TaxTMI 
TaxTMI 
TaxTMI 
NORMS REGULATING TRANSACTIONS BETWEEN MEMBERS/ DEALERS AND CLIENTS.
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....the monies received/paid on account of clients and on their own account. The books of account maintained by members/dealers on account of clients would help to distinguish the money paid by each client. The books of account to be maintained by members/dealers should be in accordance with rule 15 of the Securities Contracts (Regulation) Rules, 1957, and regulation 17 of the Securities and Exchange Board of India (Stock Brokers and Sub-Brokers) Regulations, 1992. 3. Books of account pertaining to the clients should, inter alia, provide for the following:- (i) securities received for sale or kept pending delivery in the market ; (ii) securities fully paid for, pending delivery to the clients; (iii) securities received for transfer or sent for transfer by the member/dealer in the name of the client or his nominee(s) ; (iv) securities that are fully paid for and are held in custody by the member/dealer as security. Proper authorisation from client for the same shall be obtained by the member/dealer; (v) fully paid for clients' securities registered in the name of members/dealers, if any, towards margin requirements. Moneys to be paid into client's account 4. Members /dea....
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....isting equivalent credit in his account with the member/dealer. The member/dealer shall deliver the securities to the client within two working days of pay-out by the exchange. The member/dealer shall issue to the client a purchase confirmation slip/ contract note for all transactions in the permitted securities category within 24 hours of the execution of the contract. Selling client - Listed securities - In the case of listed securities; the selling client must deliver the securities within valid transfer documents within two days of the issuance of the sales confirmation slip. The member/dealer shall make payment to the client within two working days of pay out by the exchange. The member/dealer shall issue to the client a sales confirmation slip for all transactions in the listed securities category within 24 hours of the execution of the contract. Permitted securities - In the case of permitted securities, the selling client must deliver the securities with valid transfer documents within two days of the issuance of the sales confirmation slip/contract note. The member/dealer shall make payment to the client within two working days of pay-out by the exchange. The membe....
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....OTC Exchange of India; (b) The chief operating officer of the OTC Exchange of India as an alternate to the managing director; (c) Not more than five representatives of promoter institutions; and (d) Such representatives of the members and dealers and independent representatives not exceeding five, as may be decided by the board from time to time. The following modifications are made in the articles of association of the OTC Exchange of India:- ANNEXURE III Articles 110 :- (i) The company shall be entitled to agree with the President of India for the appointment of not more than two directors of the company by the President of India as contemplated by this article in respect of any advance or advances made by the Government of India or in respect of any guarantee or guarantees that may be given by the Government of India in connection with the company's borrowings. (ii) The company shall appoint such members not exceeding three as may be nominated by Securities and Exchange Board of India (SEBI) on the board of OTC Exchange of India. (iii) The Government directors and SEBI directors so appointed shall not be liable to retire by rotation or be removed from office except....
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....ompanies Act read with Schedule XIII to the Act or any statutory modifications or re-enactment thereof for the time being in force, and be in accordance with the terms of his contract with the company. Article 120D :- Subject to the provisions of the Act and to the terms of any contract with him, the managing director shall have the whole or substantially the whole of the management of the affairs of the company subject to the superintendence, control and direction of the board of directors including the following functions:- (i) The managing director shall be vested with the executive powers of the exchange to run the day-to-day administration and to enforce the articles, rules, bye-laws and regulations of the exchange and shall exercise such powers, etc., as are provided hereunder and as may be delegated or entrusted to him by the board from time to time. (ii) Subject to the control and supervision of the board, the managing director shall have the powers in matters which concern disciplining of trading and member's/dealer's activities including enforcement of the articles of association, bye-laws and regulations of the exchange in such matter. The managing director w....
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....cle 137B(1), and the nomination of the persons on the said sub-Committee shall be subject to the prior approval of the Securities and Exchange Board of India. (ii) Default sub-Committee shall deal with all cases of defaulting or defaulted members / dealers including the claims arising thereof and filed by the members/dealers of the exchange. This sub-Committee shall also be responsible for review of the cases of deflated members/dealers. (iii) Re-admission of defaulters - A member's/dealer's right of membership/dealership shall lapse and vest in the exchange immediately on his being declared defaulter. On the declaration of default he shall at once cease to be a member/dealer of the exchange and as such, cease to enjoy any of the rights of a member/dealer but the rights of his creditor member/s dealers against him shall remain unimpaired. The board of directors may re-admit a defaulter as a member/dealer, subject to the provisions contained in these presents. A notice of every application by a defaulter for re-admission shall be given at least 15 days prior to his re-admission. Any member/dealer or any other creditor intending to object to the re-admission of the defau....