Refund of base minimum capital

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..... Cir/93/22570 dated October 21, 1993, prescribed an absolute base minimum capital for various exchanges. The requirements of the base minimum capital were revised and enhanced vide SEBI circular no. SMD/SED/RCG/270/96 dated January 19, 1996 wherein the requirement of the base minimum capital was doubled. 2. SEBI has received representations from stock exchanges with a request for refund/withdrawal .....

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..... to the following conditions : (1) The member has been inactive at the stock exchange for the past 12 months, i.e. he has not carried out any transaction on that stock exchange during the past 12 months. (2) There are no investor complaints pending against the member. (3) There are no arbitration cases pending against the member. (4) The exchange shall retain/deduct/debit from the BMC to b .....

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..... effect from the members. 6. The undersigned has been authorised to direct the stock exchanges (1) to take immediate steps to make necessary amendments to the relevant bye-laws, rules and regulations for the implementation of the above decision, (2) to bring the provisions of this circular to the notice of the member brokers/clearing members of the Exchange and also to disseminate the same .....

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