BSE Ltd.

10/06/2023 | Press release | Distributed by Public on 10/06/2023 08:21

Reporting requirement on Bank Guarantees (BGs) created out of clients’ funds

NOTICES
Notice No. 20231006-4 Notice Date 06 Oct 2023
Category Settlement/RMS Segment General
Subject Reporting requirement on Bank Guarantees (BGs) created out of clients' funds
Attachments Annexure.docx ;
Content

Attention of clearing members is drawn to "SEBI Circular No. SEBI/HO/MIRSD/MIRSD-PoD-1/P/CIR/2023/061 dated April 25, 2023 and ICCL Circular No. 20230427-21 dated April 27, 2023 on Bank Guarantees (BGs) created out of clients' funds".<_o3a_p>

In accordance with the aforesaid SEBI Circular, the following provisions were required to be implemented: <_o3a_p>

- No new Bank Guarantees (BGs) shall be created out of clients' funds by Members w.e.f. May 01, 2023.<_o3a_p>

- Existing Bank Guarantees (BGs) created out of clients' funds shall be wound down by September 30, 2023.<_o3a_p>

Further, as per Para 5 of the aforementioned SEBI Circular, members are required to submit a certificate to the Clearing Corporation by October 16, 2023, confirming the implementation of provisions of SEBI Circular duly certified by their Statutory Auditor. <_o3a_p>

Members who are carrying out only proprietary trading without any clients since the date of above SEBI Circular, shall submit a one-time declaration.<_o3a_p>

Accordingly, Members are advised to mail the aforesaid certificate in the prescribed format enclosed as Annexure to [email protected]<_o3a_p>

In case of any queries members may contact the following officials<_o3a_p>

Name of Officials<_o3a_p>

Direct Line Number<_o3a_p>

Email<_o3a_p>

Sneha Sahadevan<_o3a_p>

022-22725075<_o3a_p>

[email protected]<_o3a_p>

Praveen Poojary<_o3a_p>

022-22728788<_o3a_p>

<_o3a_p>

For and on behalf of Indian Clearing Corporation Ltd. <_o3a_p>

<_o3a_p>

Ganesh Kanaujiya<_o3a_p>

Senior Manager<_o3a_p>

Membership & Inspection<_o3a_p>