Fair and transparent access to data feeds of the stock exchanges
Summary
SEBI mandates stock exchanges to formulate a comprehensive policy for providing market data in a fair and transparent manner. Stock exchanges must deploy tools to monitor service quality and manage system loads to ensure consistent response times for all participants. Additionally, exchanges are required to synchronize server clocks with atomic precision and report implementation status to SEBI.
Text
stock exchanges shall formulate a comprehensive policy document for providing stock market related data to the market participants in a fair and transparent manner
Appropriate tools are deployed so as to monitor service quality of data feeds
Appropriate mechanism (viz. load balancers, randomizers, etc.) to manage load across systems disseminating data in order to ensure consistent response time to all market participants
All communication to the market participants... are abundantly clear and precise providing all necessary details related to the concerned facility / service
stock exchange should ensure that all clocks of the servers and other related systems are synchronized... with the atomic clock such that their clocks have precision of atleast one microsecond and accuracy of atleast +/- one millisecond
take necessary steps to put in place systems for implementation of the circular, including necessary amendments to the relevant bye- laws, rules and regulations
bring the provisions of this circular to the notice of the stock brokers and also disseminate the same on their website
communicate to SEBI the status of implementation of the provisions of this circular
Source: SecMarx — Fair and transparent access to data feeds of the stock exchanges. Verbatim text is public record; SecMarx structuring (linkage to applying orders) is cited to us.