TMI BlogSecurities And Exchange Board Of India (Stock Brokers And Sub-Brokers) (Amendment) Regulations, 2013.X X X X Extracts X X X X X X X X Extracts X X X X ..... he words or debt segment of a stock exchange shall be inserted; b. after clause (c), following clause shall be inserted; namely:- (ca) proprietary trading member means a member of debt segment of a stock exchange which trades only on its own account or as permitted by its sectoral regulator; ; c. in clause (fa), after the words currency derivatives segment of a stock exchange the words or debt segment of a stock exchange shall be inserted; d. in clause (gd), after the words currency derivatives segment of a stock exchange the words or debt segment of a stock exchange shall be inserted. (ii) After Chapter III B, the following new Chapter shall be inserted, namely:- CHAPTER III C REGISTRATION OF TRADING MEMBER OR PROPRIETARY TRADING MEMBER OR CLEARING MEMBER OR SELF CLEARING MEMBER OF DEBT SEGMENT Application for registration of trading member or proprietary trading member or clearing member or self clearing member. 16S. (1) An application for grant of certificate of registration by a trading member or proprietary trading member of debt segment of a stock exchange shall be made in Form AC of Schedule I, through the concerned deb ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e requirements of sub-regulation (l), shall have a net worth of fifty lakh rupees and shall deposit a sum with the stock exchange as specified by the Board from time to time. (3) An applicant under this Chapter 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 three crore rupees and shall deposit a sum as specified by the Board with the clearing corporation. (4) An applicant under this Chapter who desires to act as a self-clearing member, in the debt segment of a stock exchange, in addition to complying with the requirements of sub-regulation (1), shall have a minimum net worth of one crore rupees and shall deposit a sum as specified by the Board with the clearing corporation: Provided that the deposit requirement specified in sub-regulation (3) or (4) shall not be applicable when a member clears and settles all the trades only on gross basis for both securities and funds, without using settlement or trade guarantee fund, Explanation - For the purpose of sub-regulations (2), (3) and (4), the expression net worth shall mean the networth as specified under Chapter III B. ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... lf-clearing member fails to pay the fees as provided in sub-regulation (1), the Board may suspend or cancel the certificate of registration after giving an opportunity of being heard, whereupon the trading member or proprietary trading member or clearing member or self-clearing member shall cease to deal in or settle the debt contracts as a member of debt segment of stock exchange or clearing corporation, as the case may be. (3) A trading member or proprietary trading member or clearing member or self-clearing member of any other segment, who has been allowed to trade or clear in the debt segment, shall pay fees as specified in Schedule IV B. Trading member or proprietary trading member or clearing member or self-clearing member to abide by the code of conduct, etc. 16ZA. (1) The code of conduct for the stock brokers specified in Schedule II, shall mutatis mutandis apply to the trading member or proprietary trading member or clearing member or self-clearing member under this Chapter and such members shall at all times abide by that code of conduct. (2) The trading member or proprietary trading member or clearing member or self-clearing member specified in Chapte ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... rokers) Regulations, 1992 [Regulation 16S] Application form for registration as a trading member or proprietary trading member or clearing member and/or self-clearing member of debt segment of a stock exchange with the Securities and Exchange Board of India 1. Name of the debt segment of a stock exchange/clearing corporation of which the applicant is the member and the tenure of membership. 2. Name of the member with Code No. 3. Whether the applicant is to act as a trading member or proprietary trading member or clearing member and/or self-clearing member. 4. ff the applicant is to act as a trading member or proprietary trading member, the applicant is required to furnish the name and details of the clearing member or self-clearing member through whom he intends to clear and settle his trade. 5. Address of the member. 6. Trade name of member. 7. Net worth of the applicant along with necessary documents in support thereof. 8. Whether the application is accompanied by a requisite fee as per Schedule IVB of the Regulations as applicable to the applicant. 9. Copy of certificate of registration in case the applicant is already registered as a member ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... segment/ clearing corporation as trading member / proprietary trading member / clearing member / self-clearing member for dealing in debt segment/clearing and settlement of trades in debt segment and for carrying on such other activities as are permitted by segrnent(s) of a stock exchange/clearing corporation subject to the conditions prescribed therefor, from time to time, by the Board. Registration number allotted is as under: .................................................................. This certificate shall be valid till it is suspended or cancelled in accordance with the Regulations. Date : ................... By order For and on behalf of Securities and Exchange Board of India. (iv) After Schedule IVA, the following new Schedule shall be inserted, namely:- SCHEDULE IVB [Regulation 16Z(1)] FEES TO BE PAID BY THE TRADING MEMBER OR PROPRIETARY TRADING MEMBER OR CLEARING MEMBER OR SELF-CLEARING MEMBER OF DEBT SEGMENT/CLEARING CORPORATION 1. A clearing member or self clearing member shall every financial year pay a fee of rupees fifty thousand till his registration is in force, in the manner specified below:- (a) for the first fi ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... g member or proprietary trading member any fee which was liable to be paid on his behalf under clause 3 remains unpaid or is paid belatedly, he shall, without prejudice to any other action that may be taken under the Act, rules or regulations, pay an interest of 15 per cent. per annum for every month of delay or part thereof to the Board. (3) Every trading member or proprietary trading member shall be liable to furnish such information or explanations to the Board as may be required by it in respect of fee paid or payable under this Schedule. 6. The financial year shall mean the year commencing from 1 st April and ending on 31 st March of the following year. U. K. SINHA, Chairman [ADVT. III/4/Exty./69-ZB/13] Footnote: 1. Securities and Exchange Board of India (Stock Brokers and Sub-Brokers) Regulations, 1992, the Principal Regulations, was published in the Gazette of India on October 23, 1992 vide S.O. No. 780 (E). 2. The Principal Regulations were subsequently amended on: (a) November 28, 1995 by the SEBI (Payment of Fees) (Amendment) Regulations, 1995 vide S.O. No. 939 (E). (b) January 5, 1998 by SEBI (Stock Brokers and Sub-Brokers) (Amendme ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... nd Sub-Brokers) (Amendment) Regulations, 2008 vide Notification No. LAD-NRO/GN/2008/20/134766. (u) June 29, 2009 by the Securities and Exchange Board of India (Payment of Fees) (Amendment) Regulations, 2009 vide Notification No. LAD-NRO/ GN/200910/11/167759. (v) November 19, 2009 by the Securities and Exchange Board of India (Stock Brokers and Sub-Brokers) (Amendment) Regulations, 2009 vide Notification No. LAD-NRO/GN/2009-10/21/183853. (w) April 13, 2010 by the Securities and Exchange Board of India (Stock Brokers and Sub-Brokers) (Amendment) Regulations, 2010 vide Notification No. LAD-NRO/GN/2010-11/06/1097. (x) April 6, 2011 by the Securities and Exchange Board of India (Stock Brokers and Sub-Brokers) (Amendment) Regulations, 2011 vide Notification No. F. No. LAD NRO/GN/2011-12/01/11486. (y) April 19, 2011 by the Securities and Exchange Board of India (Change in Conditions of Registration of Certain Intermediaries) (Amendment)Regulations, 201 1 vide Notification No. LAD/NRO/GN/2011-12/03/12650. (z) August 17, 2011 by the Securities and Exchange Board of India (Stock Brokers and Sub-Brokers) (Second Amendment) Regulations, 2011 vide Notification No. ..... X X X X Extracts X X X X X X X X Extracts X X X X
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