TaxTMI 
TaxTMI 
Amendment of Bye-laws of Bombay Stock Exchange
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....nge, Bombay specified in the Schedule below, and in pursuance of the proviso to sub-section (4) of that section, the Securities and Exchange Board of India, in the interest of the trade and in public interest and to facilitate regulation of transactions between clients and brokers without delay hereby dispenses with the condition of previous publication of the said amendments to the bye laws. SCHEDULE After the existing bye-law 247, the following bye-law being 247A shall be inserted : "247A REGULATION OF TRANSACTIONS BETWEEN CLIENTS AND BROKERS Notwithstanding anything to the contrary contained in these Bye laws, the following shall regulate the transactions between Clients and Brokers: 1. It shall be compulsory for all member brokers ....
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.... as laid down below in para D(ii). C. What moneys to be paid into "clients account".- No money shall be paid into clients account other than- (i) money held or received on account of clients; (ii) such money belonging to the member as may be necessary for the purpose of opening or maintaining the account; (iii) money for replacement of any sum which may by mistake or accident have been drawn from the account in contravention of para D given below; (iv) a cheque or draft received by the member representing in part money belonging to the client and in part money due to the member. D. What moneys to be withdrawn from "clients accounts".- No money shall be drawn from clients account other than- (i) money properly required for payment to ....
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....uthorization from client for the same shall be obtained by Member; (e) Fully paid for client's securities registered in the name of Member, if any, towards margin requirements, etc.; (f) Securities given on Vyaj-badla. Members shall obtain authorization from clients for the same. 3. Member Brokers shall make payment to their clients or deliver the securities purchased within two working days of pay-out unless the client has requested otherwise. Stock Exchange shall issue a Press Release immediately after the pay-out. 4. Member Brokers shall issue the contract note for purchase/sale of securities to a client within 24 hours of the execution of the contract. 5. In case of purchases on behalf of clients, Member brokers shall be at lib....