Applicability and definitions
Identify entity, activity and exclusions.
Master Circular for Stock Exchanges and Clearing Corporations (2024-12-30)
Paragraph-wise control map for MIIs; dated 2024-12-30.
2024-12-30MIIsCurrent circular inventory
Reviewed by Ravi Sisodia · Last reviewed 23 July 2026
What this circular covers
SEBI issued this Master Circular for Stock Exchanges and Clearing Corporations — circular number SEBI/HO/MRD-PoD2/CIR/P/2024/00181 — on 30 December 2024, consolidating all applicable circulars and directions for recognised stock exchanges and clearing corporations issued up to 31 October 2024 into one reference document, replacing the earlier master circular dated 16 October 2023, under the SECC Regulations, 2018.
The circular spans trading rules, settlement mechanics, risk management (including margining and default-fund contributions), derivatives-segment requirements, and the administration and governance of stock exchanges and clearing corporations as Market Infrastructure Institutions (MIIs). The 8 paragraph-map entries below break this consolidation into operational checkpoints — applicability and registration (MC-01, MC-02), governance (MC-03), member/participant onboarding (MC-04), operational conduct including trading, settlement and risk-management controls (MC-05), disclosure and reporting (MC-06), inspection/audit readiness (MC-07), and the supersession table listing which earlier MII circulars this one replaces (MC-08).
Paragraph map
Registration and continuing conditions
Map eligibility, capital, fit-and-proper and infrastructure.
Governance and compliance officer
Assign Board, trustee, key-person and compliance responsibility.
Client/investor onboarding
Apply KYC, agreements, risk disclosure and suitability where applicable.
Operational conduct
Map permitted processes, segregation, conflicts and prohibited practices.
Disclosure and reporting
Build periodic/event/transaction filing and website controls.
Inspection, audit and records
Preserve books, system logs, certifications and inspection readiness.
Supersession and circular concordance
Identify consolidated circulars, saved actions and later amendments.
Official sources
Current law status: in force as of this review date, consolidating circulars up to 31 October 2024 and superseding the 16 October 2023 version. Verify for further amendments before relying on this page for a live compliance decision.