10 crore and shall deposit at least a sum of Rs. (3) An applicant who desires to act as a clearing member, in addition to complying with the requirements of sub-regulation (1), shall have a minimum net worth of Rs. 1 Crore and shall ensure that its approved user and sales personnel have passed a certification programme approved by the Board: Provided that the Board may grant exemption to a trading member from the requirement of certification as provided under sub-regulation (2) for a period extending upto one year from the date of commencement of the Securities and Exchange Board of India (Stock Brokers And Sub- Brokers) (Amendment) Regulations, 2008. (2) An applicant who desires to act as a trading member, in addition to complying with the requirements of sub-regulation (1), shall have a net worth of Rs. (d) has any financial liability which is due and payable to the Board under these regulations. (c) is subjected to disciplinary proceedings under the rules, regulations and bye-laws of any stock exchange with respect to his business as a stock broker or member of currency derivatives segment or member of clearing house or corporation involving either himself or any of his partners, directors or employees
(b) has the necessary infrastructure like adequate office place, equipment and man-power to effectively undertake his activities (a) is eligible to be admitted as a trading member of currency derivatives segment of a stock exchange and/or a clearing member of currency derivatives segment of a stock exchange or a clearing corporation or a clearing house (1) The Board shall take into account for considering the grant of a certificate all matters relating to dealing and settlement in currency derivatives and in particular the following, namely, whether the applicant. (2) The applicant or its principal officer shall, if so required, appear before the Board for personal representation.ġ6L. (1) The Board may require the applicant or the concerned stock exchange or segment or clearing house or corporation to furnish such other information or clarifications, regarding the trading and settlement in currency derivatives and matters connected thereto, to consider the application for grant of a certificate. (3) The currency derivatives segment or clearing house or corporation, as the case may be, shall forward the application to the Board as early as possible but not later than thirty days from the date of its receipt.įurnishing of information, clarification, etc.ġ6K. Provided that a trading member who also seeks to act as a clearing member shall make separate applications for each activity in Form AB of Schedule I. (2) An application for grant of certificate of registration by a clearing member of the clearing corporation or clearing house of currency derivatives segment of a stock exchange, shall be made in Form AB of Schedule I, through the concerned clearing corporation or clearing house of which he is a member: (1) An application for grant of certificate of registration by a trading member of currency derivatives segment of a stock exchange shall be made in Form AB of Schedule I, through the concerned currency derivatives segment of a stock exchange of which he is a member. REGISTRATION OF TRADING AND CLEARING MEMBERS OF CURRENCY DERIVATIVES SEGMENTĪpplication for registration of trading member or clearing member.ġ6J. (iii) After Chapter IIIA, the following Chapter and regulations shall be inserted, namely:. (ii) In regulation 16 I, in sub-regulation (4), for the words “regulation 26” occurring at the end, the words “Chapter VI” shall be substituted. in clause (gd), after the words “derivatives segment of a stock exchange” the words “or currency derivatives segment of a stock exchange” shall be inserted. in clause (ae), after the words “derivatives segment of an exchange” the words “or currency derivatives segment of an exchange” shall be inserted ī.
In the Securities and Exchange Board of India (Stock Brokers And Sub- Brokers) Regulations, 1992–Ī. They shall come into force on the date of their publication in the Official Gazette.ģ. These regulations may be called the Securities and Exchange Board of India (Stock Brokers And Sub- Brokers) (Amendment) Regulations, 2008.Ģ. – In exercise of the powers conferred by section 30 of the Securities And Exchange Board of India Act, 1992 (15 of 1992), the Board hereby makes the following Regulations to further amend the Securities and Exchange Board of India (Stock Brokers and Sub- Brokers) Regulations, 1992, namely :-ġ. (STOCK BROKERS AND SUB- BROKERS) (AMENDMENT) REGULATIONS, 2008
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