SEBI has released a detailed circular outlining a revised framework for capacity planning and real-time performance monitoring for the Commodity Derivatives Segment of Market Infrastructure Institutions (MIIs). The framework aligns systems capability, technology resilience and performance thresholds with evolving market conditions while superseding certain earlier provisions applicable to this segment.
Key Highlights (Commodity Derivatives Segment)
1. New framework issued: SEBI has introduced a revised framework for capacity planning and real‑time performance monitoring for the Commodity Derivatives Segment of Market Infrastructure Institutions (MIIs), such as stock exchanges and clearing corporations.
2. Old rule being replaced: The earlier rule from the 2023 Master Circular (which required 4x trading system capacity) is now superseded for the commodity derivatives segment.
3. Alignment with 2024 MII Guidelines: SEBI has decided to extend several provisions from its 2024 updated MII framework to the Commodity Derivatives Segment, which previously had been excluded.
4. List of applicable provisions: Most of the technical and monitoring rules in paras 3.1, 3.2, 3.4–3.12, 3.14–3.16 of the 2024 circular now apply to commodity derivatives.
5. Revised capacity requirement (2x rule): Installed capacity must be at least 2 times (2x) the projected peak load (not 4x as earlier).
6. Capacity utilisation limit set at 75%: If any system component exceeds 75% utilisation:
- Immediate corrective action is required.
- Actions may include tuning systems or increasing capacity.
- Oversight will be done by SCOT (Standing Committee on Technology).
- MIIs must include these actions in their capacity planning policies.
7. Mandatory submission of updated policies: Exchanges and clearing corporations must:
- Update their Capacity Planning & Real-Time Performance Monitoring Policy for this segment.
- Get approval from SCOT and the Governing Board.
- Submit to SEBI within 3 months from the date of the circular.
8. Effective date: The new rules take effect 3 months after the circular date (i.e., effective from May 11, 2026).
9. Legal authority: The circular is issued under SEBI’s statutory powers:
- Section 11(1) of the SEBI Act, 1992
- Regulation 51 of SECC Regulations, 2018
10. Availability: The circular is available under “Legal Framework → Circulars” on official SEBI website.