TaxTMI 
TaxTMI 
Master Circular for Electronic Gold Receipts (EGRs)
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....une 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 The circulars mentioned in Annexure - C of this Master Circular shall stand rescinded with the issuance of the Master Circular. 4.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 anything done or any action taken or purported to have been done or taken under the rescinded circulars, including registrations or approvals granted fees collected, registration suspended or cancelled, any inspection or investigation or enquiry or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 any application made to SEBI under the rescinded circulars, prior to such rescission, and pending before it shall be deemed to have been made under the corresponding provisions of this Master Circular, 4.3. the previous operation of the rescinded circulars or anything duly done or suffered thereunder, any right, privilege, obligation or liability acquired, accrued or incurred under the rescinded circulars, any penalty, incurred in respect of any violation committed against the rescinded ci....
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....nche 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 this framework. 1.7.4. First Tranche -> Creation of EGR: 1.7.4.1. The Vault Manager on receipt of physical gold shall record the relevant information in the common interface and c....
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....ined / 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. The aforementioned provisions would allow the Depositories to facilitate withdrawal of physical gold from the preferred vault location of the buyer, to the extent possible, and possibly, save upon the cost of withdrawal of gold from the vaults. 1.13. Withdrawal Center: To increase the reac....
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....le 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 the stock exchanges 2.2.1. The stock exchanges shall ensure that transaction charges on the trades executed for EGR on their trading platform, must be equitable and in the interest of investors, as specified for cash segment in SEBI circular no. SEBI/HO/MRD2/MRD2_DCAP/P/CIR/2021/0000000591 dated July 5, 2021 and subsequent amendment or supersession thereto through....
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....e 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 opening price. 2.3.6. Order Execution: Pursuant to the discovery of price in the pre-open session, at the time of order execution, limit orders shall be given priority over market orders. The sequence for executing orders is given below: 2.3.6.1. Eligible Limit orders shall be matched with eligible limit orders. 2.3.6.2. Residual eligible limit orders shall be matched with market orders. 2.3.6.3. Market orders to be matched with market orders. 2.3.7. Pending Orders: ....
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....ing 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 brokers shall disclose to the stock exchange the name of the contract, name of the client, quantity of EGR/s bought/sold and the traded price. 2.5.3.2. The disclosure shall be made by the brokers immediately upon execution of the trade. 2.5.3.3. The Stock exchange shall disclose aforesaid information on the same day after market hours to the general public. 2.5.4. While calculating such bulk deals, stock exchanges may take suitable measures for clubbing such bulk deal positions of clients / members whomay be acting in concert to circumvent these provisions. The broad guidelines for clubbing such bulk deal positions are given be....
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....als 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 integrity. 2.6. Price bands 2.6.1. With the view to ensuring orderly trading and protect market integrity, Stock exchanges shall implement a mechanism of price bands in the EGR segment to prevent acceptance of orders for execution that are placed beyond the price limit set by the stock exchanges. 2.6.2. The initial price limit for the price band shall be set at 10% of the previous closing price. 2.6.3. In the event of a market trend in either direction, the dynamic price bands shall be relaxed by the stock exchanges in increments of 5%. Stock exchanges shall frame suitable rules with mutual consultation for such relaxation of dynamic price bands and shall make it known to the market. 2.6.4. Stock exchanges shall take into consideration the price movement in international market while relaxing the....
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....s 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 caused to a client that have been appropriately established by the Depositories against the Vault Manager; 3.1.2.1.2. in case of loss arising from any action or inaction of the Vault Manager that prevents the client from exercising, in whole or in part, their rights while availing vaulting services. 3.1.2.2. In case of utilization of FSD by the Depositories, in part or full, the Vault Manager shall replenish the FSD within seven working days. 3.1.2.3. The FSD maintained by a particular Vault Manager shall be used by the Depositories to settle claims against that Vault Manager only. 3.1.2.4. The FSD maintained with a particular Depository by the Vault Manager shall also be made available to the other Depository for settlement of claims. 3.1.2.5. The settlement of claims shall be done by the Depositories on a pro-rata basis. For example: If a Depository has established loss to its client equivalent ....
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....ults 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 be of adequate strength to ensure protection from possible threats, such as, fire, theft, burglary, etc. 3.3.1.4 The gold deposited for creation of EGRs shall be stored in separate racks providing clear-cut demarcation of EGR business from its other businesses. The storage area within the recognized vault shall be free from materials which may adversely affect the quantity or quality of gold. 3.3.1.5 There must be an electronic balance or any other similar balance in each recognized vault for weighing the gold. 3.3.1.6 The recognized vaults shall have communication link with the nearest police station. 3.3.2 The Vault Manager shall ensure that the recognized vaults are physically and operationally suitable for proper storage of gold and have the following minimum safety and security features: 3.3.2.1 CCTV (Close Circuit Tele Vision) monitors 3.3.2.2 Indoor and Outdoor IR (Infra-Red) Cameras 3.3.2.3 Sensors: Vibration, Smoke, Movement etc. 3.3.2.4 Panic Switches and Alarm Systems 3.3.2.....
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....ence and force majeure events. They shall also take Fidelity Guarantee and Crime Insurance and Professional Indemnity Cover to cover all potential losses. 3.4.3 The Vault Manager shall undertake to buy insurance cover against terrorism, for recognized vaults located in areas which are notified under the Armed Forces Special Powers Act, 1958 (AFSPA). 3.4.4 The value of gold to be insured should be marked to market on replacement value on an ongoing basis. 3.5 Reconciliation between Depositories and Vault Manager 3.5.1 The Depositories and the Vault Manager shall devise procedures for carrying out reconciliation between the stock of physical gold deposited with the recognized vaults and the corresponding electronic record of EGRs in the Depository system. The reconciliation should be done at the end of day on a daily basis. 3.5.2 In case the reconciliation is not confirmed by the recognized vault at the end of day, the Depositories shall not allow requests for fresh deposits into or withdrawal from the concerned vault. 3.5.3 In case of any discrepancy between the stock of physical gold and the electronic record of EGRs, the Depositories, in coordination with the Vault Mana....
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....ain the storage charges received by it pertaining to the Vault Managers in a separate account. 3.6.2.3 In case of any request for withdrawal of gold from the vault is received from the Beneficial Owner (BO) in the depository system, the Depositories shall not process the request until the storage charges due from the BO are fully received by the Depositories. 3.6.2.4 The deposit, delivery and other related charges shall be collected by the Vault Manager directly from the depositor/beneficial owner during the deposit and physical withdrawal of gold. 3.7 Procedure in case of Default in payment of storage charges 3.7.1 In case of default in payment of storage charges by the depositor/BO, the procedure, as may be specified by the Depositories, shall be followed. 3.8 Procedure for ensuring safety of the gold from fire, theft, burglary etc. 3.8.1 Risk management 3.8.1.1 The Vault Manager must have processes to periodically inspect the physical systems of its recognized vaults with a view to preserve the gold against which it has issued EGRs. 3.8.1.2 Inspection staff must be independent of the employees/ staff deputed at the vault which is being inspected. 3.8.1.3 The Vaul....
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....ith the use of such fire extinguishers. 3.8.3.3.6 The Vaults shall have fire alarms. 3.8.3.3.7 All the firefighting equipment and devices installed in the premises are in good working condition at all times. 3.8.3.4 In the event of fire, the concerned vault manager shall immediately contact the fire brigade office. Efforts shall be made to douse the fire with equipment available at the vault. The vault manager shall immediately intimate the Depositories about the incident. 3.8.4 Procedure in the event of theft/ burglary 3.8.4.1 The Vault Manager shall have processes for action to be taken in the event of burglary, theft, break-ins, etc. 3.8.4.2 The Vault Manager shall ensure that the officials of the vaults intimate the local and nearest police station and the designated officials of the Vault Manager and Depositories on immediate basis. 3.8.4.3 A copy of the FIR shall be obtained and the necessary process should be initiated to make claim from the insurance company. 3.9 Indemnification in case of loss/damage 3.9.1 In case of loss/damage of the gold either due to unavoidable circumstances or otherwise, such as negligence of the Vault Manager, the Vault Manager shal....
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....ctronic form for a minimum period of five financial years. 3.11 Inspection/ physical verification by the Depositories 3.11.1 The Depositories, in coordination with each other, shall ensure that physical verification of the gold stored in recognized vaults belonging to the Vault Manager, is carried out at least once in a fortnight. 3.11.2 A full inspection of the Vault Manger and its recognized vaults shall be carried out by the Depositories on an annual basis, as per the schedule mutually agreed upon between the Depositories and the Vault Manager. 3.11.3 The Depositories shall employ experienced and knowledgeable personnel for carrying out the inspection/physical verification of the Vault Managers/ recognized vaults and the same shall not be outsourced. 3.11.4 The Depositories shall carry out surprise inspections of Vault Managers or/and its recognized vaults as and when such exigencies arise. 3.11.5 The Depositories shall have a detailed manual for carrying out the inspections/physical verification in the recognized vaults and their Vault Mangers. 3.11.6 The Depositories shall forward to SEBI any adverse findings in the inspection report of the Vault Manager/recognize....
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....d only if the gold has not moved out of the vaulting system. 3.12.6 In case of any grievance against the Vault Managers, the investors can file complaints at https://scores.gov.in. 3.12.7 The Vault Managers shall disclose on their websites, the data on complaints received against them and redressal thereof, latest by 7th of succeeding month, as per the format placed in Annexure A. 3.13 Disclosures by the Vault Manager and Depositories 3.13.1 The Vault Manager shall disclose the following information on their website: 3.13.1.1 Details about the recognized vaults including location, contact details of designated officials, etc. 3.13.1.2 Charges related to Storage, deposit and withdrawal 3.13.1.3 Any other charges 3.13.1.4 Any other information as considered by the Vault Manager 3.13.2 The Depositories shall disclose the following information on their website: 3.13.2.1 List of registered Vault Managers and their corresponding recognized vaults providing vaulting services to the EGR segment. 3.13.2.2 Contact details of the designated officials of the Vault Managers 3.13.2.3 Details about the storage and other charges of Vault Mangers 3.13.2.4 Any other informat....
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....ble to SEs and CCs for ease of reconciliation between Depositories, SEs and CCs: 3.15.9.1 Number of EGRs in the system - total and ISIN-wise 3.15.9.2 New EGRs created for trading - total and ISIN-wise 3.15.9.3 EGRs extinguished on the trading day- total & ISIN-wise 3.15.9.4 Any other information required by the entities Depository: 3.15.10 Each Depository shall display relevant information related to EGRs to the other Depository in the interface for ease of reconciliation. 3.16 Deposit of Gold and creation of EGR 3.16.1 Procedure 3.16.1.1 The Depositories shall allow the depositor to place deposit request in the interface by selecting the details such as Vault Manager, recognized vault, quantity to be deposited, the purity and weight of the gold to be deposited and details of authorized representative. The Depositories may specify additional details to be entered by the depositor in the system. 3.16.1.2 Once a deposit request is placed, a deposit request letter containing the details entered by the depositor shall be generated by the system. The deposit request shall remain active for three working days. 3.16.1.3 The deposit request along with the details of the....
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....tificate in the interface during creation of EGR. 3.16.2 Cut-off time 3.16.2.1 The Vault Manager shall accept deposit of gold from 10:00 AM to 03:00 PM. 3.16.2.2 For all the gold deposited till 03:00 PM, EGR shall be created on the same working day but made available for trading by the investor on the start of the next trading day. 3.16.2.3 For the gold deposited after 03:00 PM, EGR shall be made available for trading on the second working day of such deposit. 3.16.3 Procedure to deal with errors in recording data 3.16.3.1 In the case of any inconsistency/error in recording data in the system committed by the Vault Manager during creation of EGR, the Vault Manager shall ensure that such errors are detected before or during reconciliation at the end of the day. As a corrective measure, the Vault manager shall immediately make a representation to the Depositories for rectification. The concerned Depository shall immediately initiate correction in the system and update the portal before the EGRs are made available for trading. 3.16.3.2 The concerned Depository shall inform the other Depository about such incorrect / wrongful entry and the corrective action taken thereon ....
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....ault Manager shall verify and keep record of the following documents: 3.18.1.6.1 Proof of Identity (POI) and Proof of Address (POA) of the beneficial owner 3.18.1.6.2 Proof of Identity (POI) and Proof of Address (POA) of the authorized representative including the authority letter 3.18.1.6.3 Withdrawal request letter 3.18.1.7 After verification of documents, the Vault Manager shall release the gold as intimated in the system and record the details of the gold released for withdrawal in the system. 3.18.1.8 The Vault Manager shall take an acknowledgment receipt from the BO/authorized representative and simultaneously extinguish the EGR corresponding to the gold. 3.18.1.9 The Vault Manager shall intimate the extinguishment of EGR to the Depositories to carry out extinguishment of such EGR from the demat account of the Beneficial Owner. 3.18.2 Cut-off time 3.18.2.1 The Vault Manager shall allow withdrawal of gold from 10:00 AM to 03:00 PM. 3.18.2.2 The requests for withdrawal of gold made into the recognized vault during the specified time shall be processed by the Vault Manager on the same working day. 3.19 Procedure for seeking prior approval for change in control....
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....ge in control and prior to effecting such change in control, the Vault Manager shall communicate to its existing EGR investors about the proposed change in control and an option to relocate the physical gold stored in its vault(s) to any other Vault Manager within a period of not less than 30 calendar days from the date of such communication. 3.19.1.7 The matters which involve scheme(s) of arrangement and need sanction of the National Company Law Tribunal ("NCLT") in terms of the provisions of the Companies Act, 2013, the Vault Manager shall ensure the following: 3.19.1.7.1 The application seeking approval for the proposed change in control shall be filed with SEBI prior to filing the application with NCLT; 3.19.1.7.2Upon receipt of the information/declaration at Para 3.19.1.2 above, SEBI would process the application for granting in principle approval for change in control; 3.19.1.7.3The validity of such in-principle approval shall be 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 approva....
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....Manager. Chapter 5. Comprehensive Risk Management Framework MARGINS 5.1 Overview The core of the risk management system is the liquid assets deposited by members with the Clearing Corporation (CC). These liquid assets shall cover the following requirements: 5.1.1 MTM (Mark to Market) Losses: Mark to market losses on outstanding settlement obligations of the member. 5.1.2 VaR Margins: Value at risk margins to cover potential losses for 99.9% of the days. 5.1.3 Extreme Loss Margins: Margins to cover the expected loss in situations that lie outside the coverage of the VaR margins. 5.1.4 Any other margins as may be specified The liquid assets of the member shall, at all times, be adequate to cover all the above requirements. 5.2 Liquid Assets The type of liquid assets, applicable haircuts and concentration 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 governm....
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....up-I and what would be the appropriate VaR margin for these securities, data disseminated by Stock Exchanges having equity platform shall be referred. e. Stock Exchanges shall adequately diversify their collateral so as to avoid any concentration of exposure towards any single entity and the same shall be within the limits as may be specified by SEBI from time to time. f. Bullion to be accepted as collateral should be of same quality specification which is deliverable under the contract specification of commodity derivatives being traded on the Stock Exchange. g. Stock Exchanges shall accept liquid assets as collateral only as per the list of liquid assets specified in the table above. However, Stock Exchanges 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 Guar....
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....ing of positions across different settlements. 5.4.2.4 The value of A, the parameter which determines how rapidly volatility estimation changes in the Exponentially Weighted Moving Average (EWMA) method shall be considered at 0.995. 5.4.2.5 The VaR margin so collected shall be released along with the pay-in, including early pay-in of EGR. 5.4.3 Updation of VaR Margin rate The applicable VaR margin rate shall be updated at least at beginning of day, end of day and interval of not later than two hours, during the trading period. 5.5 Extreme Loss Margin It covers the expected 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 ....
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.... in place so as to enable adjustment of the pay-in obligations of the members from the cash component of the liquid assets deposited by them. REPORTING AND VERIFICATION OF MARGINS 5.9 Collection and reporting of margins by Trading Member (TM) /Clearing Member (CM) 5.9.1 The 'margins' for this purpose shall mean VaR margin, Extreme Loss Margin (ELM), Mark to Market losses (MTM) or any other margin as specified by the Clearing Corporation/ SEBI to be collected by 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 ....
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.... than VaR and ELM) on or before T+1 days from clients by TM/ CM, following is clarified: 5.11.9.1 If pay-in (both funds and EGR) is made by T+1 working days, the other margins would have deemed to have been collected and penalty for short/ non collection of other margins shall not arise. 5.11.9.2 If Early Pay-In of EGR has been made to the Clearing 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. ....
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....l 17, 2008 and SEBI circular No SEBI/HO/MRD2_DCAP/CIR/2021/0598 dated July 20, 2021 and subsequent amendment or supersession thereto through any circular or master circular issued from time to time 5.16 EGR as margin obligation to be given by way of pledge/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 uti....
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.... receiving members' pool account/ clients beneficiary account in accordance with the pay-out instructions 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 th....
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.... 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 *Should include complaints of previous months resolved in the current month, if any. ** Should inc....