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TMI BlogTrade Guarantee Fund (TGF)/ Settlement Guarantee Fund(SGF) – reduced exposure for ten rolling settlementX X X X Extracts X X X X X X X X Extracts X X X X ..... utive Directors of all the Stock Exchanges Dear Sir/Madam, Sub - Trade Guarantee Fund (TGF)/ Settlement Guarantee Fund(SGF) reduced exposure for ten rolling settlement 1. SEBI has specified in circular no.SMDRP/Policy/Cir-16/2001, dated March 09, 2001 the norms for the utilisation of the settlement/trade guarantee funds at the exchanges. 2. The para numb ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... rket Risk Management and pursuant to the recommendations of the Committee it has been decided that the reduced exposure shall apply to atleast ten rolling settlements instead of four settlement as specified in the circular no.SMDRP/Policy/Cir-16/2001, dated March 09, 2001. Thus the para 1 of the said circular shall now read as follows:- 1. In cases where amount shortages in a settlement ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 80% 50% of BMC 100% of BMC 60% This reduced gross exposure level shall be maintained for the member for ten rolling settlements. If the cumulative funds shortages for the next ten rolling settlements is less than 20% of BMC, the exposure limits shall be restored. However, if a member provides a ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... interest of not less than 0.09% per day. Since then the interest rates have generally declined and hence the outstanding amount can now attract a lower penal interest which shall not be less than 0.07% per day. The undersigned has been authorized to direct the exchanges to make necessary amendments to the relevant bye-laws, rules and regulations for the implementation of the above decisio ..... X X X X Extracts X X X X X X X X Extracts X X X X
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