Trading hours for commodity derivatives segment

CIRCULAR
SEBI/HO/CDMRD/DMP/CIR/P/2018/146 November 30, 2018 To, The Managing Directors / Chief Executive Officers All Recognised Stock Exchanges and Clearing Corporations having commodity derivatives segment Sir / Madam, Sub: Trading hours for commodity derivatives segment

1. Vide circular SEBI/HO/CDMRD/DMP/CIR/P/2016/75 dated August 30, 2016
   SEBI had inter-alia specified commodity category-wise time limits within which exchanges are permitted to fix trading hours for trading in derivatives contracts.

2. In order to deepen the commodity derivatives markets as well as to enhance
   the participation of stakeholders such as Farmers Producers Organizations (FPOs), value chain participants, foreign entities having actual exposure to Indian physical markets etc., as recommended by the Commodity Derivatives Advisory Committee, it has been decided to extend the trade time within which recognized stock exchanges can set their trading hours for their commodity derivatives segment. The revised trade timings are as under:
   S.
   No
   Commodity Category Trade Start
   Time
   Trade End time
   After Start of US
   Day light Savings in Spring Season
   After End of US
   Day light
   Savings in Fall
   Season
   1
   Non-Agricultural
   Commodities 09:00 AM 11:30 PM 11:55 PM
   2
   Agricultural and Agri￾processed Commodities 09:00 AM 09:00 PM

3. The extension of the trade timing is subject to the Stock Exchange and its
   Clearing Corporation(s) putting in place adequate risk management system, surveillance system and infrastructure commensurate with the increased trading hours.

4. Thus, para 4 of the circular dated August 30, 2016 stands modified
   accordingly.

5. The provisions of this circular shall come into effect from 30 days from the
   date of this circular.

6. This circular is issued in exercise of the 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.

7. Exchanges and Clearing Corporations are advised to:
   i. to make necessary amendments to the relevant bye-laws, rules and
   regulations.
   ii. bring the provisions of this circular to the notice of the stock brokers of the
   Exchange and also to disseminate the same on their website.
   iii. communicate to SEBI, the status of the implementation of the provisions of
   this circular.

8. This circular is available on SEBI website at www.sebi.gov.in under the
   category “Circulars” and “Info for Commodity Derivatives”. Yours faithfully, Vikas Sukhwal Deputy General Manager Division of New Products and Market Policy Commodity Derivatives Market Regulation Department vikass@sebi.gov.in