SEBI Updates Circular: Clients Can Use Email for Electronic Contract Notes in Commodity Derivatives; Clause 48 Rescinded.
The circular issued by SEBI amends the 'Rights and Obligations of Members, Authorized Persons and Clients' from the FMC circular dated February 26, 2015. It replaces Clause 42 with Clause 37 from a SEBI circular dated August 22, 2011, allowing clients in the commodity derivatives segment to provide email IDs for electronic contract notes without a physical form. Clause 48 is rescinded. Stock exchanges must amend their regulations accordingly, inform members, and report implementation status to SEBI. This aims to enhance investor convenience and streamline electronic communication in securities markets.
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