Guidelines for Liquidity Enhancement Scheme (LES) in Commodity Derivatives Contracts

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....ement Scheme (LES) in Commodity Derivatives Contracts 1. SEBI vide circular SEBI/HO/CDMRD/DMP/CIR/P/2018/55 dated March 26, 2018 had issued guidelines for LES in Commodity Derivatives Contracts subject to certain conditions stipulated vide Circular No. CIR/MRD/DP/14/2014 dated April 23, 2014. 2. The manner in which exchanges can provide LES under the extant circular No. CIR/MRD/DP/14/2014 dated ....

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....ck Exchanges and Clearing Corporations) Regulations, 2012 at all times.' 3. An exchange in early years of its formation/commencement of business may not be able to generate profits or have free reserves from business operations. In this regard, it has now been decided to exempt such exchanges, during their first five years of operation from the date of SEBI's approval for commencement / recom....

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....18. 4. The provisions of this circular shall be effective from the date of this circular. 5. This circular is issued in exercise of powers conferred under Section 11 (1) of the Securities and Exchange Board of India Act, 1992, to protect the interests of investors in securities and to promote the development of, and to regulate the securities market. 6. Exchanges are advised to: i. make neces....