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About LEIPS
Liquidity Enhancement Incentive Programmes – LEIPS



Pursuant to SEBI Circular CIR/DNPD/5/2011 dated June 2, 2011 (BSE Notice no-20110602-18, Dated June 02, 2011), permitting stock exchanges to introduce Liquidity Enhancement Schemes (LES) for illiquid securities in their equity derivatives segment, the Exchange has launched a series of Liquidity Enhancement Incentive Programmes (LEIPS) with the goal of creating lasting, self-sustaining liquidity in BSE's Futures & Options Segment.

The Exchange has been regularly amending the terms and conditions of its LEIPS programmes based on the overall progress of the programme, market feedback and policy changes.

The Summary of LEIPS Programme introduced by the Exchange from time to time is as follows.




LEIPS Scheme for Dealers and Proprietary trading desks/members in Equity and Equity Derivative Segment:


As per the Exchange notice no. 20110907-5, dated September 07, 2013 regarding Introduction of Liquidity Enhancement Incentive Programme (LEIPS) for BSE Derivatives Segment and Notice No. 20130211-14 regarding Liquidity Enhancement Schemes for Illiquid Securities in Equity Cash Market, Exchange has introduce LEIPS Scheme for Dealers and Proprietary trading desks/members in Equity and Equity Derivative Segment with effect from April 01, 2013 till June 30,2013.

For more details on the programme, members are requested to refer to following notices:
  • Notice No. 20130315-25 dated March 15, 2013 regarding LEIPS Scheme for Dealers and Proprietary trading desks/members in Equity and Equity Derivative Segment.
  • Notice No. 20130322-26 dated March 22, 2013 regarding Clarification regarding LEIPS Scheme for Dealers and Proprietary trading desks/members in Equity and Equity Derivative Segment.
  • Notice No. 20130422-13 dated April 22, 2013 regarding Amendments in LEIPS Scheme for Dealers and Proprietary trading desks/members in Equity and Equity Derivative Segment.


Exchange has introduced new dealer incentive schemes with effect from August 01, 2013. For more details on the proposed programme, please refer to notice no. 20130716-20 dated July 16, 2013.

 



LEIPS-XVI Programme :

The Sixteenth programme in the series LEIPS-XVI has been launched on February 13, 2014.

The Programme focuses on Options contracts on S&P BSE-100 Index.
The programme incentivises both MMs and GMPs by payment of cash for their participation as per prescribed terms & conditions.

LEIPS-XVI envisages the MMs to have a continuous quoting obligation with specified size and spread in Options contracts on S&P BSE-100 Index. The programme offers 4 types of incentives to market participants
  • Trading volume based daily cash incentives paid to MMs & GMPs.
  • Quote based incentives for MMs
  • Open Interest (OI) based cash incentives paid on daily basis for average daily OI to MMs and GMPs
  • Lower transaction fees for all active trading members.
For more details on the proposed LEIPS-XVI programme, please refer to LEIPS-XVI Programme brochure (ongoing)


LEIPS-XV Programme :

The Fifteenth programme in the series LEIPS-XV has been launched on January 16, 2014.

The Programme focuses on Single Stock Futures contracts on 35 underlying scrips . The programme incentivises both MMs and GMPs by payment of cash for their participation as per prescribed terms & conditions.

LEIPS-XV envisages the MMs to have a continuous quoting obligation with specified size and spread in Single Stock Futures contracts . The programme offers 4 types of incentives to market participants –

  • Trading volume based daily cash incentives paid to MMs & GMPs.
  • Quote based incentives for MMs
  • Open Interest (OI) based cash incentives paid on daily basis for average daily OI to MMs and GMPs
  • Lower transaction fees for all active trading members.

 

For more details on the proposed LEIPS-XV programme, please refer to LEIPS-XV Programme brochure (ongoing)


LEIPS-XIV Programme:

The Fourteenth programme in the series LEIPS-XIV has been launched on October 31, 2013.

The Programme focuses on Futures Contracts on S&P BSE SENSEX. The programme incentivises both MMs and GMPs by payment of cash for their participation as per prescribed terms & conditions

LEIPS-XIV envisages the MMs to have a continuous quoting obligation with specified size and spread in Futures Contracts on S&P BSE SENSEX. The programme offers 4 types of incentives to market participants –

  • Trading volume based daily cash incentives paid to MMs & GMPs.
  • Quote based incentives for MMs
  • Open Interest (OI) based cash incentives paid on daily basis for average daily OI to MMs and GMPs
  • Lower transaction fees for all active trading members.

 

For more details on the proposed LEIPS-XIV programme, please refer to LEIPS-XIVProgramme brochure (ongoing)



LEIPS-XIII Programme:

The Thirteenth programme in the series LEIPS-XIII was launched on September 4, 2013. The Programme focussed on Options Contracts on S&P BSE SENSEX.
The programme successfully concluded on February 12, 2014.



LEIPS-XII Programme:

The Twelfth programme in the series LEIPS-XII was launched on July 16, 2013. The Programme focussed on single Stock Futures Contracts on 30 underlying scrips.
The programme successfully concluded on January 15, 2013.



LEIPS-XI Programme:

The Eleventh programme in the series LEIPS-XI was launched on 26th April 2013. The Programme focused on Options Contracts on S&P BSE-100 Index The programme successfully concluded on September 3, 2013.



LEIPS-X Programme:

The Tenth programme in the series LEIPS-X was launched on 26th April 2013. The Programme focused on Futures Contracts on S&P BSE-100 Index. The programme successfully concluded on October 25, 2013



LEIPS-IX Programme:

The Nineth programme in the series LEIPS-IX has been launched on 1st February, 2013. The Programme focuses on S&P BSE SENSEX Futures Contract. The programme successfully concluded on July 31, 2013.



LEIPS-VIII Programme:

The Eighth programme in the series LEIPS-VIII has been launched on 16th January, 2013. The Programme focuses on single Stock Futures Contracts on 30 underlying scrips forming part of S&P BSE SENSEX The programme successfully concluded on July 15, 2013.



LEIPS-VII Programme:

The seventh programme in the series LEIPS-VII was launched on October 29, 2012

The programme focused on Options Contracts on S&P BSE SENSEX Index. The programme successfully concluded on April 29, 2013.




LEIPS-VI Programme:

The sixth programme in the series LEIPS-VI was launched on August 1, 2012. The programme focused on Futures & Options Contracts on S&P BSE-100 Index. The programme successfully concluded on January 31, 2013.


LEIPS-V Programme:

The fifth programme in the series LEIPS-V was launched on August 1, 2012 with a view to infuse greater impetus and focused participation in developing the Single Stock Futures contract on 8 underlying securities viz. State Bank of India, Reliance Industries Limited, ICICI Bank Limited, TATA Steel Limited, TATA Motors Limited, Infosys Technologies Limited, Larsen & Toubro Limited & Axis Bank Limited. The programme successfully concluded on January 07, 2013.




LEIPS-IV Programme:

The fourth programme in the series LEIPS-IV was launched on 02 May, 2012. The programme focused on Futures on S&P BSE SENSEX till 01 November, 2012 and Futures on S&P BSE BANKEX till 21 June, 2012. The programme successfully concluded on 01 November, 2012.


LEIPS-III Programme:

The third programme in the series LEIPS-III was launched on 1st February, 2012. The programme focused on Options on S&P BSE SENSEX. The programme successfully concluded on 31st July, 2012.




LEIPS-II Programme:

The second programme in the series LEIPS-II has been launched on 26th October, 2011. The programme focuses on Futures on S&P BSE SENSEX, its underlying 30 stocks and S&P BSE BANKEX. LEIPS-II successfully concluded on 25th April, 2012.



LEIPS-I Programme:

The first programme in the series LEIPS-I (BETA) was launched on 28th September 2011 with a view to get the members ready for the actual programme. LEIPS-I (BETA) successfully concluded on 25th October 2011.



The Exchange monitors performance of the programme including presence of MMs and their compliance with the quote obligations through a mix of online and offline monitoring tools. The Exchange also publishes information on the programme from time to time as applicable vide SEBI Circular CIR/DNPD/5/2011 dated June 2, 2011 In accordance with the aforesaid SEBI circular the Exchange shall amend / discontinue the programme at any time with an advance notice of 15 days. Also, the programme shall be discontinued as soon as the average trading volume on the Exchange, during the last 60 trading days, reaches 1% of market capitalization of the underlying, or six months from introduction of the scheme, whichever is earlier.

LEIPS Notices

Date Subject
24 Feb 2014 Amendments in LEIPS XVI programme New
28 Jan 2014 Discontinuation of LEIPS XIII programme. New
28 Jan 2014 Introduction of Liquidity Enhancement Incentive Programme (LEIPS) – XVI for BSE Derivative segment. New
17 Dec 2013 Amendments in LEIPS XIII programme. New
17 Dec 2013 Introduction of Liquidity Enhancement Incentive Programme (LEIPS) – XV for BSE Derivative segment New
24 Oct 2013 Terms & Conditions of LEIPS XII, LEIPS XIII,LEIPS XIV Programme and Dealer incentive scheme applicable for Muhurat Trading Session for Derivatives Segment on Sunday, November 03, 2013.
9 Oct 2013 Eligible securities for Equity segment under Dealer incentive Scheme.
8 Oct 2013 Amendment in Dealer incentive scheme .
8 Oct 2013 Introduction of Liquidity Enhancement Incentive Programme (LEIPS) – XIV for BSE Derivative segment.
1 Oct 2013 Amendments in LEIPS XII programme.
1 Oct 2013 Amendments in LEIPS XIII programme.
20 Aug 2013 Introduction of Liquidity Enhancement Incentive Programme (LEIPS) – XIII for BSE Derivative segment.
16 July 2013 Amendments in LEIPS XI programme.
16 July 2013 Amendments in LEIPS XII programme.
16 July 2013 Revision in Incentive program to increase retail participation in BSE Derivatives Segment.
16 July 2013 Introduction of new incentive schemes for dealers and discontinuation of existing dealer and prop desk/members incentive scheme.
1 July 2013 Introduction of Liquidity Enhancement Incentive Programme (LEIPS) – XII for BSE Derivative segment.
14 Jun 2013 Amendments in LEIPS XI programme
12 Jun 2013 Extension of Dealer and prop desk / member scheme.
17 May 2013 Amendments in LEIPS VIII programme
17 May 2013 Amendments in LEIPS IX programme
17 May 2013 Amendments in LEIPS X programme
17 May 2013 Amendments in LEIPS XI programme
17 May 2013 Amendments in LEIPS Scheme for Dealers and Proprietary trading desks/members in Equity and Equity Derivative Segment.
7 May 2013 Terms & Conditions of LEIPS-VIII, LEIPS-IX, LEIPS-X,LEIPS-XI and LEIPS Scheme for Dealer & Prop desk/members applicable for special Live Trading Session on Saturday May 11, 2013
22 Apr 2013 Amendments in LEIPS Scheme for Dealers and Proprietary trading desks/members in Equity and Equity Derivative Segment
11 Apr 2013 Amendments in LEIPS IX programme
11 Apr 2013 Introduction of Liquidity Enhancement Incentive Programme (LEIPS)–X for BSE Derivative segment
11 Apr 2013 Introduction of Liquidity Enhancement Incentive Programme (LEIPS)–XI for BSE Derivative segment
22 Mar 2013 Clarification regarding LEIPS Scheme for Dealers and Proprietary trading desks/members in Equity and Equity Derivative Segment.
15 Mar 2013 LEIPS Scheme for Dealers and Proprietary trading desks/members in Equity and Equity Derivative Segment
15 Mar 2013 Amendments in LEIPS IX programme
15 Mar 2013 Amendments in LEIPS VIII programme
15 Mar 2013 Amendments in LEIPS VII programme
08 Mar 2013 Amendments in LEIPS VIII programme
18 Feb 2013 Amendments in LEIPS VIII programme
11 Feb 2013 Non Payment of incentives for the transactions under the LEIPS scheme where counter party is self i.e same Unique Client Code (UCC).
14 Jan 2013 Introduction of Liquidity Enhancement Incentive Programme (LEIPS) – IX for BSE Derivative segment.
14 Jan 2013 Revision in Incentive program to increase retail participation in BSE Derivatives Segment.
11 Jan 2013 Clarification regarding Quote Based Incentive for Roll-Over Options Contracts in LEIPS VI Programme.
10 Jan 2013 Discontinuation of open interest incentive as per LEIPS Scheme on current month contracts on their expiry day.
04 Jan 2013 Incentive program to increase retail participation in BSE Derivatives Segment.
01 Jan 2013 Introduction of Liquidity Enhancement Incentive Programme (LEIPS) – VIII for BSE Derivative segment.
Dec 24,2012 Amendments in LEIPS VI programme.
Dec 24,2012 Amendments in LEIPS VII programme.
Dec 24,2012 Discontinuation of LEIPS V programme .
Nov 09,2012 Terms & Conditions of LEIPS V, VI and VII Programme applicable for Muhurat Trading Session for Samavat Year 2069 for Derivatives Segment on Tuesday, November 13, 2012.
Nov 06,2012 Revision in incentive program to increase retail participation in BSE Derivatives Segment
Nov 06,2012 Discontinuation of scheme on Retail Investor Participation in BSE derivative Segment
Oct 10,2012 Introduction of Liquidity Enhancement Incentive Programme (LEIPS) – VII for BSE Derivative segment.
Sept 27,2012 Change in LEIPS Trade file structure w.e.f. October 3, 2012.
Sept 18, 2012 Amendments in LEIPS IV programme
Sept 18, 2012 Amendments in LEIPS VI programme
Sept 7, 2012 Incentive program for increasing retail participation in BSE Derivatives Segment – Revision for the month of September, 2012
Aug 29, 2012 Incentive program for increasing retail participation in BSE Derivatives Segment
Aug 29, 2012 Terms & Conditions of LEIPS IV, V and VI Programme applicable for special Live Trading Session on, Saturday September 8, 2012
Aug 23, 2012 Amendments in LEIPS-VI programme
Aug 1, 2012 CFS Facility and LEIPS-V Programme
Jul 18, 2012 Amendments in LEIPS V programme.
Jul 18, 2012 LEIPS III programme to be concluded on July 31, 2012.
Jul 18, 2012 Amendments in LEIPS IV programme.
Jul 18, 2012 Introduction of Liquidity Enhancement Incentive Programme (LEIPS) – VI for BSE F&O segment.
Jul 13, 2012 Introduction of Liquidity Enhancement Incentive Programme (LEIPS) – V for BSE F&O segment.
Jul 13, 2012 Amendments in LEIPS IV programme
Jun 14, 2012 Amendments in LEIPS IV programme
Jun 08, 2012 Revision in LEIPS-IV Programme for BSE F&O segment
Apr 18, 2012 Terms & Conditions of LEIPS III Programme applicable for special Live Trading Session on, Saturday April 28, 2012
Apr 17, 2012 Revision in Terms & Conditions of LEIPS-III Programme for BSE F&O Segment effective May 02,2012
Apr 16, 2012 Introduction of Liquidity Enhancement Incentive Programme (LEIPS) – IV for BSE F&O segment.
Feb 27, 2012 Terms & Conditions of LEIPS-II and LEIPS III Programme applicable for special Live Trading Session on , Saturday March 03, 2012
Feb 17, 2012 Revision in LEIPS III Programme for BSE F&O Segment
Feb 01, 2012 Change in LEIPS Trade file structure post February 01,2012
Jan 27, 2012 Revisions in Terms & Conditions of LEIPS-III Programme effective February 01, 2012
Jan 27, 2012 Revisions in Terms & Conditions of LEIPS-II Programme effective February 01, 2012
Jan 13, 2012 Introduction of Liquidity Enhancement Incentive Programme (LEIPS) – III for BSE F&O segment.
Jan 13, 2012 Revisions in Terms & Conditions of LEIPS-II Programme - Effective 1st February, 2012.
Jan 13, 2012 Revisions in Terms & Conditions of LEIPS-II Programme on account of Change in Expiry Cycle of Index & Stock-based Futures & Options Contracts in BSE F&O Segment.
Jan 04, 2012 LEIPS-II Programme for Special LIVE Trading Session on Saturday January 07, 2012
Dec 21, 2011 Discontinuation of Incentive Cap Alert Messages on BOLT TWS and through IML.
Dec 14, 2011 Revisions in Terms & Conditions of LEIPS-II Programme
Nov 30, 2011 Consolidated Master Circular on LEIPS-II Programme
Nov 21, 2011 Retail Investor Participation in BSE Futures and Options Segment
Nov 15, 2011 LEIPS II - Introduction of Period Wise Volume Incentive Cap in Futures and Options
Oct 12, 2011 Submission of Service Tax Invoice for Liquidity Enhancement Incentive Programme LEIPS – I (Beta) & LEIPS – (II)
Oct 11, 2011 Revisions to Liquidity Enhancement Incentive Programmes - LEIPS
Sep 28, 2011 Introduction of LEIPS Market Making Monitoring System
Sep 28, 2011 Incentive Pay-out Process for Liquidity Enhancement Incentive Programme LEIPS-I (Beta) & LEIPS-(II)
Sep 07, 2011 Liquidity Enhancement Incentive Programmes – LEIPS