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TMI BlogApplication for recognition/renewal of recognition of a clearing corporation under regulation 4/regulation 12 of the Securities Contracts (Regulation) (Stock Exchanges and Clearing Corporations) Regulations, 2012X X X X Extracts X X X X X X X X Extracts X X X X ..... f recognition of a clearing corporation under regulation 4/regulation 12 of the Securities Contracts (Regulation) (Stock Exchanges and Clearing Corporations) Regulations, 2012. Sir, 1. We/I on behalf of .................. (name and address of clearing corporation ) being a clearing corporation hereby apply for recognition/renewal of recognition for the purposes of the said Act in respect of clearing and settlement of contracts in securities. 2. Two copies of the rules, memorandum and articles of association relating in general to the constitution and management of the clearing corporation and two copies of the bye-laws for the clearing and settlement of contracts in securities are enclosed. 3. All the necessary information required in the A ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ing its trades? Give the name of such stock exchange(s) and details of its organisation and management. Part II Clearing membership of clearing corporation. 9. State the number of clearing members at the time of application. Also specify how many are inactive. 10. State whether there is any provision, resolution or convention for limiting the number of clearing members and whether in pursuance thereof you have fixed a ceiling on the number of clearing members that you would admit. 11. Do you insist on any minimum qualifications and experience before enrolling new clearing members? If so, give details. 12. State the different classes of clearing members, if any, the number thereof and the privileges enjoyed by each class. What is the procedu ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... gement, election and tenure of office of members of the governing board, and the manner in which its business is transacted. 23. Are any trade or commercial interest represented on your governing board? If so, give details of interests represented. 24. Do you associate members of investors associations with the management of your clearing corporation? If so, state the manner in which it is done. 25. Are there any Government or the Board representatives on your governing board? If so, furnish their names. 26. How many public interest directors are there on the governing board? Furnish their names, qualifications and experience. 27. Do your rules provide for the direct election by clearing members on the Advisory Committee of the governing bo ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... t of dealings admitted for clearing and settlement? If so, under what circumstances is this right exercised? 37. Give details of the clearing and settlement charges and other charges, if any, levied by your clearing corporation. 38. What provisions have you made for periodical settlement of contracts and differences thereunder, the delivery of, and payment for securities and the passing of delivery orders? 39. How do you fix, alter or postpone the dates of settlement? 40. Do you provide any safeguards for the prevention of market manipulation, especially in the case of physical delivery of shares in the derivative markets and for meeting emergencies in settlement? Give details. 41. Provide a detailed assessment of the measures adopted to ad ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... corporation for determining the obligations of the clearing member? 47. What is your policy in respect of settling trades of shareholder stock exchange and non-shareholder stock exchange? 48. Do you have any provisions for regulating the volume of business and exposure taken by any individual clearing member other than through a system of margins? If so, give details. 49. What provisions have you made for regulating- (a) the entering into contracts, their performance and rescission (b) the consequences of breach, default or insolvency on the part of trading or clearing members whether acting as buyers, sellers or intermediaries? Part V Infrastructure 50. Do you have any machinery for arbitration of disputes between clearing members and/or b ..... X X X X Extracts X X X X X X X X Extracts X X X X
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