any application made to SEBI under the rescinded circulars, prior to such rescission, and pending before it shall be deemed to have been made under the corresponding provisions of this Master Circular.
The previous operation of the rescinded circulars... any right, privilege, obligation or liability acquired... any penalty... or any investigation... shall remain unaffected as if the rescinded circulars have never been rescinded.
Words and expressions used but not defined in this Circular shall have the same meanings as may be defined in Securities Contracts (Regulation) Act, 1956 or the Securities and Exchange Board of India Act, 1992 or the Depositories Act, 1996 or Regulations made thereunder.
This Master Circular shall supersede previous Master Circular SEBI/HO/MRD2/DDAP/CIR/P/2021/18 dated July 05, 2021.
This Master Circular is issued in exercise of 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 — Master Circular for Stock Exchanges and Clearing Corporations. Verbatim text is public record; SecMarx structuring (linkage to applying orders) is cited to us.