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of <h1>New SEBI Circular Enforces Strict Software Testing for Stock Exchanges, Brokers; Non-Compliance May Lead to Suspension.</h1> The circular mandates stringent testing of software used in trading and risk management by stock exchanges. It requires stock brokers and trading members to use authorized software, conduct thorough testing, and participate in mock trading sessions. Stock exchanges must ensure compliance and may suspend trading rights for non-compliance. Approval from exchanges is necessary before deploying software, and brokers must provide undertakings to comply with SEBI's framework. Exchanges are also required to share API specifications with brokers and vendors. Penalties for software malfunctions are outlined, and the circular takes effect from October 1, 2013, superseding the previous 2003 circular.
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