SEBI puts in place SOP for handling commodity exchange outages, extension of trading hours
The Hindu
SEBI issues SOP for stock exchanges to inform about trading disruptions and extend trading time in certain outage conditions.
SEBI on May 27 came out with a standard operating procedure (SOP) asking stock exchanges having commodity derivatives segment to inform about trading disruptions within 15 minutes of such occurrences and extending the trading time by 30 minutes in certain outage conditions.
Stock exchange outage means stoppage of continuous trading, either suo moto by exchange or due to reasons beyond the control of the stock exchange. If an outage occurs on one exchange, market hours will remain unchanged on unaffected exchange, SEBI said in a circular.
Under the SOP, the stock exchange that suffered the outage will have to intimate SEBI immediately after the occurrence of the outage, while the bourse has to inform market participants and trading members within 15 minutes from the occurrence of an outage through broadcast message and by publishing on its website.
Further, the affected stock exchange would update about the ongoing outage in the time intervals of 45 minutes from the initial intimation, until normalcy of operations is restored. Extension of trading hours needs to be mentioned in the intimation by the affected stock exchange.
Affected stock exchange would restore operations to normalcy at the earliest including from the Disaster Recovery Site and carry out various activities.
The guidelines will be effective from July 1, 2024, the Securities and Exchange Board of India (Sebi) said.
For contracts or products traded up to 5 p.m./9 p.m., SEBI said that if trading resumes to normalcy at least 30 minutes before scheduled market closure (excluding 15 minutes of prior intimation time), trading hours would remain unchanged on that exchange.
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