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Comprehensive guidelines for Investor Protection Fund (IPF) and Investor Services Fund (ISF) for Stock Exchanges having commodity derivatives segment- (Securities and Exchange Board of India) (30 May 2024)

MANU/SSMD/0032/2024

Capital Market

1. SEBI vide circulars dated September 26, 2016, June 13, 2017, March 14, 2018 and October 22, 2021 has issued provisions for Investor Protection Fund and Investor Service Fund for commodity derivatives segment. Further, circular on Price Dissemination through SMS/Electronic Communication Facility was issued on August 30, 2016. These aforementioned Circulars have been rescinded with issuance of Master Circular for Commodity Derivatives Segment dated August 04, 2023. SEBI vide Circular dated May 30, 2023 has issued Comprehensive guidelines for Investor Protection Fund and Investor Services Fund at Stock Exchanges and Depositories (excluding Commodity Derivatives Exchanges) with inclusion of new provisions. Further, representations were received from market participants with respect to propositions on Ease of Doing Business in commodity derivatives segment. Considering these developments, the IPF and ISF guidelines for commodity derivatives segment are being revised.

2. After due consultation with the stock exchanges, the new requirements have been framed as placed in Annexure 1 to the Circular.

3. The Circular shall come into force from June 01, 2024.

4. The Exchanges are advised to:

4.1. take steps to make necessary amendments to the relevant bye-laws, rules and regulations for the implementation of the same,

4.2. bring the provisions of this circular to the notice of the members of the Exchange and also to disseminate the same on their website,

4.3. communicate to SEBI, the status of the implementation of the provisions of this Circular.

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

6. This Circular is issued with the approval of the competent authority.

7. This Circular is available on SEBI website at www.sebi.gov.in under the category "Circulars" and "Info for Commodity Derivatives".

Tags : GUIDELINES   IPF   ISF  

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