Supreme Court: IBC Mechanism Cannot Replace Decree Execution or Recovery Proceedings  ||  SC Orders Closure of School Over Loan Default, Directs Police-Assisted Takeover under SARFAESI Act  ||  MP HC: HC Lacks Jurisdiction to Appoint an Arbitrator in International Commercial Disputes  ||  Allahabad HC Imposes Rs 15L Costs on Husband For Filing False Affidavits in Maintenance Proceedings  ||  MP HC Directs ASI to Upload Bhojshala–Kamal Maula Survey Video on Secure Platform For Litigant  ||  Bombay HC: Public Gathering Does Not Justify Handcuffing, Awarded ?50,000 Compensation  ||  Madras HC: Woman’s Dignity Linked to Right to Shelter; Orders Restoration of Demolished Home  ||  SC: Absence of Independent Witnesses is Not Fatal if Injured Eyewitness Testimony is Sterling  ||  Supreme Court: Prosthetic Limb Costs Must Be Compensated To Restore Victims’ Dignity  ||  Supreme Court: Probate Can be Revoked For Non-Impleadment of Parties and Suppression of Facts    

Modifications in the contract specifications of commodity derivatives contracts- (Securities and Exchange Board of India) (14 Nov 2019)

MANU/SDER/0011/2019

Capital Market

1. SEBI vide its circular ref. no. SEBI/HO/CDMRD/CIR/2016/88 dated September 20, 2016 had inter-alia prescribed at Para 3(c) provisions regarding permission to allow modifications in contract specifications at the exchange level.

2. In order to streamline the process and after consultation with the exchanges, it has been decided to categorise the modifications in contract specification parameters in the following three categories:

a. Category A: Non-material modifications which can be made at the exchange level in yet to be launched and running contracts.

b. Category B: Material modifications which can be made at the exchange level in yet to be launched contracts or running contracts which have nil open interest. These modifications shall require approval from Product Advisory Committee and approval of Regulatory Oversight Committee to be obtained post facto.

c. Category C: Material modifications which can be made only after approval from SEBI. These modifications shall require deliberations and approval from Product Advisory Committee and Regulatory Oversight Committee before seeking permission from SEBI.

3. The list of various contract specification parameters as per the above stated categories along with the timelines for advance intimation of modification to SEBI and market participant is given at Annexure I.

4. The permission to modify contract specification parameters of commodity derivatives contracts is subject to the condition that before introduction of any modification in contract specifications the Exchanges shall inform SEBI and market participants along with reasons for the modifications as per the timeline mentioned in Annexure I. However, this shall not apply to certain modifications which are required to be effected immediately considering the exigencies of the situation as per surveillance measure.

5. The Circular ref. no. SEBI/HO/CDMRD/CIR/2016/88 dated September 20, 2016 stands amended to this effect.

6. The provisions of this circular shall be effective from December 01, 2019.

7. This Circular is issued in exercise of powers conferred under Section 11(1) of Securities and Exchange Board of India Act, 1992, read with Section 10 of the Securities Contracts (Regulation) Act, 1956 to protect the interests of investors in securities and to promote the development of, and to regulate the securities market.

Tags : MODIFICATIONS   CONTRACT SPECIFICATIONS   DERIVATIVES CONTRACTS  

Share :        

Disclaimer | Copyright 2026 - All Rights Reserved