{"id":350551,"date":"2025-06-13T14:00:42","date_gmt":"2025-06-13T08:30:42","guid":{"rendered":"https:\/\/www.scconline.com\/blog\/?p=350551"},"modified":"2025-06-13T13:57:10","modified_gmt":"2025-06-13T08:27:10","slug":"sebi-master-circular-commodity-derivatives-pac-meeting-frequency-revision","status":"publish","type":"post","link":"https:\/\/www.scconline.com\/blog\/post\/2025\/06\/13\/sebi-master-circular-commodity-derivatives-pac-meeting-frequency-revision\/","title":{"rendered":"SEBI\u2019s new Guidelines for PAC meetings under Master Circular"},"content":{"rendered":"
\n

On 12-6-2025, the Securities Exchange Board of India<\/span> (\u2018SEBI<\/span>\u2019) issued \u2018Review of provisions relating to Product Advisory Committee (\u2018PAC\u2019)<\/span>\u2019 to revise provisions governing PAC in the commodity derivatives segment to streamline regulatory processes, reduce compliance burdens, and enhance market adaptability, particularly for agricultural commodities<\/span>. This circular came into force on 12-6-2025.<\/p>\n

Key Updates on SEBI’s Master Circular:<\/h3>\n
    \n
  1. \n

    SEBI through its \u2018SEBI Master Circular for Commodity Derivatives Segment<\/span>\u2019 dated 4-8-2023, mandated each stock exchange to constitute a PAC<\/span> for each group or complex of commodities that share common stakeholders or value chain participants.<\/p>\n<\/li>\n

  2. \n

    SEBI aims to bring changes into the SEBI Master Circular, to regulate the frequency of meetings held by PAC, ensuring efficient trading mechanisms, and addressing stakeholder concerns.<\/p>\n<\/li>\n

  3. \n

    The revised meeting requirements under the SEBI Master Circular<\/span> are as follows-<\/p>\n

      \n
    • \n

      For non-agricultural commodities<\/span>– PAC will meet at least twice a year<\/span> and more frequently as required.<\/p>\n<\/li>\n

    • \n

      For agricultural commodities<\/span>– PAC will meet at least once a year<\/span>, instead of the previous requirement of twice a year.<\/p>\n<\/li>\n<\/ul>\n<\/li>\n

    • \n

      To implement changes recommended by SEBI\u2019s Commodity Derivatives Advisory Committee (\u2018CDAC\u2019<\/span>), stock exchanges will be granted greater flexibility in conducting PAC meetings, considering the seasonal nature of agricultural commodities.<\/p>\n<\/li>\n

    • \n

      Stock exchanges are directed to:<\/p>\n

        \n
      • \n

        Inform their members about the revised provisions;<\/p>\n<\/li>\n

      • \n

        Disseminate the circular on their websites for public awareness.<\/p>\n<\/li>\n<\/ul>\n<\/li>\n

      • \n

        SEBI acknowledges the unique characteristics of the markets while maintaining robust advisory mechanisms for non-agricultural commodities<\/span>, as outlined in the SEBI Master Circular.<\/p>\n<\/li>\n<\/ol>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

        SEBI Modifies PAC meeting frequency for Commodity Markets.<\/p>\n","protected":false},"author":67525,"featured_media":316838,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[4,15],"tags":[83441,83439,70332,83440,83442,83437,83436,83438,83049,35318,37767,83443],"class_list":["post-350551","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-legislationupdates","category-rules_regulations","tag-agricultural-commodities","tag-cdac","tag-financial-markets","tag-market-regulation","tag-non-agricultural-commodities","tag-pac","tag-product-advisory-committee","tag-sebi-laws","tag-sebi-master-circular","tag-securities-exchange-board-of-india","tag-stock-exchanges","tag-trading-mechanisms"],"yoast_head":"\nSEBI Master Circular for PAC Meetings | SCC Times<\/title>\n<meta name=\"description\" content=\"SEBI updates 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| Clarification on participation of “Eligible Foreign Investors (EFIs)” in Commodity Derivatives in IFSC\u00a0","author":"Bhumika Indulia","date":"March 19, 2019","format":false,"excerpt":"EFIs may participate in commodity derivatives contracts traded in stock exchanges in IFSC subject to the following conditions:- \u00a0The participation would be limited to the derivatives contracts in non-agricultural commodities only, \u00a0Contracts would be cash settled on the settlement price determined on overseas exchanges, and \u00a0All the transactions shall be\u2026","rel":"","context":"In "Legislation Updates"","block_context":{"text":"Legislation 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This Master Circular shall supersede previous Master Circular SEBI\/HO\/CDMRD\/DNPMP\/CIR\/P\/2020\/118 dated July 10, 2020. SEBI has been issuing various direction for commodity derivatives market from time to time. Hence, the\u2026","rel":"","context":"In "Legislation Updates"","block_context":{"text":"Legislation Updates","link":"https:\/\/www.scconline.com\/blog\/post\/category\/legislationupdates\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":275237,"url":"https:\/\/www.scconline.com\/blog\/post\/2022\/10\/08\/securitiesandexchangeboardofindia-sebi-circular-participation-registeredforeignportfolioinvestors-exchangetradedcommodityderivativesinindia-to-protect-interestsofinvestors\/","url_meta":{"origin":350551,"position":2},"title":"SEBI issues circular on Participation of SEBI registered FPIs in Exchange Traded Commodity Derivatives in India","author":"Editor","date":"October 8, 2022","format":false,"excerpt":"\u00a0 \u00a0 On 29-09-2022, the Securities and Exchange Board of India (\u2018SEBI\u2019) has issued a circular on participation of SEBI registered Foreign Portfolio Investors (\u2018FPI's) in Exchange Traded Commodity Derivatives in India to protect the interests of investors in securities and to promote the development of, and to regulate the\u2026","rel":"","context":"In "Legislation Updates"","block_context":{"text":"Legislation Updates","link":"https:\/\/www.scconline.com\/blog\/post\/category\/legislationupdates\/"},"img":{"alt_text":"SEBI","src":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2022\/03\/MicrosoftTeams-image-111-4.jpg?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2022\/03\/MicrosoftTeams-image-111-4.jpg?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2022\/03\/MicrosoftTeams-image-111-4.jpg?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2022\/03\/MicrosoftTeams-image-111-4.jpg?resize=700%2C400&ssl=1 2x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2022\/03\/MicrosoftTeams-image-111-4.jpg?resize=1050%2C600&ssl=1 3x"},"classes":[]},{"id":322801,"url":"https:\/\/www.scconline.com\/blog\/post\/2024\/05\/23\/sebi-issues-master-circular-on-stock-brokers-legal-news\/","url_meta":{"origin":350551,"position":3},"title":"SEBI issues Master Circular for Stock Brokers rescinding 12 circulars","author":"Kriti","date":"May 23, 2024","format":false,"excerpt":"Securities and Exchange Board of India issues master circular rescinding circulars to the extent they relate to Stock Brokers.","rel":"","context":"In "Legislation Updates"","block_context":{"text":"Legislation Updates","link":"https:\/\/www.scconline.com\/blog\/post\/category\/legislationupdates\/"},"img":{"alt_text":"Securities and Exchange Board of India","src":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2024\/03\/Securities-and-Exchange-Board-of-India.webp?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2024\/03\/Securities-and-Exchange-Board-of-India.webp?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2024\/03\/Securities-and-Exchange-Board-of-India.webp?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2024\/03\/Securities-and-Exchange-Board-of-India.webp?resize=700%2C400&ssl=1 2x"},"classes":[]},{"id":222157,"url":"https:\/\/www.scconline.com\/blog\/post\/2019\/11\/15\/modifications-in-the-contract-specifications-of-commodity-derivatives-contracts\/","url_meta":{"origin":350551,"position":4},"title":"Modifications in the contract specifications of commodity derivatives contracts","author":"Bhumika Indulia","date":"November 15, 2019","format":false,"excerpt":"1. SEBI vide its circular ref. no. SEBI\/HO\/CDMRD\/CIR\/2016\/88 dated September 20, 2016 had inter-alia prescribed at Para 3(c) provisions regarding permission to allow modifications in contract specifications at the exchange level. 2. In order to streamline the process and after consultation with the exchanges, it has been decided to categorise\u2026","rel":"","context":"In "Legislation Updates"","block_context":{"text":"Legislation Updates","link":"https:\/\/www.scconline.com\/blog\/post\/category\/legislationupdates\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":71661,"url":"https:\/\/www.scconline.com\/blog\/post\/2016\/09\/20\/sebis-circular-on-ucc-and-mandatory-requirement-of-pan-for-trading-on-commodity-derivatives-exchanges\/","url_meta":{"origin":350551,"position":5},"title":"SEBI’s circular on UCC and mandatory requirement of PAN for trading on Commodity Derivatives Exchanges","author":"Saba","date":"September 20, 2016","format":false,"excerpt":"SEBI has issued a \u00a0Circular dated September 16, 2016 to all the Commodity Derivatives Exchanges regarding norms on Unique Client Code (UCC) and mandatory requirement of Permanent Account Number (PAN). 1. 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