Rationalization of imposition of fines for false/incorrect reporting of margins or non-reporting of margins by Trading Member/Clearing Member in all segments

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....cognized Stock Exchanges All Recognized Clearing Corporations Dear Sir / Madam, Sub: Rationalization of imposition of fines for false/incorrect reporting of margins or non-reporting of margins by Trading Member/Clearing Member in all segments 1. Attention is drawn to the following circulars issued by SEBI with respect to 'Mechanism for regular monitoring of and penalty for short-collec....

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....ember/ Clearing Member for incorrect/false reporting and non-reporting of margin collected from the clients. b. Considering the principle of 'proportionality', the fine shall be charged to the member based on the materiality of non-compliance done by the member which may include factors such as number of instances, repeated violations, etc. The amount of fine to be charged upon the member....

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....eminate the same on their websites. b. Make necessary amendments to the relevant bye-laws, rules and regulations for the implementation of the above directions in co-ordination with one another to achieve uniformity in approach. c. Communicate to SEBI, the status of the implementation of the provisions of this circular in their Monthly Development Reports. 7. This circular is ....