SEBI Proposes Uniform IT Capacity Norms for Commodity Derivatives Segment

Mumbai, June 30, 2025 — The Securities and Exchange Board of India (SEBI) has issued a draft circular inviting public comments on revised guidelines for capacity planning and real-time performance monitoring for Market Infrastructure Institutions (MIIs) handling the Commodity Derivatives Segment.

The move seeks to harmonise infrastructure standards between commodity and equity market segments, especially for exchanges and clearing corporations, by mandating stricter and more uniform capacity requirements.

Proposed Changes and Rationale

Aspect	Current Provisions	Proposed Change	Rationale
Capacity of Critical IT Systems	1.5x projected peak load (Equity MIIs, Dec 2024 circular); 4x peak for commodity trading systems (Sep 2016 circular)	2x projected peak load for all critical systems in commodity derivatives MIIs	Align with actual usage data and bring parity with equity MIIs
Real-time Monitoring	Not mandated for commodity clearing corporations	Mandatory real-time monitoring and alert systems for all critical IT components	Enhance early detection and performance assurance
Applicability	Only trading systems of commodity exchanges covered under existing circulars	Framework extended to clearing corporations in commodity derivatives	Ensure systemic resilience and consistency across market infrastructure

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Key Guidelines in the Draft Circular

1. Minimum Installed Capacity:
   All critical IT systems must have an installed capacity of at least 2x the projected peak load, computed based on 180-day historical data and anticipated 60-day demand.
2. Stress Testing:
   MIIs must conduct quarterly stress tests to assess the impact on throughput, latency, and overall system performance under high-load scenarios.
3. Automated Monitoring Systems:
   Exchanges and clearing corporations must implement automated performance monitoring and alert mechanisms to track resource utilisation (CPU, memory, storage, network) against defined thresholds.
4. Threshold Triggers:
   Any component exceeding 75 percent utilisation must trigger immediate capacity augmentation action.
5. Policy Mandates:
   MIIs must formalise a Capacity Planning and Real-Time Performance Monitoring Policy with SCOT and Board approval, subject to annual review.
6. Vendor Accountability:
   SLAs with third-party vendors must incorporate capacity and performance obligations to ensure compliance with SEBI norms.

Implementation Timeline

• MIIs are required to submit revised guidelines approved by their SCOT and Governing Board within three months from the date of the final circular.
• The revised framework will become effective three months from issuance.

Public Comment Window

SEBI has invited stakeholder feedback on the draft circular until July 20, 2025. Comments must be submitted via the online form available on the SEBI website under the “Public Comments” section.

For technical issues, stakeholders may reach out to:

• Ansuman Dev Pradhan (GM) at ansumanp@sebi.gov.in
• Harshad Patil (AGM) at harshadp@sebi.gov.in

Regulatory Authority

This draft circular is issued under the powers granted by:

• Section 11(1) of the SEBI Act, 1992
• Regulation 51 of the SECC Regulations, 2018

It also supersedes Clause 16.1.2 of Chapter 16 of the SEBI Master Circular dated August 4, 2023.

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