Brief Overview:
With a view to streamlining compliance reporting, the Samuhik Prativedan Manch (“SPM”) has been extended to clearing members that are also stock brokers and hold memberships across multiple stock exchanges and clearing corporations. The change enables covered reports to be filed through a common platform, instead of being submitted separately to each relevant clearing corporation.
Technical Details:
Key Highlights
1) Regulatory context: SPM was introduced as a technology-based common reporting mechanism to rationalise compliance reporting by market intermediaries. Its extension to clearing-member reporting forms part of the broader move towards reducing procedural duplication and improving ease of doing business in the securities market.
2) Entities covered: The framework applies to clearing members that are also stock brokers and have memberships with more than one stock exchange and clearing corporation. For such entities, the earlier process involved making similar filings across multiple market infrastructure institutions.
3) Operational change: Once a covered report is submitted on SPM, it will be available to the concerned clearing corporations. This creates a common reporting route for the identified reports and reduces the need for parallel submissions by the same intermediary.
4) Implementation timeline: Phase 1 is proposed to commence from 30th September 2026, covering 14 compliance reports that account for approximately 60% of the relevant reporting requirements. Under Phase 2, proposed from 31st December 2026, onboarding of the remaining reports will be explored.
5) Possible next step: SEBI will also examine whether the platform can be extended to professional clearing members with memberships across multiple clearing corporations.
Takeaways:
The extension of SPM signals a gradual shift towards a more centralised and efficient compliance reporting architecture for securities market intermediaries, with the immediate benefit of reducing repeated filings and related operational burdens for eligible clearing members. Around 1,066 clearing members are expected to benefit from lower compliance costs and reduced reporting duplication.
For further details, please see:
SEBI | Samuhik Prativedan Manch- A Technology based common reporting mechanism
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