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Time of India
a day ago
- Business
- Time of India
Sebi sets minimum 2 PAC meets yearly for commodity exchanges
Markets regulator Sebi on Thursday directed stock exchanges with commodity segments to ensure their Product Advisory Committees (PACs) meet at least twice a year, or more frequently if necessary. However, in the case of agricultural commodities, the PAC is required to meet at least once annually. Sebi's 'Master Circular for Commodity Derivatives Segment ' in August 2023 issued various compliance requirements for stock exchanges and clearing corporations operating in the commodity derivatives segment. As per the Master Circular, each stock exchange is mandated to constitute a Product Advisory Committee for every group or complex of commodities that share common stakeholders or value chain participants, and on which derivatives are either currently traded or proposed to be introduced. Based on representations from market participants and following deliberations by Sebi's Commodity Derivatives Advisory Committee (CDAC), the regulator has revised the meeting frequency guidelines for PACs. Live Events "The PAC shall meet at least twice a year and more frequently as needed. However, for agricultural commodities, the PAC shall meet at least once a year," Sebi said in its circular. The revised guidelines take effect immediately.
Time of India
2 days ago
- Business
- Time of India
Sebi Regulations: Sebi Mandates Biannual PAC Meetings for Commodity Exchanges, ET LegalWorld
Markets regulator Sebi on Thursday directed stock exchanges with commodity segments to ensure their Product Advisory Committees (PACs) meet at least twice a year, or more frequently if necessary. However, in the case of agricultural commodities, the PAC is required to meet at least once annually. Sebi's 'Master Circular for Commodity Derivatives Segment' in August 2023 issued various compliance requirements for stock exchanges and clearing corporations operating in the commodity derivatives segment. As per the Master Circular, each stock exchange is mandated to constitute a Product Advisory Committee for every group or complex of commodities that share common stakeholders or value chain participants, and on which derivatives are either currently traded or proposed to be introduced. Advt Based on representations from market participants and following deliberations by Sebi's Commodity Derivatives Advisory Committee (CDAC), the regulator has revised the meeting frequency guidelines for PACs."The PAC shall meet at least twice a year and more frequently as needed. However, for agricultural commodities, the PAC shall meet at least once a year," Sebi said in its revised guidelines take effect immediately. Join the community of 2M+ industry professionals Subscribe to our newsletter to get latest insights & analysis. Download ETLegalWorld App Get Realtime updates Save your favourite articles Scan to download App
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Business Standard
2 days ago
- Business
- Business Standard
Sebi mandates minimum two yearly PAC meetings for commodity exchanges
Markets regulator Sebi on Thursday directed stock exchanges with commodity segments to ensure their Product Advisory Committees (PACs) meet at least twice a year, or more frequently if necessary. However, in the case of agricultural commodities, the PAC is required to meet at least once annually. Sebi's 'Master Circular for Commodity Derivatives Segment' in August 2023 issued various compliance requirements for stock exchanges and clearing corporations operating in the commodity derivatives segment. As per the Master Circular, each stock exchange is mandated to constitute a Product Advisory Committee for every group or complex of commodities that share common stakeholders or value chain participants, and on which derivatives are either currently traded or proposed to be introduced. Based on representations from market participants and following deliberations by Sebi's Commodity Derivatives Advisory Committee (CDAC), the regulator has revised the meeting frequency guidelines for PACs. "The PAC shall meet at least twice a year and more frequently as needed. However, for agricultural commodities, the PAC shall meet at least once a year," Sebi said in its circular. The revised guidelines take effect immediately.
Business Upturn
28-04-2025
- Business
- Business Upturn
SEBI tightens margin collection timelines for stock brokers in cash segment
By News Desk Published on April 28, 2025, 17:38 IST The Securities and Exchange Board of India (SEBI) has issued a new circular mandating stock brokers and clearing members to align the collection of margins with the T+1 settlement cycle in the cash market. Under the existing framework outlined in the Master Circular for Stock Brokers dated August 9, 2024, trading members (TMs) and clearing members (CMs) are required to mandatorily collect upfront Value at Risk (VaR) margins and Extreme Loss Margins (ELM) from their clients. Other margins were allowed to be collected within T+2 days. Following the complete implementation of the T+1 settlement cycle from January 27, 2023, SEBI has now modified the timelines. Going forward, TMs and CMs will be required to collect all margins (except VaR and ELM) from their clients by the settlement day itself. Key updates under the circular include: TMs and CMs must continue to collect upfront VaR margins and ELM before trade execution. Other margins must be collected by the settlement day. If a client completes the fund or securities pay-in by settlement day, other margins will be deemed to have been collected, and no penalty will apply. If a client fails to make the pay-in by settlement day, and margins are not collected by then, penalties will be levied. SEBI has directed all recognised stock exchanges and clearing corporations (excluding commodity clearing corporations) to amend their bye-laws, rules, and regulations accordingly and inform market participants. The circular, signed by SEBI General Manager Aradhana Verma, has come into force with immediate effect. News desk at
Time of India
25-04-2025
- Business
- Time of India
SC allows RBI to start fresh proceedings against big defaulters
The Supreme Court has overturned high court orders that had halted actions against major defaulters, allowing the RBI and banks to resume proceedings. The court clarified that quashing administrative actions doesn't prevent authorities from initiating fresh proceedings. FIRs and criminal proceedings can proceed independently, even if administrative actions are under scrutiny, as they serve distinct purposes. Tired of too many ads? Remove Ads Tired of too many ads? Remove Ads The Supreme Court on Friday said the Reserve Bank of India and banks can proceed afresh against big defaulters even as it set aside orders of various high courts that quashed criminal proceeding initiated against such borrowers and also stalled actions taken by the lenders for declaring their accounts as frauds.'Setting aside of an administrative action on the grounds of violation of the principles of natural justice does not bar the administrative authorities from proceeding afresh,' a Bench comprising and Rajesh Bindal said that high courts across the country exceeded their jurisdiction when they quashed FIRs and the subsequent criminal proceedings initiated against borrowers whose accounts had been declared fraudulent without any challenge being made to such apex court said that an administrative action, such as by RBI and banks, and a criminal proceeding stand on different footings. A first information report, by taking cognizance of an offence, merely sets the law into motion, it said, adding this has nothing to do with a decision on the administrative side, made by a different authority.'Merely because the facts are same or similar, one cannot say that in the absence of a valid administrative action, no offence which is otherwise cognizable, can be registered,' the judgment even assuming that there is no action forthcoming on the administrative side, a FIR can be held to be maintainable, the judges said, adding that the scope and role of both the actions are totally different and distinct, more so when undertaken by different statutory or public apex court said the FIRs were "erroneously" quashed in certain cases where no opportunity of being heard was given to the Central Bureau of Investigation or where the probe agency was not even made a party to the Supreme Court had in 2023 held that a lender is bound to give an opportunity of personal hearing to a borrower before classifying its account as fraudulent as per the Master Circular of July 1, of accounts as fraud results in civil consequences for borrowers and amounts to blacklisting of borrowers, hence opportunity of hearing must be granted for the borrowers, it had said, while asking RBI and lenders to include priniciples of natural justice in circular in order to give an opportunity to the affected party/person to present their to the SC judgment, the HCs across the country had not only quashed the declaration of borrower's account as fraud, but also the FIRs and criminal proceedings filed against them.
