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<h1>SEBI Circular Updates Norms on Commodity Derivatives Position Limits, Mandates Real-Time Monitoring, and Outlines Penalties for Breaches.</h1> The circular issued by SEBI updates and consolidates norms regarding position limits for commodity derivatives, including both agricultural and non-agricultural commodities. It specifies numerical limits for client and member positions, clubbing of open positions, and penalties for violations. Exchanges can set stricter limits than those prescribed by SEBI. The circular mandates real-time monitoring of positions to prevent breaches and outlines penalties for violations. It supersedes previous directives and requires exchanges to amend their rules accordingly. The guidelines also address clubbing of positions for entities with common interests and provide exemptions for certain cooperative societies and companies with independent directors.