SMD Circular No12 dated May 17, 2002

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..... Dear Sir/Madam, Pursuant to the discussions in the meeting of the Group on Risk Management Systems for the Equity Markets held on April 2002, the following decisions have been taken:- 1. Currently, in terms of press releases dated March 05, 2001 and circular no. SMDRP/Policy/Cir-34/2001, the financial institutions, FIIs, banks, and mutual funds were required .....

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..... his was as a temporary preventive measure to address excessive market volatility. The Group in its meeting decided that since this was a temporary measure, the price band of 10% as imposed earlier be withdrawn. 3. Vide circular no SMDRP/POLICY/CIR-33/2000 dated July 27, 2000, it was directed that all the clients, excluding FIs, FIIs, MFs shall maintain a deposit with the broker in .....

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..... , It has also been decided that the certification of the collection of this upfront margin will be done by the compliance officer as appointed in terms of regulation 18A of the Securities and Exchange Board of India, (Stock Brokers and Sub-Brokers) Regulations, 1992. You are advised to take steps for the implementation of the above decisions immediately. Yours faithfully, .....

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