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REGD. No. D. L.-33004/99
The Gazette of India
CG-MH-E-10022025-260880
EXTRAORDINARY
PART III-Section 4
PUBLISHED BY AUTHORITY
No. 93]
NEW DELHI, MONDAY, FEBRUARY 10, 2025/MAGHA 21, 1946
SECURITIES AND EXCHANGE BOARD OF INDIA
NOTIFICATION
Mumbai, the 6th February, 2025
SECURITIES CONTRACTS (REGULATION) (STOCK EXCHANGES AND CLEARING
CORPORATIONS) (AMENDMENT) REGULATIONS, 2025
F. No. SEBI/LAD-NRO/GN/2025/227 — 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 Board hereby makes the following regulations to further amend the Securities Contracts
(Regulation) (Stock Exchanges and Clearing Corporations) Regulations, 2018, namely, –
1. These regulations may be called the Securities Contracts (Regulation) (Stock Exchanges and Clearing Corporations)
(Amendment) Regulations, 2025.
2. They shall come into force on the date of their publication in the Official Gazette.
3. In the Securities Contracts (Regulation) (Stock Exchanges and Clearing Corporations) Regulations, 2018, in
Chapter VI after existing regulation 39A the following new regulation shall be inserted, namely,-
"Responsibility for the use of artificial intelligence
39B. A recognized stock exchange and a recognized clearing corporation which uses artificial intelligence and machine
learning tools and techniques, either designed by it or procured from third-party technology service providers,
irrespective of the scale and scenario of adoption of such tools for conducting its business and servicing its clients or
constituents, shall be solely responsible-
a) for the privacy, security and integrity of investors' and stakeholders' data including data maintained by it in a
fiduciary capacity throughout the processes involved;
b) for the output arising from the usage of such tools and techniques it relies upon or deals with, and
c) for the compliance with applicable laws in force.
Explanation: For the purpose of this regulation, the expression “artificial intelligence and machine learning tools and
techniques" may include any application or software program or executable system or a combination thereof, offered
by a recognized stock exchange or a recognized clearing corporation to investors/stakeholders or used internally by it
to facilitate trading and settlement or to carry out its activities including compliance requirements and the same are
portrayed as part of the products offered to the public or under usage for compliance or management or other business
purposes."
BABITHA RAYUDU, Executive Director
[ADVT.-III/4/Exty./950/2024-25]
Footnote:
1. The Securities Contracts (Regulation) (Stock Exchanges and Clearing Corporations) Regulations, 2018
were published in the Gazette of India on 3rd October 2018 vide No. SEBI/LAD-NRO/GN/2018/41.
2. The Securities Contracts (Regulation) (Stock Exchanges and Clearing Corporations) Regulations, 2018
were subsequently amended on-
(a) 4th June, 2019, by the Securities Contracts (Regulation) (Stock Exchanges and Clearing Corporations)
(Amendment) Regulations, 2019 vide No. SEBI/LAD-NRO/GN/2019/21.
(b) 17th April, 2020, by the Securities and Exchange Board of India (Regulatory Sandbox) (Amendment)
Regulations, 2020vide No. SEBI/LAD-NRO/GN/2020/10.
(c) 8th October, 2020, by the Securities Contracts (Regulation) (Stock Exchanges and Clearing
Corporations) (Amendment) Regulations, 2020 vide No. SEBI/LAD-NRO/GN/2020/32.
(d) 23rd March, 2021, by the Securities Contracts (Regulation) (Stock Exchanges and Clearing
Corporations) (Amendment) Regulations, 2021 vide No. SEBI/LAD-NRO/GN/2021/12.
(e) 13th August, 2021, by the Securities Contracts (Regulation) (Stock Exchanges and Clearing
Corporations) (Second Amendment) Regulations, 2021 vide No. SEBI/LAD-NRO/GN/2021/44.
(f) 12th August 2022, by the Securities Contracts (Regulation) (Stock Exchanges and Clearing
Corporations) (Amendment) Regulations, 2022 vide No. SEBI/LAD-NRO/GN/2022/93.
(g) 15th November, 2022, by the Securities Contracts (Regulation) (Stock Exchanges and Clearing
Corporations) (Second Amendment) Regulations, 2022 vide No. SEBI/LAD-NRO/GN/2022/104.
(h) 28th February, 2023, by the Securities Contracts (Regulation) (Stock Exchanges and Clearing
Corporations) (Amendment) Regulations, 2023 vide No. SEBI/LAD-NRO/GN/2023/124.
(i) 24th July, 2023, by the Securities Contracts (Regulation) (Stock Exchanges and Clearing Corporations)
(Second Amendment) Regulations, 2023 vide No. SEBI/LAD-NRO/GN/2023/139.
(j) 22nd August, 2023, by the Securities Contracts (Regulation) (Stock Exchanges and Clearing
Corporations) (Third Amendment) Regulations, 2023 vide No. SEBI/LAD-NRO/GN/2023/148.
(k) 26th April, 2024, by the Securities Contracts (Regulation) (Stock Exchanges and Clearing
Corporations) (Amendment) Regulations, 2024 vide No. SEBI/LAD-NRO/GN/2024/171.
(1) 10th May, 2024, by the Securities Contracts (Regulation) (Stock Exchanges and Clearing
Corporations) (Second Amendment) Regulations, 2024 vide No. SEBI/LAD-NRO/GN/2024/174.
(m) 29th July, 2024, by the Securities Contracts (Regulation) (Stock Exchanges and Clearing Corporations)
(Third Amendment) Regulations, 2024 vide No. SEBI/LAD-NRO/GN/2024/196.
(n) 29th August, 2024, by the Securities Contracts (Regulation) (Stock Exchanges and Clearing
Corporations) (Fourth Amendment) Regulations, 2024 vide No. SEBI/LAD-NRO/GN/2024/202.