SEBI has issued a circular no. SEBI/HO/MIRSD/DOP/CIR/P/2019/14 dated January 11, 2019 whereby the membership structure as Trading Member (TM), Self-Clearing Member (SCM), Trading-cum-Clearing Member (TCM) and Professional Clearing Member (PCM) as prevalent in Equity Derivatives Segment shall be applicable in Equity Cash Segment w.e.f. April 1, 2019.
As such, the membership types of the existing members in Cash Segment will undergo changes as mentioned below, w.e.f. April 1, 2019
1) The existing stock brokers of the Stock Exchange in Cash Segment, who are already registered as SCM/TCM/PCM in Equity Derivatives Segment shall automatically become SCM/TCM/PCM, as the case may be, in Cash Segment.
2) The existing stock brokers of the Stock Exchange in Cash Segment, who are not registered as SCM/TCM/PCM in Equity Derivatives Segment, shall continue as SCM in Cash Segment.
Changing the membership type to be applicable from April 1, 2019:
The members who wish to change their membership type in Cash Segment, to be applicable from April 1, 2019, would be given an option to do so through the BEFS system; a separate circular in this regard shall be issued shortly.
Networth requirement:
The members who will be SCM/TCM/PCM in Cash Segment w.e.f. April 1, 2019, shall meet with the minimum Networth requirements as per formula prescribed by Dr. L. C. Gupta Committee as applicable to SCM/TCM/PCM in Equity Derivatives Segment on or before September 30, 2019.
In case, the members fail to meet the minimum Networth required as per their respective membership type as above, on or before September 30, 2019, they shall continue as Trading Member in Cash Segment provided that they shall tie up with a TCM/PCM for clearing and settlement of their trades on or before September 30, 2019.
Custodian Clearing Members in Cash Segment:
The existing Custodian Clearing Members in Cash Segment shall continue to act as Custodian Clearing Members in Cash Segment only.
For any queries, members may please contact the following officials from Membership Dept. of ICCL.
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Sr. No.
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Name
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Tel No.
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Email id
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1
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Ravindra B. Palande
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022-22728308 / 9819377857
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2
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Praveen Poojary
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022-22728788 / 9820970415
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3
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G.V.Kumar
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022-22728365 / 9892435883
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For and on behalf of ICCL
Ravindra B. Palande
Dy. General Manager
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