Regulatory Framework for Commodity Derivatives Brokers

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.... in force for a period of one year from the date on which the FCRA is repealed (September 29, 2015), or till such time as notified by SEBI, whichever is earlier, as if the FCRA had not been repealed. 2. Erstwhile FMC issued various circulars/letters/ directions to exchanges dealing in commodity derivatives for compliance by their members from time to time. Consequent to merger of FMC with SEBI, it is important that regulatory provisions for brokers across equity and commodity derivatives markets be harmonized. Accordingly, regulatory provisions have been divided into three parts as described below. i. Part A contains details of FMC circulars which shall stand repealed and relevant SEBI circulars which shall be applicable. ....

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.... e) No. 9/1/2009-MKT-I dated Dec 07, 2009 f) No. 9/12009-MKT-I dated Aug 10, 2010 a) Clauses 1 to 11 and Clauses 14 to 19 of Annexure A to MIRSD/ SE /Cir-19/2009 dated Dec 03, 2009 b) CIR/MIRSD/01 /2013 dated Jan 04, 2013 c) CIR/MIRSD/64/2016 dated Jul 12, 2016 For new client accounts. iv.   In-Person Verification Part C of FMC/4/2015/C/0015No. FMC/COMPL/IV/KRA-05/11/14 dated Mar 13, 2015 a) Para 3 of MIRSD/Cir- 26 /2011 Dec 23, 2011 b) Point 4 of Part 'Instructions/Check List' of Annexure 3 of Circular CIR/MIRSD/16/2011 dated Aug 22, 2011 v.   KRA FMC/4/2015/C/0015 No. FMC/COMPL/IV/KRA-05/11/14 dated Mar 13, 2015 a) MIRSD/Cir-23/2011 dated Dec 2, 2011 b) Para 1 of MIRSD/C....

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....I/89/07 dated Mar 13, 2014 d) Div.III/I/89/07 dated Dec 24, 2014 a) SMDRP/Policy/Cir-56/2000 dated Dec 15, 2000 b) SMD/SE/15/2003/29/04 dated Apr 29, 2003 c) MRD/DoP/SE/Cir-20/2005 dated Sep 8, 2005 d) Clause 13 of Annexure A to MIRSD/ SE /Cir-19/2009 dated Dec 3, 2009 xi.   Exclusive e-mail ID for redressel of Investor Complaints No circular issued by FMC MRD/DoP/Dep/SE/Cir-22/06 dated Dec 18, 2006 xii.   Display of information such as logo, registration number on notice board and contract note and investor grievance redressal mechanism on notice board No circular issued by FMC a) Cir/MIRSD/ 9 /2010 dated Nov 4, 2010 b) CIR/MIRSD/3/2014 dated Aug 28, 2014 xiii.   Inter....

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....FMC CIR/MIRSD/24/2011 dated Dec 15, 2011 xviii.   BPO/KPO services - Segregation thereof from Commodity Derivatives Market   No. S/1/2009/MD-I dated Mar 28, 2011 a) Rule 8(1)(f) and 8(3)(f) of SCRR, 1957 b) SMD/POLICY/CIR-6//97 dated May 07, 1997 xix.   Authorized Persons No.6/3/2008-MKT - II ; FMC/2/2012/G/3 dated Jan 11, 2012 a) MIRSD/ DR-1/ Cir- 16 /09 dated Nov 06, 2009 b) Cir/MIRSD/AP/8/2010 dated Jul 23, 2010 4. Part B: Following FMC circulars are specific to commodity derivatives market. It has been decided that contents/norms specified in following circulars shall continue to be in force beyond September 28, 2016. Provisions of these circulars shall be applicable to all com....

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....e preserved by the Member" the words "in the Statement within such time as may be prescribed by the relevant Exchange from time to time where the trade was executed, from the receipt thereof to the Stock broker" shall be substituted. ii. in Clause 31, for the words "monthly" the words "daily" shall be substituted. 5. Part C: Following FMC circulars shall stand repealed. Sr No Subject FMC Circular No. and Date i.   Segregation of Client Accounts in Commodity Futures Exchange and Spot Exchanges FMC/2/2011/C/0008; No.9/1/2011-MKT/I dated Sep 26, 2011 ii.   Member to obtain FMC Unique Code No. IRD/Div./III/(1)/FMCR/1/2005 dated Oct 28, 2005 iii.   Submission of networth certificate ....