SMD Circular No12 dated May 17, 2002

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..... e Equity Markets held on April 2002, the following decisions have been taken:- 1. Currently, in terms of press releases dated March 05, 2001 and circular no. SMDRP/Policy/Cir-34/2001, the financial institutions, FIIs, banks, and mutual funds were required to pay margins on their sale position in scrips where there is a positive differential between the minimum VaR(1.75 times Index VaR) and the ac .....

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..... earlier be withdrawn. 3. Vide circular no SMDRP/POLICY/CIR-33/2000 dated July 27, 2000, it was directed that all the clients, excluding FIs, FIIs, MFs shall maintain a deposit with the broker in the form of cash, bank guarantees, FDRs or approved securities which shall not be less than 10% of the net open positions of the client at any point of time. It was stipulated in circular no. SMDRP/Policy .....

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