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TMI BlogPolicy of Annual Inspection of Members by Stock Exchanges/Clearing CorporationsX X X X Extracts X X X X X X X X Extracts X X X X ..... Exchanges/Clearing Corporations 1. As per SEBI circulars MIRSD/Master Cir-04/2010 dated March 17, 2010, CIR/MIRSD/13/2012 dated December 07, 2012 and SEBI/HO/MIRSD/MIRSD2/CIR/P/2016/92 dated September 23, 2016, stock exchanges are required to formulate a policy for annual inspection of their members in consultation with SEBI. 2. In terms of aforementioned circulars, the policy for annual inspec ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... of members for annual inspection are as follows: a. Stock brokers servicing investors, getting disabled on account of funds shortages on more than 3 times in a month shall be inspected irrespective of the fact of when they were last inspected. b. Stock brokers servicing investors, having overnight disablement on account of margin shortage for more than 2 days shall be inspected irrespective of ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ubsidiaries of Regional Stock Exchanges shall be inspected every year. g. Stock Exchange shall frame internal policy for selection of stock brokers for inspection based on inputs/alerts from Risk Based Supervision. h. Besides the above, the special purpose/limited inspections shall be carried out based on any triggers like patterns found during investor complaint resolution/Arbitration, compla ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... rokers shall be inspected by Clearing Corporations. Other activities of stock brokers shall be inspected by Stock Exchanges. If Stock Exchanges and Clearing Corporations so desire, they can conduct joint inspections of stock brokers. Where Clearing Corporation has not been set up, Stock Exchange shall inspect all activities of stock brokers including activity of clearing for other stock brokers. ..... X X X X Extracts X X X X X X X X Extracts X X X X
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