Base minimum capital relief for low-turnover exchanges allows refund of excess capital subject to compliance. SEBI permits exchanges with average daily turnover below Rs. 1 crore for any three consecutive months to maintain member BMC at Rs. 1 lakh and to refund excess BMC to members provided the member has been inactive for 12 months, has no pending investor complaints or arbitration cases, and has paid SEBI turnover fees with a No-Objection Certificate; exchanges may deduct amounts for investor claims, arbitration-related dues, administrative expenses and SEBI fees. If exchange turnover exceeds the threshold for one month, BMC must be restored to the earlier higher level and undertakings obtained; exchanges must amend bye-laws, notify members, publish the change and report implementation to SEBI.
Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
Provisions expressly mentioned in the judgment/order text.
Base minimum capital relief for low-turnover exchanges allows refund of excess capital subject to compliance.
SEBI permits exchanges with average daily turnover below Rs. 1 crore for any three consecutive months to maintain member BMC at Rs. 1 lakh and to refund excess BMC to members provided the member has been inactive for 12 months, has no pending investor complaints or arbitration cases, and has paid SEBI turnover fees with a No-Objection Certificate; exchanges may deduct amounts for investor claims, arbitration-related dues, administrative expenses and SEBI fees. If exchange turnover exceeds the threshold for one month, BMC must be restored to the earlier higher level and undertakings obtained; exchanges must amend bye-laws, notify members, publish the change and report implementation to SEBI.
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