Membership Card Value for Networth Calculations of Members

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..... culations of Members 1. SEBI vide Circulars No SMD/SED/9012/93 dated May 14, 1993 and SMD/SED/CIR/93/22570 dated October 21, 1993 had specified, interalia, that the value of the membership card of the stock exchange would be considered as a non allowable asset and would not be considered for the computation of net-worth. 2. The issue of including the value of membership card as part of capital o .....

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..... h component of the capital. S.No. Period in which auction/sale last took place Percentage of haircut 1 0 to ≤ 6 months 50 % 2 > 6 months to < 12 months 75 % 4. If the auction/sale of card has not taken place in the last 12 months then the card value shall not be considered for calculation of net-worth of the stock brokers. 5. While the card value as stipulated above may be considere .....

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..... notice of the member brokers/clearing members of the Exchange and also to disseminate the same on the website. 8.3 communicate to SEBI, the status of the implementation of the provisions of this circular in Section II, item no. 13 of the Monthly Development Report for the month of August 2004. 9. This circular is being issued in exercise of powers conferred under Section 11 (1) of the Securitie .....

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