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TMI BlogTrading features pertaining to the Electronic Gold Receipts (EGR) segmentX X X X Extracts X X X X X X X X Extracts X X X X ..... hange in India. 3. In continuation of the aforesaid circular and with a view to specifying the details of various aspects of the trading of EGR on the recognized stock exchange/s, guidelines covering the following subjects are prescribed in the Annexures to this circular. (i) Trade Timings Annexure A (ii) Transaction charges by stock exchanges Annexure B (iii) Call Auction in Pre-open session Annexure C (iv) Block and Bulk Deal Annexure D (v) Price Bands Annexure E (vi) Investor Protection Fund (IPF) Investor Service Fund (ISF) Annexure F (vii) Unique Client Code (UCC) Annexure G 4. This Circular shall come into force with immediate effect. 5. The Exchanges shall: 5.1. take steps to make necessary amendments to the relevant bye-laws, rules and regulations for the implementation of the same, 5.2. bring the provisions of this circular to the notice of the members of the Exchange and also to disseminate the same on their website, 5.3. communicate to SEBI, the status of the implementation of the provisions of this Circular. 6. This Circular is issued in exercise of powers conferred under Section 11 (1) of the Se ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... interest of investors, as specified for cash segment in SEBI circular no. SEBI/HO/MRD2/MRD2_DCAP/P/CIR/2021/0000000591 dated July 5, 2021. Annexure C Framework for Call Auction in Pre-open session 1. Duration : 1.1. The pre-open session shall be for a duration of 15 minutes i.e. from 8:45 AM to 9:00 AM, out of which 8 minutes shall be allowed for order entry, order modification and order cancellation, 4 minutes for order matching and trade confirmation and the remaining 3 minutes shall be the buffer period to facilitate the transition from pre-open session to the normal market. 1.2. The session shall close randomly during last one minute of order entry i.e. anytime between 7th and 8th minute of the order entry. Such random closure shall be system driven. 2. Reference Price: 2.1. Only for first day of trading of EGRs, the stock exchanges, shall discover and disclose a reference price for EGRs in the pre-open session. This reference price would be discovered using the spot price polling mechanism as laid down in SEBI Circular no. SEBI/HO/CDMRD/DMP/CIR/P/2016/78 dated September 02, 2016. Such spot polling would be done, one working day prior to the launch ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... hifted to the order book of the normal market following time priority. 7.2. Unmatched market orders will shift to the normal market order book as limit orders at a price as discovered in the pre-open session. 8 . Risk Management : The current risk management system for EGR segment shall be applicable to pre-open session. 9. The following information shall be disseminated during pre-open session: 9.1. Indicative equilibrium price of EGR 9.2. Indicative cumulative buy and sell quantity of EGR Annexure D Framework for Block Deals in EGR Segment 1. Duration : Considering EGR is a new security class, and it may take time to build liquidity in this segment, it has been decided to allow one block deal window. The window shall operate between 03:05 PM to 3:20 PM. 2. Reference Price : The reference price for block deals shall be the volume weighted average market price (VWAP) of the trades executed in the EGR segment between 02:45 PM to 03:00 PM. Between the period 03:00 PM to 03:05 PM, the stock exchanges shall calculate and disseminate necessary information regarding the VWAP applicable for the execution of block deals. 3. Price Limit: The orders plac ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... in one or more partnership firms and /or is a director in one or more companies and/or is a manager (karta) of a Hindu Undivided Family (HUF), the total executed orders of 4.1.1 the person as an individual operator, 4.1.2 the firm or firms in which he is a partner; 4.1.3 the Company or companies in which he is a director; and 4.1.4 the HUF of which he is a manager(karta) shall be taken together for calculating bulk deals. 4.2 Where two or more persons are partners in a partnership firm or firms and where two or more persons are director in a company or companies and where two or more persons are Kartas of HUFs, the total executed orders held by 4.2.1 all the partners of partnership firm or firms; 4.2.2 the concerned partnership firm or firms; 4.2.3 all the directors of the company or companies; 4.2.4 the concerned company or companies; 4.2.5 all the Kartas of the HUFs; and 4.2.6 the concerned HUFs shall be taken together for calculating bulk deals. 4.3 Where a person or persons operating as individuals and /or being partners in one or more partnership firms and/or being directors in one or more companies and/or being kartas of HUFs are als ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... r after the closure of trading on domestic exchanges, the stock exchanges can relax the price band directly by the required level, by giving appropriate notice to the market. Annexure F Investor Protection Fund (IPF) Investor Service Fund (ISF) 1. In line with the prevailing norms and consultation with stakeholders, IPF and ISF being maintained by the respective stock exchanges can be utilized for the purpose of settling investor claims and investor awareness pertaining to EGR segment. Annexure G Unique Client Code (UCC) 1. For transactions in EGR segment, it shall be mandatory for the members to have Unique Client Code (UCC) for all their clients transacting on the stock exchanges. The stock exchanges shall not allow execution of trades without uploading of the UCC details by the members of the exchange. For this purpose, members shall collect after verifying the authenticity and maintain in their back office the copies of Permanent Account Number (PAN) issued by the Income Tax Department, for all their clients. 2. However, in case of e-PAN, members shall verify the authenticity of e-PAN with the details on the website of IT Department and maintain t ..... X X X X Extracts X X X X X X X X Extracts X X X X
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