To
All Trading Members of the Exchange
As required by SEBI circular no. CIR/MRD/DP/15/2015 dated July 16, 2015 and in continuation of Exchange notice nos. 20150814-26, 20150814-27, and 20150814-28 dated August 14, 2015, members are requested to note below mechanism for seeking review of the Exchange’s decision on trade annulment.
1. Submission of Review Request
1.1. The trading member who had submitted the trade annulment request online in RTRMS-ZT system and whose request was rejected can submit the review request at the designated email id bse.tar@bseindia.com.
1.2. The review request shall be submitted with following particulars -
· Trade Annulment Unique Request ID (as received from RTRMS-ZT system)
· Member ID
· Reasons for Review Request
1.3. The cut-off timings for submission of review request shall be as follows -
· Equity segment: T+1 Day - 6:00 pm
· Equity Derivatives segment: T Day - 8:00 pm
· Currency Derivatives segment: T Day - 8:00 pm
1.4. The Exchange shall inform the counterparty about the receipt of a trade annulment review request.
2. Processing of Review Request
2.
2.1. The Exchange shall refer the review request along with relevant particulars to the Exchange’s Trading & Surveillance Oversight Committee as constituted under Regulation 29(1) of the Securities Contracts (Regulation) (Stock Exchanges and Clearing Corporations) Regulations, 2012.
2.2. The pay-out with respect to both securities and funds as may be applicable relating to the settlement of such trades shall be withheld till such review is completed.
2.3. Trading & Surveillance Oversight Committee shall examine the request and provide its recommendations to the Exchange within 30 days of the receipt of the review request.
2.4. On receipt of the recommendation from the Trading & Surveillance Oversight Committee, the Exchange would convey the decision as soon as possible but not later than two working days.
3. The decision taken by the Trading & Surveillance Oversight Committee shall be final and binding on all parties and pay-out shall be released accordingly.
4. The Exchange shall disseminate details of Trade Annulment Review Request and committee’s decision thereof on its website www.bseindia.com under Markets/End-of-Day Reports/.
For & on behalf of BSE Ltd.
Rajesh Saraf Ketan Jantre
Sr. General Manager General Manager
Surveillance & Supervision Trading Operations
Date: October 21, 2015. |