https://www.taxtmi.com/circulars?id=60047 SEBI permits membership card value to be included in a member's net worth as a non cash capital component if measured by the latest auction/sale price and reduced by a time based haircut; cards without an auction/sale in the past 12 months are ineligible. Recognised card value cannot be used as exchange deposited capital for intra day trading, exposure limits, or margins. Exchanges must maintain cash and liquid assets equal to at least half the aggregate recognised card value, amend bye laws, notify members, publish the change, and report implementation to SEBI. en-us Thu, 22 Jul 2004 00:00:00 +0530 Wed, 06 Mar 2019 16:04:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/circulars?id=60047 SEBI permits membership card value to be included in a member's net worth as a non cash capital component if measured by the latest auction/sale price and reduced by a time based haircut; cards without an auction/sale in the past 12 months are ineligible. Recognised card value cannot be used as exchange deposited capital for intra day trading, exposure limits, or margins. Exchanges must maintain cash and liquid assets equal to at least half the aggregate recognised card value, amend bye laws, notify members, publish the change, and report implementation to SEBI. Circulars SEBI Thu, 22 Jul 2004 00:00:00 +0530 https://www.taxtmi.com/circulars?id=60047