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TMI BlogSecurities and Exchange Board of India (Stock Brokers and Sub-Brokers) (Amendment) Regulations, 2008.X X X X Extracts X X X X X X X X Extracts X X X X ..... rds derivatives segment of a stock exchange the words or currency derivatives segment of a stock exchange shall be inserted. (ii) In regulation 16-I, in sub-regulation (4), for the words regulation 26 occurring at the end, the words Chapter VI shall be substituted. (iii) After Chapter III-A, the following Chapter and regulations shall be inserted, namely :- CHAPTER III-B REGISTRATION OF TRADING AND CLEARING MEMBERS OF CURRENCY DERIVATIVES SEGMENT 16J. Application for registration of trading member or clearing member .- (1) An application for grant of certificate of registration by a trading member of currency derivatives segment of a stock exchange shall be made in Form AB of Schedule I, through the concerned currency derivatives segment of a stock exchange of which he is a member. (2) An application for grant of certificate of registration by a clearing member of the clearing corporation or clearing house of currency derivatives segment of a stock exchange, shall be made in Form AB of Schedule I, through the concerned clearing corporation or clearing house of which he is a member : Provided that a trading member who also seeks to act as a clearin ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... rokers and Sub-Brokers) (Amendment) Regulations, 2008. (3) An applicant who desires to act as a clearing member, in addition to complying with the requirements of sub-regulation (1), shall have a minimum net worth of ₹ 10 crore and shall deposit at least a sum of ₹ 50 lakhs or higher amount with the clearing corporation or clearing house of the currency derivatives segment in the form specified from time to time. Explanation : For the purpose of sub-regulations (2) and (3) the expression net worth shall mean paid up capital and free reserves and other securities approved by the Board from time to time (but does not include fixed assets, pledged securities, value of member s card, non-allowable securities (unlisted securities), bad deliveries, doubtful debts and advances (debts or advances overdue for more than three months or debts or advances given to the associate persons of the member), prepaid expenses, losses, intangible assets and 30 per cent value of marketable securities). 16M. Procedure for registration.- The Board on being satisfied that the applicant is eligible, shall grant a certificate in Form DB of Schedule I, to the applicant and send an ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... er to abide by the code of conduct, etc.-( 1) The code of conduct specified for the stock brokers as stipulated in Schedule II, shall be applicable mutatis mutandis to the trading member, clearing member and such members shall at all times abide by the same. (2) The trading member and clearing member shall abide by the code of conduct as specified in the rules, bye-laws and regulations of currency derivatives segment of the stock exchange. (3) The trading members shall obtain details of the prospective clients in know your client format as specified by the Board before executing an order on behalf of such client. (4) The trading member shall mandatorily furnish risk disclosure document disclosing the risk inherent in trading in currency derivatives to the prospective clients in the form specified by currency derivatives segment of the stock exchange. (5) The trading or clearing member shall deposit margin or any other deposit and shall maintain position or exposure limit as specified by the Board or the concerned exchange or segment or clearing corporation or clearing house from time to time. 16R. Applicability of Chapters IV, V and VI.-( 1) The provisions of Ch ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... p to currency derivatives segment of a stock exchange/clearing corporation/clearing house. 13. Whether a member of more than one exchange or currency derivatives segment of a stock exchange or clearing corporation or clearing house of any segment? If so, please give name(s) of the clearing corporation/clearing house, or any stock exchange(s) with code number(s)? 14. Net worth of the applicant. Please furnish details along with necessary documents in support thereof. 15. Whether the applicant or its director or partners, any time convicted of any economic offence? If so, please furnish the details ? 16. Whether the applicant or its directors or partners, declared insolvent/bankrupt or declared defaulter by any exchange ? If so, please furnish details. 17. Whether the applicant or its directors or partners at any time subjected to any proceedings or penalty by the Board under the SEBI Act or any of the regulations framed under the SEBI Act ? If so, please furnish the details. 18. Indicate fax, telex and phone number(s). 19. Whether the application is accompanied by a requisite fee as per Schedule IV-A of the Regulations as applicable to the applicant. I declar ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ion is in force, in the manner specified below:- (a) for the first financial year along with the application for registration; (b) for the subsequent financial years before 1st June of that financial year . 2. Every trading member shall pay to the Board, a fee in respect of the transactions undertaken by him on the currency derivatives segment of a recognised stock exchange, at the rate of 0.0002 per cent of his turnover (Rs. 20 per crore). Explanation .-(A) For the purpose of this clause, the expression turnover shall include the value of the trades executed by the trading member on the currency derivatives segment of the recognised stock exchange and of the trades settled on the expiration of currency derivatives contracts. (B) In case of options contracts, turnover shall be computed on the basis of premium traded for the option contracts and in case where the option is exercised or assigned, it shall be additionally computed on the basis of notional value of option contracts exercised or assigned. 3. (1) Every recognised stock exchange shall collect from every trading member and clearing member, the fee payable under clause 2 in respect of his turnove ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... f India on October 23, 1992 vide GSR No. 780 (E). 2. The Securities and Exchange Board of India (Stock Brokers And Sub-Brokers) Regulations, 1992 were subsequently amended on :- (a) November 28, 1995 by the Securities and Exchange Board of India (Payment of Fees) (Amendment) Regulations, 1995 vide S.O. No. 939 (E). (b) January 5, 1998 by the Securities and Exchange Board of India (Stock Brokers and Sub-Brokers) (Amendment) Regulations, 1998 vide S.O. No. 13 (E). (c) January 21, 1998 by the Securities and Exchange Board of India (Stock Brokers and Sub-Brokers) (Second Amendment) Regulations, 1998 vide S.O. No. 75 (E). (d) December 16, 1998 by the Securities and Exchange Board of India (Stock Brokers and Sub-Brokers) (Third Amendment) Regulations, 1998 vide S.O. No. 1078 (E). (e) July 6, 1999 by the Securities and Exchange Board of India (Stock Brokers and Sub-Brokers) (Amendment) Regulations, 1999 vide S.O. No. 541 (E). (f) March 14, 2000 by the Securities and Exchange Board of India (Stock Brokers and Sub-Brokers) (Amendment) Regulations, 2000 vide S.O. No. 234 (E). (g) March 28, 2000 by the Securities and Exchange Board of India (Appeal to Secu ..... X X X X Extracts X X X X X X X X Extracts X X X X
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