Contract specification modifications: three tier regime sets exchange authority, committee oversight, and SEBI approval with required notifications. Modification of contract specifications for commodity derivatives is categorised into three classes with distinct authorization and notice requirements: Category A permits non material changes at exchange level for launched and running contracts; Category B permits material changes at exchange level for yet to be launched contracts or running contracts with nil open interest subject to Product Advisory Committee deliberation and post facto Regulatory Oversight Committee approval; Category C requires Product Advisory Committee and Regulatory Oversight Committee deliberation followed by prior SEBI approval. Exchanges must notify SEBI and market participants of proposed modifications and reasons within specified timelines, except for exigent surveillance measures.
Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
Provisions expressly mentioned in the judgment/order text.
Contract specification modifications: three tier regime sets exchange authority, committee oversight, and SEBI approval with required notifications.
Modification of contract specifications for commodity derivatives is categorised into three classes with distinct authorization and notice requirements: Category A permits non material changes at exchange level for launched and running contracts; Category B permits material changes at exchange level for yet to be launched contracts or running contracts with nil open interest subject to Product Advisory Committee deliberation and post facto Regulatory Oversight Committee approval; Category C requires Product Advisory Committee and Regulatory Oversight Committee deliberation followed by prior SEBI approval. Exchanges must notify SEBI and market participants of proposed modifications and reasons within specified timelines, except for exigent surveillance measures.
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