TIMELINES FOR ADVANCE INTIMATION FOR CHANGES IN COMMODITY DERIVATIVES CONTRACT SPECIFICATIONS
In a circular dated November 14, 2019, SEBI outlined the procedure for making changes to the contract specifications of commodity derivatives contracts. Contract revisions are divided into three categories based on their materiality: Category A, Category B, and Category C. According to the aforementioned circular, the ability to modify contract specifications is conditional on the Stock Exchanges, before implementing such changes Security Exchanges have to inform SEBI and market participants of the reasons for the revisions.
The aforementioned circular specifies advance notification timelines of 10 days for Category A contract modifications and 30 days for Category B and Category C contract modifications. To ensure that contract modifications have the desired impact and that the modified contract represents a healthy replica of the physical market, it has been decided, in consultation with the Stock Exchanges, to reduce the number of days of advance intimation for all three categories, i.e. Category A, Category B, and Category C, to ten days.
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SOP FOR FILING HARD COPIES AT NCLAT HAS BEEN TEMPORARILY RELAXED IN PART
The partial temporary relaxation in the Revised Standard Operating Procedure regarding the filing of Hard-Copies is revoked with immediate effect. The Revised Standard Operating Procedure, dated January 3, 2021, is now fully operational, including the requirement that Learned Advocates/Authorized Representatives/Parties-in-Person file the Appeal/Interlocutory Application/ Reply/ Rejoinder, etc. in hard copy as well as the e-filing receipt, as per the procedure prescribed in NCLAT Rules, 2016.
Within 15 days after the date of this Notice, hard copies may be filed. If the Hard-Copies are not filed, the Registry would notify the Hon’ble Bench involved and seek appropriate directions. Furthermore, all Learned Advocates/Authorized Representatives/Parties-in-Person who have e-filed the Appeal/Interlocutory Application/Reply/Rejoinder, etc. giving an undertaking in terms of Notice dated May 24, 2021, are now required to honor Undertakings and file Hard-copies of the Appeal/Interlocutory Application/Reply/Rejoinder, etc. as per the procedure prescribed under the NCLAT Rules, 2016.
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