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of <h1>SEBI Tightens Risk Management Norms for Commodity Derivatives Exchanges; New Rules Effective December 1, 2016.</h1> The Securities and Exchange Board of India (SEBI) issued a circular to enhance risk management norms for National Commodity Derivatives Exchanges. These norms, effective by December 1, 2016, with some exceptions, aim to mitigate systemic risks. Key measures include imposing adequate initial and delivery period margins, addressing repeated margin shortfalls, and implementing concentration margins. Exchanges are responsible for maintaining a robust risk management framework, adjusting margins during high volatility, and ensuring compliance with the new norms. The circular also outlines the default waterfall process and removes the cap on exchange contributions to the Settlement Guarantee Fund (SGF).
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