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<h1>Settlement Guarantee Fund coverage now requires simultaneous default of at least three clearing members; case by case exemptions may be granted.</h1> The circular amends Core SGF stress-testing coverage by requiring Clearing Corporations to calculate credit exposure for each scenario based on the simultaneous default of at least three clearing members (and their associates) causing the highest credit exposure. It also adds a provision permitting SEBI, after due deliberation, to grant case-by-case exemptions or relaxations from strict enforcement of SGF provisions, considering market conditions, adequacy of risk management framework and investor protection.
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