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<h1>SEBI Circular Enhances Stock Exchange Resilience: Hedge Open Positions During Outages with Alternative Venues by April 2025.</h1> The Securities and Exchange Board of India (SEBI) issued a circular to strengthen business continuity for interoperable segments of stock exchanges. It outlines measures for handling trading venue outages, allowing participants to hedge open positions by using alternative exchanges. The circular mandates the creation of reserve contracts for exclusive scrips and encourages exchanges to develop correlated index derivatives. Affected exchanges must notify SEBI and the alternative venue within 75 minutes of an outage. Initially, NSE and BSE will serve as alternative venues for each other, with a joint Standard Operating Procedure (SOP) required within 60 days. The provisions take effect on April 1, 2025.