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of <h1>SEBI Circular Extends Software Testing Guidelines to Commodity Exchanges to Prevent Market Disruptions; Effective April 2016.</h1> The circular, issued by SEBI, mandates the testing of software used in trading and risk management by National Commodity Derivatives Exchanges. Following the reclassification of these exchanges as stock exchanges under the Securities Contracts (Regulation) Act, 1956, the circular extends existing software testing guidelines to the commodity markets to prevent market disruptions. Key provisions include software testing, approval, broker undertakings, API specification sharing, and penalties for software malfunctions. The circular is effective from April 1, 2016, and requires exchanges to amend their rules accordingly and report implementation status to SEBI.
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