SEBI issues Guidelines on Issue of Master Circular by Stock Exchanges, Clearing Corporations and Depositories


The Securities and Exchange Board of India (SEBI) has issued a circular on issue of Master Circular by Stock Exchanges, Clearing Corporations and Depositories. This circular was issued on 20th April, 2023.

In order to ensure that all market participants, including investors, find all applicable provisions on a specific subject at a place, the Stock Exchanges, Clearing Corporations and Depositories (referred to as ‘Market Infrastructure Institutions (MIIs)’ shall:

  • Issue the respective Master Circulars consolidating all guidelines issued and/ applicable as on 31st March 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 shall not include the following:
    • Bye-laws, rules and regulations issued by MIIs
    • Status of any compliance by the market participant
    • Actions taken by any entity
  • Each Master Circular shall contain a list of all guidelines incorporated herein and a provision rescinding all such guidelines with effect from the date of implementation of the Master Circular. All rescinded guidelines should be archived on the websites of the MIIs.
  • Master Circular should also contain prescribed saving clause

The Master Circular incorporating all the guidelines applicable as on 31st March, 2023 shall be issued on or before 30th June, 2023. Thereafter, MIIs shall update the Master Circular incorporating all guidelines issued during the financial year, and issue the same on or before 30th April of each year.

The MIIs are directed to:

a. make necessary amendments to the relevant bye -laws, rules and regulations for the implementation of the above decision immediately;

b. 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

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