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Securities Contracts (Regulation) (Stock Exchanges and Clearing Corporations) (Amendment) Regulations, 2020 - SEBI/LAD-NRO/GN/2020/32 - SEBI

Extract

..... nt) Regulations, 2020. 2. They shall come into force on the date of their publication in the Official Gazette. 3. In the Securities Contracts (Regulation) (Stock Exchanges and Clearing Corporations) Regulations, 2018, - I. In regulation 2, sub-regulation (1), - i. clause (d) shall be substituted with the following clause, namely,- ""clearing corporation" means an entity that is established to undertake the activity of clearing and settlement of trades in securities or other instruments or products that are dealt with or traded on a recognized stock exchange and includes a clearing house and a limited purpose clearing corporation specified under Chapter IV-A.” ii. after clause (h), the following clause shall be inserted, .....

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Securities Contracts (Regulation) (Stock Exchanges and Clearing Corporations) (Amendment) Regulations, 2020 - SEBI/LAD-NRO/GN/2020/32 - SEBI

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..... ditions as may be specified by the Board from time to time;” ii. after clause (g), the following proviso shall be inserted, namely,- “Provided that where the applicant is a limited purpose clearing corporation specified under Chapter IV-A, compliance with the requirement under this clause may be demonstrated by way of outsourcing arrangement(s) with a recognized clearing corporation(s), subject to such conditions as may be specified by the Board from time to time;” III. after Chapter IV, the following Chapter shall be inserted, namely, - “CHAPTER IV - A LIMITED PURPOSE CLEARING CORPORATION Applicability 22A. (1) The provisions of this Chapter shall only apply to the recognized limited purpose clearing corporations. ( .....

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Securities Contracts (Regulation) (Stock Exchanges and Clearing Corporations) (Amendment) Regulations, 2020 - SEBI/LAD-NRO/GN/2020/32 - SEBI

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..... commodity derivatives exchange; and (f) a bilateral or multilateral financial institution approved by the Central Government, may acquire or hold, either directly or indirectly, either individually or together with persons acting in concert, up to fifteen per cent of the paid-up equity share capital of a recognized clearing corporation. Explanation. - For the purpose of this proviso, the persons referred to in clauses (a) to (f) shall mean persons recognised/incorporated outside India. (3) Subject to the limits as otherwise prescribed by the Central Government from time to time, the combined holding of all persons resident outside India in the paid-up equity share capital of a recognised clearing corporation shall not exceed, at any time, f .....

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Securities Contracts (Regulation) (Stock Exchanges and Clearing Corporations) (Amendment) Regulations, 2020 - SEBI/LAD-NRO/GN/2020/32 - SEBI

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..... norms specified by the Board: Provided that for the first five years from the date of grant of recognition by the board, there shall be no distribution of dividend to the shareholders and the profits of recognized limited purpose clearing corporation shall be transferred to the Fund specified in regulation 37. (2) The limited purpose clearing corporation shall not carry on any activity whether involving deployment of funds or otherwise without the prior approval of the Board: Provided that the prior approval of the Board shall not be required in case of treasury investments if such investments are as per the investment policy approved by the governing board of limited purpose clearing corporation. Arbitration Mechanism 22F. The recognized l .....

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Securities Contracts (Regulation) (Stock Exchanges and Clearing Corporations) (Amendment) Regulations, 2020 - SEBI/LAD-NRO/GN/2020/32 - SEBI

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