Mumbai: The Securities and Exchange Board of India (Sebi) on Thursday said NSE and BSE would act as alternative trading venues at the time of any outage on either bourse in a bid to ensure business continuity."In case of outage of a trading venue during trading hours, the participants with open positions would be exposed to price risk on such open positions, as there could be material news flow during that time. In such a case, the multi exchange set-up along with interoperability among clearing corporations could be leveraged to provide an alternative trading venue to end investors," Sebi said in a circular.The regulator said, in case of technical glitch, the affected exchange would have to intimate about the invocation of the instant business continuity mechanism to the alternative stock exchange and Sebi within 75 minutes of occurrence of impact.The alternative stock exchange would invoke the business continuity plan as per the standard operating procedure (SOP) within 15 minutes from such intimation.If identical or correlated trading products are available on another trading venue, then participants can hedge their open positions by taking offsetting positions in identical or correlated indices on other exchange, Sebi said."As these segments are interoperable, taking offsetting positions in other trading venue would net off such open positions for end clients and release the margin. Hence, no separate treatment is required for such category of products," it said.For scrips exclusively listed on an exchange, it may have to create reserve contracts to be invoked at the time of outage on the other exchange.Further for index derivatives products not having correlated index derivatives products on another exchange, it may consider creating such an index and introducing derivatives contracts on it.This would provide an avenue to hedge positions in index derivatives products of an exchange that suffered an outage, it said.