TaxTMI 
TaxTMI 
Master Circular for Electronic Gold Receipts (EGRs)
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....EGRs till May 31, 2024 and supersedes the Master Circular dated June 1, 2023 on EGRs. 3. This Master Circular shall come into force from the date of its issue. The circulars mentioned in Annexure - C of this Master Circular shall stand rescinded with the issuance of the Master Circular. 4. Notwithstanding such rescission, 4.1. anything done or any action taken or purported to have been done or taken under the rescinded circulars, including registrations or approvals granted fees collected, registration suspended or cancelled, any inspection or investigation or enquiry or adjudication commenced or show-cause notice issued prior to such rescission, shall be deemed to have been done or taken under the corresponding provisions of this Master Circular, 4.2. any application made to SEBI under the rescinded circulars, prior to such rescission, and pending before it shall be deemed to have been made under the corresponding provisions of this Master Circular, 4.3. the previous operation of the rescinded circulars or anything duly done or suffered thereunder, any right, privilege, obligation or liability acquired, accrued or incurred under the rescinded circu....
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....g of EGR on stock exchange/s 1.6.3. Third Tranche: Conversion of EGR into Physical Gold 1.7. Details of transactions in first tranche are as follows: 1.7.1. Creation of Common Interface: A common interface shall be developed by Depositories, which shall be made accessible to all the entities i.e., Vault Managers, Depositories, Stock Exchanges and Clearing Corporations. 1.7.2. Supply of the physical gold: 1.7.2.1. The supply of the physical gold, to be converted into EGR, shall be the fresh deposit of gold, coming into the vaults, either through imports or through stock exchange/s accredited domestic refineries. 1.7.2.2. The existing deposit of gold lying in the vaults, which meets the aforesaid criteria and has never been out of the vaulting infrastructure, can be considered for conversion into EGR. 1.7.2.3. Vault managers shall ensure that 'gold' to be converted into EGR meets the aforementioned criteria. 1.7.3. Standard of gold: The 'gold' which complies either with LBMA Good Delivery Standard or with the India Good Delivery Standard, or any other standard specified by SEBI, shall be eligible under ....
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....sical gold, at the time of withdrawal of physical gold, the same would be dealt with by obtaining quality report from empanelled assayer. However, once the physical gold is outside the vaulting infrastructure, no dispute related to quality of gold shall be entertained / resolved under this framework. 1.10. Product denomination: Stock exchanges may launch contracts with different denomination for trading and /or conversion of EGR into gold. 1.11. Trading Features: EGRs shall have same trading features as available to "securities" defined under SCRA, 1956. 1.12. Fungibility and Inter-operability between the Vault Managers: 1.12.1. Fungibility means, the EGR's created by the Vault Manager/s, shall not be linked with the unique bar reference number of the physical gold, i.e., gold deposited against EGR1 can be delivered against conversion of EGR2 into gold (for the same contract specifications). 1.12.2. "Inter-operability between Vault Managers" means the physical gold deposited at one location of a Vault Manager, can be withdrawn from different location of same or different Vault Manager (depending on the availability of physical gold). 1.12.3. ....
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....nder prior intimation to SEBI. 2.1.3. Stock exchanges shall ensure that they have necessary risk management system and infrastructure in place commensurate to their trading hours. 2.1.4. Trading Holidays 2.1.4.1. All stock exchanges shall jointly decide upon the common holiday list within the broad framework of the Negotiable Instruments Act, 1881 and also taking into consideration Central/State/Local holidays and notify the same, well in advance, to the market under prior intimation to SEBI. 2.1.4.2. On such trading holidays, stock exchanges may permit trading in evening session i.e. post 5:00 PM, in case corresponding internationally referenceable markets are open. 2.1.4.3. While finalizing trading holidays list, stock exchanges shall suitably consider the views of market participants. Frequent changes in holiday List shall be avoided i.e. once decided, same holidays should be followed every year irrespective of the holidays falling on a working day or a non-working day in that year. The holiday list for EGR should be in line with holiday list for derivatives markets to provide efficient hedging support. 2.2. Transaction charges by ....
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....2.3.5.1. Both Limit orders and Market orders shall be reckoned for computation of equilibrium price. No iceberg order shall be allowed i.e. orders shall be disclosed in full quantity. 2.3.5.2. The equilibrium price shall be the price at which the maximum volume is executable. In case more than one price meets the said criteria, the equilibrium price shall be the price at which there is minimum order imbalance quantity (unmatched order quantity). The absolute value of the minimum order imbalance quantity shall be taken into consideration. Further, in case more than one price has same minimum order imbalance quantity, the equilibrium price shall be the price closest to the previous day's closing price. In case the previous day's closing price is the mid-value of a pair of prices which are closest to it, then the previous day's closing price itself shall be taken as the equilibrium price. 2.3.5.3. If equilibrium price is not discovered in pre-open session, then the orders entered in the pre-open session will be shifted to the order book of the normal market following time priority. The price of the first trade in the normal market shall be the op....
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....f the trade. 2.4.6.3. The stock exchanges shall disseminate the aforesaid information to the general public on the same day, after the market hours. 2.4.7. The stock exchanges shall ensure that all appropriate trading and settlement practices as well as surveillance and risk containment measures, etc., as applicable to the normal trading segment are made applicable and implemented in respect of block deal window also. 2.5. Framework for Bulk Deals in EGR Segment 2.5.1. Market-wide limit: The Stock exchange shall calculate and disclose market-wide limit to be used for calculating bulk deals. For the purpose of this Circular, market-wide limit means summation of underlying gold, on which EGRs have been issued and outstanding, across all contracts floated by the stock exchanges. For example: There are 60 EGRs issued with 1kg each of underlying gold and 6000 EGRs issued with 100grams each of underlying gold. This means there is 660 kg of underlying gold in total for the EGR segment. 2.5.2. Bulk Deals: EGRs bought / sold representing 5% of the market-wide limit shall constitute bulk deal. 2.5.3. Disclosure: 2.5.3.1. The b....
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.... which they are Kartas; and 2.5.4.3.5. the trust or trusts in which they are trustees, shall be taken together for calculating bulk deals. 2.5.4.4. Exemptions from Clubbing: As a practice of good corporate governance, the companies now have independent directors on their Board with no financial interest in the company. Similarly, companies also have Government / Financial Institutions nominated Directors without any financial interest in the company. In such cases, when the Directors do not have any financial interest in the company, the position of such companies/corporates may not be clubbed just because they have common directors. 2.5.4.5. The above stated guidelines/ illustrations are indicative only. The Exchanges shall take suitable measures for clubbing of bulk deals on the basis of the criteria laid down above and also include other criteria such as PAN, patterns such as 'acting in concert' through common ownership and control structures, layering of transactions and any other relevant criteria to club open positions that may be observed during the course of regular monitoring and surveillance which may appear to compromise market integrit....
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....odes, penalty structure and waiver of penalty corpus will be similar as specified for cash segment in SEBI circular no. SEBI/HO/MRD2/MRD2_DCAP/P/CIR/2021/591 dated July 5, 2021 and subsequent amendment or supersession thereto through any circular or master circular issued from time to time. Chapter 3. Standard Operating Guidelines and modalities for the Vault Managers and Depositories A. Standard Operating Guidelines for Vault Managers and Depositories 3.1. Financial Security Deposit (FSD) 3.1.1. Quantum 3.1.1.1. The Vault Manager shall furnish FSD of Rs. 10 lakhs to any one of the two Depositories (viz. NSDL or CDSL) before obtaining a certificate of registration from SEBI. This is the minimum amount of FSD which has to be maintained with the Depository at all points of time. 3.1.1.2. The FSD shall be either in the form of cash, bank fixed deposits or bank guarantees or any combination thereof, without applying any haircut. 3.1.2. Use of FSD 3.1.2.1. The Depositories shall put in place a procedure to utilize the FSD for compensating the aggrieved client, in the following situations: 3.1.2.1.1. for any such losses....
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....ines and circulars issued by relevant authorities from time to time. The Compliance Officer would also be responsible for ensuring that all applicable norms are followed by the Vault Manager and should issue a declaration to that effect to the Depositories for every quarter, within seven working days from the end of the quarter. 3.3 Infrastructure/safekeeping features 3.3.1 The Vault Manager shall ensure the following with respect to the recognized vaults: 3.3.1.1 The recognized vaults shall be under the absolute control of the Vault Manager. In case of a leased property, the Vault Manager shall hold a direct lease for at least three years and it shall be ensured that no third party including the owner/lessor of the recognized vault has any role to play in the operations of the said recognized vault. 3.3.1.2 The recognized vaults are well connected with rail and/or road networks and have sufficient space for parking and movement of loading/ unloading vehicles. The vaults must be accessible by armoured vehicles. 3.3.1.3 The recognized vaults shall have strong rooms of adequate usable size for storage and handling of gold. The strong rooms must ....
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....tely or as earliest as possible. 3.3.3 The Vault Manager shall put in place, necessary policies, control and system for dealing with the risks that may arise due to its businesses, other than EGR related business. 3.3.4 The Vault Manager shall have systems for real time tracking of gold, underlying EGR, starting from the time of deposits till the time of withdrawal of the underlying gold from the recognized vault. 3.3.5 The Vault Manager shall have systems for recovery and backup of data to prevent loss of electronic data. 3.3.6 The abovementioned norms are the minimum requirements which the Vault Managers are required to ensure for compliance by the recognized vaults. The Vault Manager may have additional requirements in place for running their operations related to EGR, without diluting the above minimum requirements. 3.4 Insurance 3.4.1 The Vault Manager shall take insurance, to fully cover the value of the gold stored in the recognized vaults, against all potential perils relevant to gold for which insurance cover is available. 3.4.2 The Vault Manager shall take insurance to cover the risk from theft, fire, burglary, frau....
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....d other related charges and disclose them on their website. The information about the same shall also be made available on the website of the Depositories. 3.6.1.2 In case the Vault Manager decides to revise any of its charges, it shall inform the market participants about the same before fifteen working days of the effective date of such revise charge. The Depositories, after receiving information regarding revision in charges from a Vault Manager, shall also intimate the revised charges of the said Vault Manager to all the existing clients. 3.6.2 Collection 3.6.2.1 The Vault Manager shall raise the invoice and collect the storage charges on a monthly basis from the Depositories. The Depositories shall, in turn, collect the storage charges from the beneficial owner at the end of the month or on sale of EGR or on withdrawal of gold by the beneficial owner, whichever is earlier. In case of inter- Depository transfer of EGRs due to sale of EGR, the storage charges shall be settled between the two Depositories on mutual understanding. The charges collected by the Depositories for each month shall be credited to the account of the concerned Vault Manager with....
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.... the gold deposited. 3.8.2.4 The Vault Manager shall ensure daily check of Security and Surveillance system and maintain records in this regard. In case of any adverse observations, it shall be rectified expeditiously. 3.8.3 Procedure for fire control 3.8.3.1 The Vault Manager shall ensure that its facilities and the deposits are well protected from losses due to fire hazards. 3.8.3.2 The Vault Manager shall ensure that addresses and telephone numbers of fire station, police station and designated officials of the Vault Manager are displayed at conspicuous places so that in case of emergency, the concerned authorities may be contacted without any delay. 3.8.3.3 To avoid any outbreak of fire in the premises, the Vault Manager shall ensure the following: 3.8.3.3.1 Smoking or lighting match-stick inside the vaults shall be strictly prohibited. 3.8.3.3.2 'NO SMOKING' boards shall be prominently displayed. 3.8.3.3.3 Warehouse security shall ensure that no person entering in its premises carry any match box, gas lighter, chemicals and inflammable items which can cause fire. 3.8.3.3.4 The lighting and....
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....d failing which appropriate action shall be taken by the Depositories. 3.9.5 The Depositories shall not allow any fresh deposits and withdrawals from the said vault till the restoration of infrastructure and systems in the concerned vault. 3.9.6 In case the recognized vault receives any deposit or withdrawal request in the intervening period, the vault shall not dismiss the request and provide services to the client at its own expense. 3.9.7 The Vault Manager shall submit a detailed report of the incident of loss/damage of the gold deposits with it against EGRs, to the Depositories. 3.10 Maintenance of records 3.10.1 The Vault Manager shall maintain the following records: 3.10.1.1 Documents for traceability of gold 3.10.1.2 Know your depositor (KYD) details 3.10.1.3 Certificate of indemnity from refiner/depositor and purity certificate. 3.10.1.4 Acknowledgment slip issued and received during the deposit and withdrawal respectively. 3.10.1.5 Purity, quantity and weight of deposited gold 3.10.1.6 Details of Creation and extinguishment of Electronic Gold Receipts 3.10.1.7 Details of t....
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....articipants (DPs). 3.12.4 Different types of complaints shall be redressed in the manner as given below: 3.12.4.1 Quantity/weight related complaints 3.12.4.1.1 The complaints related to quantity or weight of gold shall be resolved by the Vault Manager within one working day of receipt of complaint failing which, the operations of the EGR segment of the concerned recognized vault shall be ceased, till the complaint is resolved. 3.12.4.2 Quality related complaints 3.12.4.2.1 The complaints pertaining to the quality/purity of gold (deposited by accredited refinery) shall be taken up by the investor with the accredited assayer, empanelled with the Clearing Corporation. 3.12.4.2.2In such scenario where the gold is assayed, the Vault Manager shall ensure that the gold has not moved out of the vaulting system and may facilitate to the extent of transporting the gold to and fro the laboratory of the assayer accredited with the Clearing Corporation. 3.12.4.2.3All the expenses related to assaying shall be incurred by the beneficial owner on whose complaint the assaying is being done. 3.12.4.2.4If the report of the assaye....
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.... the Gold Exchange (or EGR segment) ecosystem viz. Vault Managers, Depositories, Stock Exchanges, Clearing Corporations and clients/investors. 3.15.2 The entities shall have limited access to the interface on need to know or user rights basis. 3.15.3 The Depositories shall have a Business Continuity Plan (BCP) and Disaster Recovery (DR) policy in place as defined in SEBI circular no. SEBI/HO/MRD1/DTCS/CIR/P/2021/33 dated March 22, 2021 and subsequent amendment or supersession thereto through any circular or master circular issued from time to time so as to maintain data and transaction integrity and prevent data loss pertaining to the operation of the interface/EGR segment. Vault Managers: 3.15.4 The Depositories shall provide interface to the Vault Managers, registered with SEBI, by entering into an agreement with them defining their rights and obligations. The interface shall be accessed by the Vault Managers for creation and extinguishment of EGR, reconciliation of records and other related activities as defined by the Depositories. 3.15.5 The Vault Mangers shall ensure that each of the recognized vaults has identified designated persons to....
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.....1 Proof of Identity (POI) and Proof of Address (POA) of the depositor 3.16.1.4.2 Proof of Identity (POI) and Proof of Address (POA) of the authorized representative including the authority letter 3.16.1.4.3 Valid mobile number and email id of the depositor and authorized representative 3.16.1.4.4 PAN number of depositor 3.16.1.4.5 Deposit request letter 3.16.1.4.6 Packing list 3.16.1.4.7 Customs clearance documents 3.16.1.4.8 Letter of indemnity from the refinery/depositor specifying that they are responsible for the quality of the gold deposited by them. 3.16.1.5 During the deposit, the Vault Manager shall necessarily weigh the gold bars and verify/match the details of each of the gold bar, against the deposit request, with the packing list. 3.16.1.6 The Vault Manager shall accept deposits coming only through accredited refineries or nominated agencies as defined in the Vault Managers regulations. 3.16.1.7 On acceptance of the gold, the Vault Manager shall furnish a physical or electronic receipt to the depositor and/or its authorized representative. 3.16.1.8 Upon acceptance of the ....
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....the Vault Manager 3.17.1 Creation of ISIN 3.17.1.1 The Depositories shall create an International Securities Identification Number (ISIN) as per Association of National Numbering Agencies (ANNA) guidelines. 3.17.1.2 ISIN shall comprise of the following characteristics: G + Purity Where: G= Gold Purity= measure of fineness of gold as prescribed by the stock exchanges, for example 999, 995 etc. 3.17.1.3 The Depositories shall assign appropriate ISIN to the EGRs created by the Vault Managers in the system and record the EGRs. 3.17.1.4 Whenever the EGRs are created and made available for trading by the investor, the Depositories shall share the information about the availability of such EGRs for trading, with the stock exchanges. 3.17.1.5 Depositories shall verify the documents submitted by the Beneficial Owner to the Vault Manager before crediting the EGR in the demat account of the concerned Beneficial Owner. 3.18 Withdrawal of Gold and Extinguishment of EGR 3.18.1 Procedure 3.18.1.1 The Depositories shall allow the investor to place withdrawal request in the interface by selecting t....
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....hall be processed by the Vault Manager on the same working day. 3.19 Procedure for seeking prior approval for change in control of Vault Managers [Circular no. SEBI/HO/MRD/MRD-PoD-1/P/CIR/2023/59 dated April 21, 2023] 3.19.1 The procedure for obtaining prior approval in case of change in control of Vault Managers is specified as under: 3.19.1.1 An application shall be made by the Vault Managers to SEBI for prior approval through the SEBI Intermediary Portal ('SI Portal')( https://siportal.sebi.gov.in). 3.19.1.2 The application shall be accompanied by the following information/declaration about itself, the acquirer(s)/the person(s) who shall have the control and their directors / partners: 3.19.1.2.1 Present and proposed shareholding pattern of the applicant 3.19.1.2.2 Whether any application was made in the past to SEBI by the acquirer/persons who shall have control seeking registration in any capacity but was not granted? If yes, details thereof. 3.19.1.2.3 Whether any action has been initiated/ taken for violation of the provisions of Securities Contracts (Regulation) Act, 1956 / Securities and Exchange Board of India Act, 1....
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....three months from the date of such approval, within which the relevant application shall be made to NCLT; 3.19.1.7.4 Within 15 days from the date of order of NCLT, Vault Manager shall submit the following documents to SEBI for final approval: 3.19.1.7.4.1 Copy of the NCLT Order approving the scheme; 3.19.1.7.4.2 Copy of the approved scheme; 3.19.1.7.4.3 Statement explaining modifications, if any, in the approved scheme vis-à-vis the draft scheme and the reasons for the same; and 3.19.1.7.4.4 Details of compliance withthe conditions/observations mentioned in the in-principle approval provided by SEBI. 3.19.1.7.5 All other provisions mentioned at paragraph 3.19.1.4 to 3.19.1.6 of this Circular regarding the procedure for seeking prior approval for change in control of Vault Managers, shall also apply. Chapter 4. Product Specifications 4.1 The stock exchanges may launch products / contracts subject to complying with the following guidelines: 4.1.1 Any person desirous of dealing in EGR on the stock exchange shall deposit the gold with the registered Vault Managers, in the 'deposit unit', which shall be ....
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....entration limits are listed below: Item Minimum Haircut (Note 'k') Limits Cash Equivalents Cash 0 No limit Bank fixed deposits 0 No limit (Note i) Bank guarantees 0 Limit on Stock Exchange's exposure to a single bank. (Note 'b') Securities of the Central Government 2%/5%/10% (Note 'k') No limit Units of liquid mutual funds or government securities mutual funds (by whatever name called which invest in government securities) 10% No limit Other Liquid Assets Liquid (Group-I) Equity Shares (Note 'd') Same as the VaR margin for the respective shares (Note 'd') Limit on Stock Exchange's exposure to a single issuer (Note 'e') Mutual fund units other than those listed under cash equivalents Same as the VaR margin for the units computed using the traded price on Stock Exchange, if available, or else, using the NAV of the unit treating it as a liquid security Corporate Bonds having rating of AA or above (or with similar rating nomenclature) by recognized credit rating agencies Fixed percentage based or VaR based Haircut. A higher hairc....
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....s may decide not to accept certain type of liquid assets specified in the above list based on their risk perception, capability to hold and arrangements for timely liquidation. Stock Exchanges may stipulate concentration limits at member level / across all members as may be necessary. h. Stock Exchanges shall make necessary arrangements to enable timely liquidation of collaterals accepted by them. i. Stock Exchanges shall not accept Fixed Deposit Receipts (FDRs)/ Bank Guarantees (BGs) from trading/clearing members as collateral, which are issued by the trading/clearing member themselves or banks who are associate of trading/ clearing member. Explanation -for this purpose, 'associate' shall have the same meaning as defined under SECC Regulations. j. Gold on which EGR has not been issued k. Haircuts as per Circular No : SEBI/HO/MRD/DRMNP/CIR/P/2019/33 Dated Feb 21, 2019 and subsequent amendment or supersession thereto through any circular or master circular issued from time to time. 5.3 Mark to Market Losses Mark to Market Losses shall be collected in the following manner: 5.3.1 The Stock Exchanges shall collect/adjust mark to market losses (MTM)....
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....loss in situations that go beyond those envisaged in the 99.9% value at risk estimates used in the VaR margin. 5.5.1 The Extreme Loss Margin shall be minimum of 1 %. 5.5.2 The Extreme Loss Margin shall be collected/ adjusted against the total liquid assets of the member on a real time basis. 5.5.3 The Extreme Loss Margin shall be collected on the gross open position of the member. The gross open position for this purpose would mean the gross of all net positions across all the clients of a member including his proprietary position. 5.5.4 For this purpose, there would be no netting of positions across different settlements. 5.5.5 The Extreme Loss Margin so collected shall be released along with the pay- in including early pay-in of EGR. 5.6 Any other Margins Clearing Corporations shall have the right to impose additional risk containment measures over and above the risk containment system mandated by SEBI. However, the Clearing Corporations should keep the following factors in mind while taking such action: 5.6.1 Additional risk management measures (like ad-hoc margins) would normally be required only to deal with cir....
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....y TM/CM from their clients. 5.9.2 The TMs/CMs are required to mandatorily collect upfront VaR margins and ELM from their clients. The TMs/CMs shall have time till 'T+1' working days to collect margins (except VaR margins and ELM) from their clients. (The clients must ensure that the VaR margins and ELM are paid in advance of trade and other margins are paid as soon as margin calls are made by the TMs/CMs.) 5.9.3 The TM/CM shall be exempted from collecting upfront margins from the institutional investors and in cases where early pay-in of securities is made by the clients. 5.9.4 The TMs/CMs shall report to the CC on T+5 day the actual short-collection/ non-collection of all margins from clients. 5.10 Framework to Enable Verification of Upfront Collection of Margins 5.10.1 The provisions related to framework to enable verification of upfront collection of margins shall be same as specified for equity cash segment in SEBI circular no. SEBI/HO/MRD2/DCAP/CIR/P/2020/127 dated July 20, 2020 and subsequent amendment or supersession thereto through any circular or master circular issued from time to time. 5.11 Short-collection/Non-collection....
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....ing Corporation (CC), then all margins would be deemed to have been collected and penalty or short/ non-collection of margin including other margins shall not arise. 5.11.9.3 If client fails to make pay-in by T+1 working days and TM/ CM do not collect other margins from the client by T+1 working days, the same shall also result in levy of penalty as applicable. 5.12 Rationalization of imposition of fines for false/incorrect reporting of margins by TM/CM 5.12.1 For instances where a member has reported falsely the margin collected from clients and the same is found out during inspections: 5.12.1.1 The Stock Exchanges and Clearing Corporations, in all segments, in consultation with one another, shall devise a standard framework for imposition of fine on the TM/CM for incorrect/false reporting of margin collected from the clients. 5.12.1.2 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 may extend to 100% of su....
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..../re-pledge in the depositary system 5.16.1 Provisions related to use of EGR as margin obligation to be given by way of pledge/re-pledge in the depositary system shall be as per SEBI Circular No. SEBI/HO/MIRSD/DOP/CIR/P/2020/28 dated February 25, 2020 and SEBI Circular No. SEBI/HO/MIRSD/DOP/CIR/P/2020/143 dated July 29, 2020and subsequent amendment or supersession thereto through any circular or master circular issued from time to time. 5.17 Risk Reduction Mode 5.17.1 Clearing Corporation shall ensure that the stock brokers and clearing members are mandatorily put in risk-reduction mode when 90% of the member's collateral available for adjustment against margins gets utilized on account of trades that fall under a margin system including crystalized losses. Such risk reduction mode shall include the following: 5.17.1.1 All unexecuted orders shall be cancelled once stock broker/clearing member breaches 90% collateral utilization level. 5.17.1.2 Only orders with Immediate or Cancel attribute shall be permitted in this mode. 5.17.1.3 All new orders shall be checked for sufficiency of margins. 5.17.1.4 Non-margined orders shal....
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....tions received electronically from Clearing Corporation on the settlement day by the specified pay-out time. 5.21.4 Depositories/Clearing Corporation shall provide following facilities as under: 5.21.4.1 Facility for early pay-in 5.21.4.2 Auto delivery out and 5.21.4.3 Client direct pay-out 5.22 Settlement of Transaction in case of Holidays 5.22.1 The Clearing Corporation shall clear and settle the trades on a sequential basis i.e., the pay-in and the pay-out of the first settlement shall be completed before the commencement of the pay-in and pay-out of the subsequent settlement(s). 5.22.2 The cash/EGR pay out from the first settlement shall be made available to the member for meeting his pay-in obligations for the subsequent settlement(s). 5.22.3 The Stock Exchanges/Clearing Corporations shall follow a strict time schedule to ensure that the settlements are completed on the same day. 5.22.4 The Clearing Corporation shall execute Auto DO facility for all the settlements together, so as to make the funds and the EGR available with the member on the same day for all the settlements, thereby enabling the availability of the fund....
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....h segment) and subsequent amendment or supersession thereto through any circular or master circular issued from time to time. For computation of stress loss, loss on EGR pay- in failure, shall be calculated as minimum margin plus close out rate in EGR segment. 5.26.2 Clearing Corporations shall have a minimum corpus of SGF of INR 10 crores. Annexure A- Format for disclosure of Complaint received and Redressal thereof by Vault Manager Data for the month ending S. No Received from Carried forward from previous month Received during the month Total complaints Resolved during the month Pending at the end of the month ** Average Resolution Time^ Pending for less than 3 months Pending for more than 3 months 1 2 3 4 5 6 7 8 1 Directly from Investors 2 SEBI(Scores) 3 Other Sources (if any) Grand total &n....
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.... (iii) No order of restraint, prohibition or debarment has been passed against us by the Board or any other regulatory authority or enforcement agency in any matter concerning securities laws or financial markets and such order is in force. (iv) No recovery proceedings have been initiated by the Board against us and are pending. (v) No order of conviction has been passed against us by a court for any offence involving moral turpitude. (vi) No winding up proceedings have been initiated or an order for winding up has been passed against us. (vii) We have not been declared insolvent. (viii) We have not been found to be of unsound mind by a court of competent jurisdiction and no such finding is in force. (ix) We have not been categorized as a wilful defaulter. (x) We have not been declared a fugitive economic offender. 4. We have not been declared as not 'fit and proper person' by an order of the Board. 5. No notice to show cause has been issued for proceedings under SEBI (Intermediaries) Regulations, 2008 or under section 11(4) or section 11B of the SEBI Act during last one year against us. 6. It is her....