TMI BlogNecessary in the interest of trade and public interest that the bye-law made by the Madras Stock Exchange Ltd.X X X X Extracts X X X X X X X X Extracts X X X X ..... Exchange Board of India hereby makes the amendment to the bye-laws of Madras Stock Exchange Ltd., specified in the Schedule below, and in pursuance of the proviso to sub-section (4) of that section, the Securities and Exchange Board of India, in the interest of the trade and in public interest and to facilitate regulation of transactions between clients and brokers without delay hereby dispenses with the condition of previous publication of the said amendments to the bye-laws. SCHEDULE After the existing bye-law 243, the following bye-law being 243A shall be inserted : 243A REGULATION OF TRANSACTIONS BETWEEN CLIENTS AND BROKERS Notwithstanding anything to the contrary contained in these Bye-laws, the following shall regul ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... due to the Member, he shall pay the whole of such cheque or draft into the clients account and effect subsequent transfer as laid down below in para D (ii). (C) What moneys to be paid into clients account .- No money shall be paid into clients account other than- (i) money held or received on account of clients; (ii) such money belonging to the Member as may be necessary for the purpose of opening or maintaining the account; (iii) money for replacement of any sum which may by mistake or accident have been drawn from the account in contravention of para D given below; (iv) a cheque or draft received by the Member representing in part money belonging to the client and in part money due to the Member. (D) W ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... received for transfer or sent for transfer by the Member, in the name of client or his nominee (s); (d) Securities that are fully paid for and are held in custody by the Member as security margin -etc. Proper authorization from client for the same shall be obtained by Member; (e) Fully paid for client's securities registered in the name of Member, if any, towards margin requirements etc.; (3) Members Brokers shall make payment to their clients or deliver the securities purchased within two working days of pay-out unless the client has requested otherwise. Stock Exchange shall issue a Press Release immediately after the pay-out. (4) Member brokers shall issue the contract note for purchase [sale of securities to a cl ..... X X X X Extracts X X X X X X X X Extracts X X X X
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