Sebi plans simpler rulebook for stock exchanges, doing away with obsolete provisions

SEBI has floated a fourth consultation paper aimed at simplifying its rulebook for stock exchanges and other market infrastructure institutions (MIIs). Key proposals include consolidating multiple circulars into a single master circular for stock exchanges, separate master circulars for clearing corporations and IT requirements, reducing periodic reporting, simplifying registration for Direct Market Access and Smart Order Routing, and discontinuing close-to-money norms for options. The framework, once finalised after stakeholder feedback, is expected to cut duplication and improve operational flexibility for exchanges, clearing corporations and brokers.