The Securities Exchange Board of India (“SEBI”) issued circular number SEBI/HO/MRD1/MRD1_ICC1/P/CIR/2021/664 on November 23, 2021 (“Circular”) on disclosure of complaints against stock exchanges.
As per the Circular, all stock exchanges, excluding commodity derivatives exchanges, depositories, and clearing corporations, shall disclose on their websites the complaints received against them and the redressal thereof. The Circular will come into effect from January 1, 2021 and the stock exchanges must comply with the Circular by the 7th (seventh) day of the succeeding month, as per the format provided under annexure A of the Circular.
The Circular also clarifies that such requirement is in addition to the existing disclosure requirements mandated by the SEBI. In relation to the disclosure requirement the stock exchanges must make necessary amendment to their bye-laws, rules, and regulations. Further, it must communicate to the SEBI the status of the implementation of the Circular through a monthly development report.
Please find a copy of the Circular here.
This update has been contributed by Adity Chaudhury (Partner) and Nipuna Varman (Associate).
Argus Knowledge Centre is now on WhatsApp! Send us a message on +91 8433523504 to receive updates from our Knowledge Centre.
7A, 7th Floor, Tower C, Max House,
Okhla Industrial Area, Phase 3,
New Delhi – 110020
The rules of the Bar Council of India do not permit advocates to solicit work or advertise in any manner. This website has been created only for informational purposes and is not intended to constitute solicitation, invitation, advertisement or inducement of any sort whatsoever from us or any of our members to solicit any work in any manner. By clicking on 'Agree' below, you acknowledge and confirm the following:
a) there has been no solicitation, invitation, advertisement or inducement of any sort whatsoever from us or any of our members to solicit any work through this website;
b) you are desirous of obtaining further information about us on your own accord and for your use;
c) no information or material provided on this website is to be construed as a legal opinion and use of this website will not create any lawyer-client relationship;
d) while reasonable care has been taken in ensuring the accuracy of the contents of the website, Argus Partners shall not be responsible for the results of any actions taken on the basis of information provided in this website or for any error or omission in the website; and
e) in cases where the user has any legal issues, the user must seek independent legal advice.