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).
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