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Core Purpose

SEBI notification promulgating the Securities Contracts (Regulation) (Stock Exchanges and Clearing Corporations) (Amendment) Regulations, 2024, inserting a new Regulation 38A permitting recognised stock exchanges to administer and supervise specified intermediaries with Board approval.

Detailed Summary

The Securities and Exchange Board of India (SEBI) issued Notification No. SEBI/LAD-NRO/GN/2024/171 dated 26th April 2024, exercising powers under Sections 4 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 make the Securities Contracts (Regulation) (Stock Exchanges and Clearing Corporations) (Amendment) Regulations, 2024, effective from the date of publication in the Official Gazette. The amendment inserts a new Regulation 38A into the Securities Contracts (Regulation) (Stock Exchanges and Clearing Corporations) Regulations, 2018 (originally notified 3rd October 2018 vide No. SEBI/LAD-NRO/GN/2018/41, and previously amended ten times between 4th June 2019 and 22nd August 2023 vide notifications SEBI/LAD-NRO/GN/2019/21, 2020/10, 2020/32, 2021/12, 2021/44, 2022/93, 2022/104, 2023/124, 2023/139 and 2023/148), providing that, with the Board's approval, the activities of administration and supervision over specified intermediaries may be carried out by a recognised stock exchange on such terms and conditions and to such extent as may be specified. The notification was signed by Babitha Rayudu, Executive Director.

Full Text

REGD. No. D. L.-33004/99 The Gazette of India CG-MH-E-26042024-253872 EXTRAORDINARY PART III—Section 4 PUBLISHED BY AUTHORITY No. 282] NEW DELHI, FRIDAY, APRIL 26, 2024/VAISAKHA 6, 1946 SECURITIES AND EXCHANGE BOARD OF INDIA NOTIFICATION Mumbai, the 26th April, 2024 SECURITIES CONTRACTS (REGULATION) (STOCK EXCHANGES AND CLEARING CORPORATIONS) (AMENDMENT) REGULATIONS, 2024 No. SEBI/LAD-NRO/GN/2024/171.—In exercise of the powers conferred by sections 4 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, 2024. 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, after regulation 38, the following regulation shall be inserted, namely,- "Administration of specified intermediaries 38A. Notwithstanding anything contained in these regulations, with the approval of the Board, the activities of administration and supervision over specified intermediaries may be carried out by recognised stock exchange on such terms and conditions and to such an extent as may be specified." BABITHA RAYUDU, Executive Director [ADVT.-III/4/Exty./051/2024-25] 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. Uploaded by Dte. of Printing at Government of India Press, Ring Road, Mayapuri, New Delhi-110064 and Published by the Controller of Publications, Delhi-110054. MANOJ KUMAR VERMA

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