SEBI Introduces Quarterly Disclosure Requirements And New Committees For Stock Exchanges And Clearing Corporations

The amended rules now require stock exchanges and clearing corporations to disclose their shareholding patterns on a quarterly basis on their respective websites following the same requirements and format specified in the Securities and Exchange Board's Listing Obligations and Disclosure Requirements (LODR) Regulations, 2015.

These changes were formalized through amendments to the Securities Contracts (Regulation) (Stock Exchanges and Clearing Corporations) Regulations, 2018. The recent amendments are known as the Securities Contracts (Regulation) (Stock Exchanges and Clearing Corporations) (Third Amendment) Regulations, 2024.

One of the key changes in the 2024 amendment is the substitution of regulation 21, sub-regulation (1). This sub-regulation now mandates that recognized stock exchanges and clearing corporations disclose their shareholding patterns quarterly on their respective websites. This disclosure must comply with the requirements and format specified for listed companies under the SEBI LODR Regulations, 2015.

Another amendment is the alteration of regulation 29, sub-regulation (2), clause (a). The words "and Core Settlement Guarantee Fund" have been omitted from the regulation.

The amendments also introduce the requirement for each stock exchange and clearing corporation to establish two functional committees: a member committee and a nomination and remuneration committee. These committees are expected to play crucial roles in ensuring governance, oversight, and compliance within these entities.

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