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Rationalization of imposition of fines for false/incorrect reporting of margins or non-reporting of margins by Trading Member/Clearing Member in all segments

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..... ear Sir / Madam, Sub: Rationalization of imposition of fines for false/incorrect reporting of margins or non-reporting of margins by Trading Member/Clearing Member in all segments 1. Attention is drawn to the following circulars issued by SEBI with respect to Mechanism for regular monitoring of and penalty for short-collection/ non-collection of margins from clients : a) Circular No. CIR/DNPD/7/20 .....

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..... onsidering the principle of proportionality , the fine shall be charged to the member based on the materiality of non-compliance done by the member which may include factors such as number of instances, repeated violations, etc. The amount of fine to be charged upon the member may extend to 100% of such false/incorrectly/non reported amount of margin and/or suspension of trading for appropriate nu .....

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..... ions in co-ordination with one another to achieve uniformity in approach. c. Communicate to SEBI, the status of the implementation of the provisions of this circular in their Monthly Development Reports. 7. This circular is being issued in exercise of powers conferred under Section 11 (1) of the Securities and Exchange Board of India Act, 1992 and Section 10 of Securities Contract (Regulation) Act .....

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