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ARTICLE · 28 APRIL 2025

Governance Of Technical Glitches In Stock Broker's Electronic Trading Systems – Moving Towards A More Balanced Framework

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This Prism seeks to review the regulatory framework surrounding Technical Glitches (defined below) in light of the recent circular dated March 28, 2025, issued by Stock Exchanges (defined below).

IndiaFinance and Banking
Pulkit Sukhramani
Pulkit Sukhramani
Anshuman Sugla
Anshuman Sugla
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This Prism seeks to review the regulatory framework surrounding Technical Glitches (defined below) in light of the recent circular dated March 28, 2025, issued by Stock Exchanges (defined below).

SEBI circular dated November 25, 20221

On November 25, 2022, SEBI issued a circular ("SEBI Circular 2022") introducing a framework to govern technical glitches in stock brokers trading systems. The intent behind the issuance of the circular was to tackle issues related to glitches and risks to avoid disruption of investors' opportunity to trade.

Thus, SEBI recognised that the consequential effect of Technical Glitches could include financial loss as well as diminish investor confidence in a trading platform's reliability, and as such, a resilient trading infrastructure was warranted to ensure seamless market operations and maintain investor confidence and participation. With this background, a working group was constituted to recommend suitable measures to address the

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