SEBI Compliance
SEBI Circular · Feb 04, 2025Audit records
3
Integrity
100% intact
Signature
RSA-4096 · SHA-256
Framework
SEBI Algo · Feb 2025
Cryptographic Audit Log Records
3 Entries| Timestamp (UTC) | Strategy Name | SEBI SHA-256 Audit Hash | Prompt Input Lineage | Trigger Mode | Integrity Status | Actions / Certificate |
|---|---|---|---|---|---|---|
| 2026-03-01 09:15:02 IST | Nifty 15m Momentum Raider | 9074134191129f81b42acde49210e755fa61e38953f93a9b1c0989f64e287a91 | Buy Nifty ATM call when RSI crosses 55 with 15m EMA 9>21 and 20% trailing stop loss | LIVE_AUTOMATED | VERIFIED_INTACT | |
| 2026-03-01 09:20:00 IST | BankNifty 09:20 Delta Neutral Straddle | 8f4e2c8a91b2c3d4e5f6a7b8c9d0e1f2a3b4c5d6e7f8a9b0c1d2e3f4a5b6c7d8 | Sell BankNifty ATM Straddle at 09:20 IST with 25% SL each leg and 15:15 IST square-off | LIVE_AUTOMATED | VERIFIED_INTACT | |
| 2026-03-02 09:25:30 IST | BSE Sensex Mean Reversion Kernel | 7a6b5c4d3e2f1a0b9c8d7e6f5a4b3c2d1e0f9a8b7c6d5e4f3a2b1c0d9e8f7a6b | Mean reversion on Sensex 5m Bollinger Bands with ATR volatility clamp and zero lookahead bias | SCHEDULED_TRIGGER | VERIFIED_INTACT |
Regulatory architectureSEBI Circular Feb 04, 2025
Tier 1 · Technology
Crucible Quantitative Engine
- Client-side signal generation (non-discretionary)
- Pre-trade risk collars (price bands, loss limits)
- SHA-256 cryptographic audit trail
- Encrypted broker API payloads via static IP
Tier 2 · Regulated Principal
Empaneled Stock Broker RMS
- SEBI retail algo compliance & order tagging
- Statutory margin validation & risk controls
- Principal legal responsibility for order routing
- 2FA authentication & client identification
Tier 3 · Matching Engine
Exchanges (NSE / BSE · NYSE / NASDAQ)
- Central order matching & trade execution
- Exchange-level circuit breakers & price bands
- Clearing corporation settlement
- Real-time market data dissemination
Architecture note: Crucible operates as a non-discretionary execution technology layer. It never routes directly to the exchange or bypasses broker risk controls. The empaneled SEBI-registered broker is the principal; Crucible acts subordinate to the broker RMS.
Institutional Governance & Regulatory Alignment
Crucible Architectural Position in the Regulated Chain
Engineered in strict accordance with the Securities and Exchange Board of India (SEBI) Algorithmic Trading Framework (Circular dated February 04, 2025) and SEBI outsourcing governance standards.
1. The Regulated Multi-Tier Execution Chain
TIER 1 · TECHNOLOGY LAYERNon-Discretionary
Crucible Quantitative Engine
- • Client-side strategy logic & signal generation
- • Pre-trade risk collars (price bands, loss limits)
- • SHA-256 cryptographic audit trail generation
- • Encrypted broker API order payloads with Static IP
TIER 2 · REGULATED PRINCIPALStatutory Checkpoint
Empaneled Stock Broker RMS
- • SEBI Feb 4, 2025 Retail Algo compliance & tagging
- • Static IP mapping, 2FA auth & client identification
- • Statutory margin validation & broker-level risk controls
- • Principal legal responsibility for order transmission
TIER 3 · MATCHING ENGINEMarket Infrastructure
Exchanges (NSE / BSE · NYSE / NASDAQ)
- • Central order matching & trade execution
- • Exchange-level price band & circuit breaker checks
- • Clearing corporation settlement & post-trade clearing
- • Real-time market data dissemination
Institutional Architecture Distinction: Crucible operates as an execution and quantitative technology layer. It never routes directly to the exchange or bypasses broker controls. The empaneled SEBI-registered broker acts as principal; Crucible acts subordinate to the broker RMS as an algorithmic software vendor.
2. Institutional Mandate: Proprietary Desks vs. SEBI-Registered PMS Platforms
Under SEBI Outsourcing Regulations and SEBI’s May 2026 Final Order regarding First Global Finance and Algo One, external technology vendors cannot perform core investment functions such as client-specific asset allocations, basket-file generation, or automated rebalancing across third-party investors. To ensure ironclad regulatory defensibility, Crucible enforces a strict structural distinction:
Proprietary Trading DesksFirm Capital
Desks trade their own balance sheet capital without third-party fiduciary obligations. Crucible provides direct multi-account order routing, dealer allocation, strategy slicing, and account-level risk controls across firm-owned broker accounts.
SEBI-Registered PMS PlatformsDiscretion Retained
Manages outside investor funds. Crucible operates strictly as a non-discretionary execution conduit. Crucible does not advise, determine client-level asset allocations, or rebalance portfolios. All investment discretion, model weights, and supervisory authority remain 100% with the regulated portfolio manager.
3. Strategic Institutional Roadmap
NOW · PRODUCTIONPhase 1
Execution Safety & Audit
- • Real-time risk supervision: Pre-trade price collars, loss caps, and automated drawdown pause.
- • Cryptographic audit trail: Tamper-evident, cryptographically verifiable SHA-256 event logging.
- • Centralised cross-broker kill switch: Stops new strategy orders and initiates broker-level cancellation/square-off procedures across connected accounts, subject to broker API availability.
NEXT · EXPANSIONPhase 2
Institutional Infrastructure
- • Multi-account prop execution: Sub-account routing and capital allocation for proprietary trading desks.
- • Non-discretionary PMS tech infra: Technology infrastructure for SEBI-registered PMS platforms with investment discretion retained by the regulated entity.
- • Transaction Cost Analysis (TCA): Arrival price, implementation shortfall, slippage, and VWAP benchmarking.
- • Dedicated compute: Isolated execution containers and static IP gateways for broker whitelisting.
FUTURE · STANDARDPhase 3
Broker-Integrated Layer
- • Default execution layer: Standard execution infrastructure empaneled directly into Indian broker architectures.
- • Multi-asset clearing interfaces: Direct telemetry across equity, derivatives, and US clearing desks (DTC/NSCC/OCC).
- • Institutional SLAs: 99.99% high-availability gateway redundancy.