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Utilisation of the Settlement Guarantee Fund (SGF)

..... /POLICY /CIR -16/2001 March 9, 2001 The Executive Directors / Managing Directors, All Stock Exchanges Dear Sir, Sub: SEBI, vide its circular no. SMD/POLICY/SGF/CIR-13/97 dated June 09, 1997 regarding guidelines for setting up Settlement Guarantee Fund(SGF) at Stock Exchanges, had prescribed that in the event of a failure of member/s to honour their settlement commitment, the SGF will fulfill the c .....

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..... se of the Exchange arising out of clearing and settlement operations of such deals as provided in the Bye-laws and Regulations, the relevant authority may utilise the Settlement Guarantee Fund and other monies to the extent necessary to fulfill the obligation under such terms and conditions as the relevant authority may specify from time to time." The following would be the norms for utilisat .....

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..... trade with a reduced gross exposure as mentioned in the table below : Cumulative Funds Shortage Exposure limit allowed (% of current exposure limit) 20% of BMC - 50% of BMC 80% 50% of BMC - 100% of BMC 60% This reduced gross exposure level is maintained for a period of four settlement. If the cumulative funds shortages for the next 4 settlements is less than 20% of BMC, the exposure limits shall b .....

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