Securities Contracts (Regulation) (Stock Exchanges and Clearing Corporations) Regulations, 2018
Summary
This part contains Chapter I Preliminary of the Securities Contracts (Regulation) (Stock Exchanges and Clearing Corporations) Regulations, 2018 as amended up to November 22, 2025. It provides the short title, commencement and definitions for terms including Act, associate, Board, clearing corporation, control, key management personnel, netting and novation. The regulations are made in exercise of powers under sections 4, 8A and 31 of the Securities Contracts (Regulation) Act, 1956 read with sections 11 and 30 of the Securities and Exchange Board of India Act, 1992 to regulate recognition, ownership and governance in stock exchanges and clearing corporations. This part defines terms including persons acting in concert, public, public interest director, quarter, recognised clearing corporation, recognised stock exchange, regulatory department, regulatory fee, repo, repo transaction, reverse repo, rules and trading member and provides interpretation for undefined expressions by reference to the SCRA, Companies Act 2013, SEBI Act 1992 and Depositories Act 1996. Chapter II imposes the obligation to obtain Board recognition before conducting, organising or assisting any stock exchange or
Text
In exercise of the powers conferred by sections 4, 8A and 31 of the Securities Contracts (Regulation) Act, 1956, read with sections 11 and 30 of the Securities and Exchange Board of India Act, 1992, the Securities and Exchange Board of India hereby makes the following regulations to regulate recognition, ownership and governance in stock exchanges and clearing corporations and matters connected therewith or incidental thereto, namely:—
These regulations may be called the Securities Contracts (Regulation) (Stock Exchanges and Clearing Corporations) Regulations, 2018.
They shall come into force on the date of their notification in the Gazette of India.
"Act" means the Securities Contracts (Regulation) Act, 1956 (42 of 1956);
"associate" in relation to a person shall include another person: (i) who, directly or indirectly, by himself, or in combination with other persons, exercises control over the first person; (ii) who holds control of atleast twenty percent of the total voting power of the first person; (iii) who is a holding company or a subsidiary company of the first person (iv) who is a relative of the first person; (v) who is a member of a Hindu Undivided Family wherein the first person is also a member; (vi) such other cases where the Board is of the view that a person shall be considered as an associate based on the facts and factors including the extent of control, independence, conflict of interest;
"Board" means the Securities and Exchange Board of India established under the provisions of section 3 of the Securities and Exchange Board of India Act, 1992 (15 of 1992);
"clearing corporation" means an entity that is established to undertake the activity of clearing and settlement of trades in securities or other instruments or products that are dealt with or traded on a recognized stock exchange and includes a clearing house and a limited purpose clearing corporation specified under Chapter IV-A;
"clearing member" means a person having clearing rights in any recognized clearing corporation and includes a clearing member as defined in clause (ae) of sub-regulation (1) of Regulation 2 of the Securities and Exchange Board of India (Stock Brokers and Sub-Brokers) Regulations, 1992
"company" shall mean a company as defined in section 3 of the Companies Act, 2013;
"control" shall have the same meaning as assigned to it under clause (e) of sub-regulation (1) of regulation 2 of the Securities and Exchange Board of India (Substantial Acquisition of Shares and Takeovers) Regulations, 2011 or any modification thereof;
"debt securities" means corporate bonds, debentures or any other debt instruments as may be specified by the Board;
"financial year" means the period of twelve months commencing on the first day of April every year;
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Source: SecMarx — Securities Contracts (Regulation) (Stock Exchanges and Clearing Corporations) Regulations, 2018. Verbatim text is public record; SecMarx structuring (linkage to applying orders) is cited to us.