The Securities and Exchange Board of India (SEBI) on February 11, 2026, issued a circular regarding the Capacity Planning and Real Time Performance Monitoring framework for Commodity Derivatives Segment of Market Infrastructure Institutions (MIIs).
Clause 16.1.2 of the SEBI Master Circular dated August 04, 2023 required stock exchanges to maintain trading system capacity at least four times the peak order load, ensure consistent response time, and regularly upgrade systems, including surveillance systems, to keep pace with algorithmic trading and rising data volumes. Subsequently, SEBI issued a circular dated December 10, 2024 prescribing revised guidelines for Capacity Planning and Real-Time Performance Monitoring for Market Infrastructure Institutions (MIIs), which initially excluded the Commodity Derivatives Segment.
Based on representations from stock exchanges and after consultation with SEBI’s Technical Advisory Committee (TAC) and public consultation, SEBI reviewed the framework and has now extended it to the Commodity Derivatives Segment with certain modifications. Most provisions of the December 10, 2024 circular (Paras 3.1–3.16, except specified changes) shall apply mutatis mutandis to this segment.
Under the revised framework, the installed capacity for the Commodity Derivatives Segment must be at least two times (2x) the projected peak load. Further, if actual capacity utilization of any component exceeds 75% of the installed capacity, immediate corrective action such as system fine-tuning or capacity enhancement must be undertaken. The Standing Committee on Technology (SCOT) shall oversee such actions, and the handling mechanism must be incorporated into the MII’s Capacity Planning and Real-Time Performance Monitoring Policy.
Stock Exchanges and Clearing Corporations are required to prepare and submit their revised policy for the Commodity Derivatives Segment to SEBI within three months of the circular, after obtaining approval from SCOT and their Governing Board. The circular will come into effect three months from the date of issuance.
This circular supersedes Clause 16.1.2 of the August 04, 2023 Master Circular for the Commodity Derivatives Segment and is issued under Section 11(1) of the SEBI Act, 1992 read with Regulation 51 of the SECC Regulations, 2018, to protect investor interests and regulate the securities market.
[Circular No. HO/47/13/14(1)2026-MRD-TPD1/I/4755/2026]
