Securities Contracts (Regulation) Amendment Rules, 2003 - F.NO. 1/55/SE/2001-G.S.R. 696(E) - SEBI

MINISTRY OF FINANCE (Department of Economic Affairs) (Capital Markets, External Commercial Borrowings and Pension Reforms Division) NOTIFICATION New Delhi, the 28th August, 2003 G.S.R. 696(E).- In exercise of the powers conferred by section 30 of the Securities Contracts (Regulation) Act, 1956 (42 of 1956), the Central Government hereby makes the following rules further to amend the Securities Contracts (Regulation) Rules, 1957, namely:- 1. (1) These rules may be called the Securities Contracts (Regulation) Amendment Rules, 2003. (2) They shall come into force on the date of their publication in the Official Gazette. 2. In the Securities Contracts (Regulation) Rules, 1957, in rule 8,- (a) in sub-rule (1), in clause (f) - (i) after the words securities , the words or commodity derivatives shall be inserted; (ii) for the proviso, the following proviso shall be substituted, namely:- Provided that no member may conduct business in commodity derivatives, except by setting up a separate company which shall comply with the regulatory requirements, such as, networth, capital adequacy, margins and exposure norms as may be specified by the Forward Market Commission, from time to time: Provided further that nothing herein shall be applicable to any corporations, bodies corporate, companies or institutions referred to in items (a) to (k) of the proviso to sub-rule (4). ; (b) in sub-rule (3), in clause (f),- (i) after the words securities , the words or commodity derivatives shall be inserted; (ii) for the item (iii), the following item shall be substituted, namely:- nothing herein shall affect members of a recognised stock exchange which are corporations, bodies corporate, companies or institutions referred to in items (a) to (k) of the proviso to sub-rule (4). ; (c) in sub-rule (4),- (i) in the proviso, for the words following corporations, the words following corporations, bodies corporate shall be substituted; (ii) after item (g), the following items shall be inserted, namely:- (h) any bank included in the Second Schedule to the Reserve Bank of India Act, 1934 (2 of 1934); (i) the Export Import Bank of India, established under the Export import Bank of India Act, 1981 (28 of 1981); (j) the National Bank for Agriculture and Rural Development, established under the National Bank for Agriculture and Rural Development Act, 1981 (61 of 1981) and (k) the National Housing Bank, established under the National Housing Bank Act, 1987 (53 of 1987). [F.NO. 1/55/SE/2001] U.K. SINHA, Jt. Secy. Note: The principal rules were issued under SRO No. 576 dated 21.2.1957 published in the Gazette of India, Extraordinary, part II, Section 3, page 619 dated 21.2.1957 and were subsequently amended by the amendment Notification GSR 1096 dated 14.7.1967 published in the Gazette of India II, Part II section 3, sub-section (i) w.e.f. 22.7.1967, GSR 685 dated 3.6.1972 published in the Gazette of India, Part II, section 3, sub section (i) page 1556, GSR 959 dated 8.8.1972, GSR 2641 dated 1.11.1975, GSR 1083 dated 11.11.1985, GSR 1070 (E) dated 15.11.1988, GSR 666 (E) dated 20.7.1987, GSR 870 (E) dated 13.11.1992, GSR 617(E) dated 20.9.1993 published in the Gazette of India, Extraordinary, Part II. section 3, sub section (i) w.e.f. 20.9.1993, GSR 749(E) dated 12.10.1994, published in the Gazette of India, Extraordinary, Part II, section 3, sub section (i), GSR 790 (E) dated 7.11.1994, GSR 121 (E) dated 9.3.1995, published in the Gazette of India Extraordinary, Part II, section 3, sub section (i) w.e.f. 9.3.1995, GSR 291 (E) dated 27.3.1995, published in the Gazette of India, Extraordinary, Part II, section 3, sub section (i), GSR 581(E) dated 23.12.1996, published in the Gazette of India, Extraordinary, Part II, section 3, sub section (i), GSR No 654(E) dated 8.8.2000, published in the Gazette of India, Extraordinary, Part II, section 3, sub section (i) and GSR 415(E) dated 7.6.2001 published in the Gazette of India, Extraordinary, Part II, section 3, sub section (i).