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<h1>SEBI Introduces Regulation 44A: Clearing Corporations Must Develop Winding Down Framework for Critical Operations and Services.</h1> The Securities and Exchange Board of India (SEBI) issued the Securities Contracts (Regulation) (Stock Exchanges and Clearing Corporations) (Second Amendment) Regulations, 2022, effective upon publication in the Official Gazette. The amendment introduces Regulation 44A, requiring clearing corporations to establish a framework for the orderly winding down of critical operations and services. This framework must cover both voluntary and involuntary scenarios, ensuring timely settlement or transfer of positions, collateral, deposits, margins, or assets to another recognized clearing corporation. The framework must comply with SEBI's guidelines. This amendment follows previous updates to the 2018 regulations.