Stock Exchanges, Clearing and Depositories: law, practical example, evidence, risk and Finin2min action workflow.
Market infrastructure requires governance, resilience, surveillance and default-management controls.
IFSCA market-infrastructure framework
Read with the current rules, notifications, circulars, portal instructions and binding judgments applicable to the event date.
Fix person, entity, role, activity, period, location, threshold and regulator.
Separate statute, delegated law, regulator guidance, contract and internal policy.
Reconcile documents, systems, filings, accounts and approvals.
Use product-governance and risk sign-offs.
An exchange introduces a new product.
Finin2min decision rule: reperform the analysis when a material fact, date, role or legal instrument changes.
Commercial launch without risk and regulatory approval can expose the system.
Common additional failures are stale law, incomplete authority, inconsistent records, undocumented judgment and missing cross-law analysis.
| Stage | Control | Output |
|---|---|---|
| Facts | Freeze parties, dates, amounts and documents | Fact sheet |
| Law | Open current primary sources | Legal map |
| Evidence | Resolve inconsistencies | Evidence index |
| Decision | Approve, remediate, disclose or escalate | Signed note |
Market infrastructure requires governance, resilience, surveillance and default-management controls.
IFSCA market-infrastructure framework
licence and activity approvals; constitutional and ownership records; capital and substance evidence; client and product files.
Use product-governance and risk sign-offs.
India Code
Reviewed 4 July 2026
Source review: 4 July 2026. Verify later amendments and case status before professional reliance.