Regulatory harmonization for commodity brokers aligns commodity market broker rules with securities norms and mandates exchange compliance. The circular harmonises commodity derivatives broker regulation by classifying legacy FMC instruments into three parts-those repealed and replaced by applicable securities regulator circulars, those retained as commodity specific norms, and those repealed-covering client funds segregation, running account settlement, KYC/account opening, client communications, contract notes, audit and inspections, outsourcing and complaint redressal. Exchanges must amend bye laws, monitor compliance via half yearly audits and inspections, continue existing penalties subject to consultative revision, and report implementation to the regulator; the circular is issued under the regulator's powers to protect investors and regulate markets.
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Regulatory harmonization for commodity brokers aligns commodity market broker rules with securities norms and mandates exchange compliance.
The circular harmonises commodity derivatives broker regulation by classifying legacy FMC instruments into three parts-those repealed and replaced by applicable securities regulator circulars, those retained as commodity specific norms, and those repealed-covering client funds segregation, running account settlement, KYC/account opening, client communications, contract notes, audit and inspections, outsourcing and complaint redressal. Exchanges must amend bye laws, monitor compliance via half yearly audits and inspections, continue existing penalties subject to consultative revision, and report implementation to the regulator; the circular is issued under the regulator's powers to protect investors and regulate markets.
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