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Policy of Annual Inspection of Members by Stock Exchanges/Clearing Corporations

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..... ar Sir / Madam, Sub: Policy of Annual Inspection of Members by Stock Exchanges/Clearing Corporations 1. As per SEBI circulars MIRSD/Master Cir-04/2010 dated March 17, 2010, CIR/MIRSD/13/2012 dated December 07, 2012 and SEBI/HO/MIRSD/MIRSD2/CIR/P/2016/92 dated September 23, 2016, stock exchanges are required to formulate a policy for annual inspection of their members in consultation with S .....

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..... Debashis Bandyopadhyay General Manager Annexure - I 1. The criteria for selection of members for annual inspection are as follows: a. Stock brokers servicing investors, getting disabled on account of funds shortages on more than 3 times in a month shall be inspected irrespective of the fact of when they were last inspected. b. Stock brokers servicing investors, having o .....

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..... red intermediaries etc., shall be inspected irrespective of the fact of when they were last inspected. f. Subsidiaries of Regional Stock Exchanges shall be inspected every year. g. Stock Exchange shall frame internal policy for selection of stock brokers for inspection based on inputs/alerts from Risk Based Supervision. h. Besides the above, the special purpose/limited inspections shall b .....

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..... cted by Clearing Corporations once in two years. 2. Clearing activity undertaken by stock brokers for other stock brokers shall be inspected by Clearing Corporations. Other activities of stock brokers shall be inspected by Stock Exchanges. If Stock Exchanges and Clearing Corporations so desire, they can conduct joint inspections of stock brokers. Where Clearing Corporation has not been set up, .....

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