9911796707
TMI BlogMonitoring Shareholding of Market Infrastructure Institutions (MIIs)X X X X Extracts X X X X X X X X Extracts X X X X ..... phs 15.1.1 (IV) & (V) of Chapter 15 of SEBI Master Circular No. SEBI/HO/MRD/MRD-PoD-1/P/CIR/2023/136 dated August 04, 2023 for 'Commodity Derivatives Segment' prescribes the procedure for ensuring compliance with Securities Contracts (Regulation) (Stock Exchanges and Clearing Corporation) Regulations, 2018 ('SECC Regulations, 2018') by listed Stock Exchanges. 2. SEBI vide letter dated July 17, 2017 addressed to depositories and stock exchanges issued guidelines on monitoring of ownership and other provisions of the Securities Contracts (Regulation) (Stock Exchanges and Clearing Corporations) Regulations, 2012 and SEBI (Depositories and Participants) Regulations, 2012 for listed stock exchanges and listed depositories. 3. In order to ensur ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... g its shareholding limits. However, in case the ISIN of any MII is frozen for debits by the company (MII), the appointment of DD is not required for monitoring the shareholding limits of that MII. In such case, the MII shall verify the shareholding limits prior to recording the transfer of its shares. 4.2. All MIIs shall disclose their shareholding with category wise breakup as per the requirements and formats specified for listed companies under SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 (LODR Regulations, 2015) on a quarterly basis on their respective websites. In case of listed MII, the stock exchange where the shares are listed, shall also display the above information. 4.3. The MIIs shall at the time of ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e end of the day. At the time of appointments of DD, all stock exchanges shall share the list of TMs, their associates and agents including their PANs, contact details, e-mail IDs with the DD and subsequent changes there off shall also be informed to the DD to facilitate monitoring of demat balances. Stock exchanges shall give suitable instructions to their members to provide the details of their associates & agents and subsequent changes, if any. 4.6.1.3. Generate aggregate shareholding reports of TMs, their associates and agents on daily basis. The report shall be shared with the stock exchange, its Registrar & Transfer Agent (RTA), the stock exchange where it is listed (in case of listed stock exchange) and other depository. Post receip ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ion limit. Such fresh purchases by a TM, their associates and agents who has obtained approval shall be marked as 'Approval obtained from Exchange'. In case any of the TMs, their associates and agents purchase shares without such approval of the stock exchange, the DD shall inform the same to the stock exchange and shall initiate appropriate consequential action as mentioned at paragraph 4.9 of this circular. 4.6.4. The TMs, their associates and agents shall also refer to the aggregate shareholding pattern under the category of TMs, their associates and agents, to determine/ascertain the available head room before placing the order. 4.7. For recognized Clearing Corporations (CCs) 4.7.1. The DD shall monitor that at least 51% of ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Regulations, 2018, as applicable. 4.8.4. In the post listing scenario, a reference of the applicable Regulation with regard to fit and proper (by mentioning the URL/weblink of Regulation 19 and 20 of the SECC Regulations, 2018; and Regulations 22 and 23 of D&P Regulations, 2018) shall be made part of the contract note. 4.8.5. The listed stock exchange and listed depository and the stock exchange where the shares are listed shall notify on their websites that the shares of the listed stock exchange and listed depository shall only be dealt by fit and proper persons as per Regulation 19 and 20 of SECC Regulations, 2018 and Regulations 22 and 23 of D&P Regulations, 2018, as applicable. 4.8.6. The MIIs shall submit to SEBI on a quarterly bas ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... hareholders on the portion of shareholding in excess of the regulatory requirement to their Investor Protection Fund (IPF) (for stock exchanges and depositories) and Settlement Guarantee Fund (SGF) (for CCs). 4.9.2. The divestment of any excess shareholding in a listed MII beyond the specified limit would be through a special window provided by the stock exchange where the shares of MII are listed. However, any excess shareholding in an unlisted MII shall be divested as per the directions given by SEBI on case to case basis. 5. The stock exchange or depository submitting application for listing of its securities to SEBI shall ensure strict compliance with Chapter VII of SECC Regulations, 2018 and Chapter VIII of D&P Regulations, 2018 resp ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
