Liquidity Enhancement Schemes for Illiquid Securities in Equity Cash market

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....exchanges to introduce LES to enhance liquidity of illiquid securities in their Equity Cash market. 3. LES may be introduced in any of the following securities: (a) Securities having a mean impact cost greater than or equal to 2% for an order size of ₹ 1 lakh, where mean impact cost of the security on the stock exchange is calculated over the past 60 trading days. (b) Securities introduced for trading in the "permitted to trade" category. 4. LES may be continued till such time as the security achieves mean impact cost of less than 2% for an order size of ₹ 1 lakh on the stock exchange during the last 60 trading days. 5. Discontinuation of LES for any security shall be done after advance notice of 15 days. 6. Stock exchan....

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.... and warrants, of the stock exchange. 10. If a stock exchange chooses the form specified in Para '9a' above, the incentives under all LES (both Equity Cash and Derivative Segment), during a financial year, shall not exceed 25% of the net profits or 25% of the free reserves of the Stock Exchange, whichever is higher, as per the audited financial statements of the preceding financial year. If, however, a stock exchange chooses the form specified in Para '9b' above, the shares, including the shares that may accrue on exercise of warrants or options, given as incentives under all LES (both Equity Cash and Derivative Segment), during a financial year, shall not exceed 25% of the issued and outstanding shares of the Stock Exchange as on the last....