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Contribution by a non-defaulting member in the Default waterfall of Clearing Corporations - SEBI - SEBI/HO/MRD2/DCAP/CIR/P/2020/01

Extract

..... ring Corporations. 2. Pursuant to deliberations with Risk Management Review Committee (RMRC) of SEBI and various stakeholders, it has been decided to amend the following provisions of the aforesaid Circular. a. Clause 14 of the said Circular dated August 27, 2014 shall stand modified as under: “Further Contribution to/ Recoupment of Core SGF 14) Requisite contributions to Core SGF by various contributors (as per clauses 7 and 8) for any month shall be made by the contributors before start .....

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Contribution by a non-defaulting member in the Default waterfall of Clearing Corporations - SEBI

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..... itional contribution only once during a period of 30 calendar days regardless of the number of defaults during the period. The period of 30 calendar days shall commence from the date of notice of default by CC to market participants. (ii) CCs shall have relevant regulations/provisions for non-defaulting members to resign un-conditionally within the abovementioned period of 30 calendar days, subject to member closing out/settling any outstanding positions, paying the capped additional contributio .....

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Contribution by a non-defaulting member in the Default waterfall of Clearing Corporations - SEBI

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..... f the above decision. (iii) bring the provisions of this circular to the notice of the trading members / clearing members / custodians and also to disseminate the same on the website. (iv) communicate to SEBI the status of implementation of the provisions of this circular through Monthly Development Report. 4. This circular is issued in exercise of the powers conferred under Section 11(1) of the Securities and Exchange Board of India Act 1992, read with Section 10 of the Securities Contracts (Re .....

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Contribution by a non-defaulting member in the Default waterfall of Clearing Corporations - SEBI

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