BSE has received approval from SEBI for introducing commodity derivatives segment platform to facilitate trading in commodity derivatives vide letter no. SEBI/HO/CDMRD/DEA/OW/P/2018/25880/1 dated September 19, 2018.
Trading members registered in Equity Cash and/or Equity Derivatives and/or Currency Derivatives and/or New Debt segments are eligible to trade and clear trades for commodity derivatives segment, by seeking admission to the said segment, by making an application through BEFS (User Manual Annexure-A), subject to compliance with the following:
a) Networth requirement for Commodity Derivatives segment:
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Segment
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Trading Member Type
|
Trading cum Clearing Member
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Trading cum Self-Clearing Member
|
|
Commodity Derivatives
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Corporate - Rs.25 lakhs
Non-corporate – Rs.10 lakhs
|
3 crores
|
1 crore
|
b) Membership Deposit: Nil
c) Exchange Fees:
The following fees are applicable to Trading Members seeking admission exclusively on the commodity derivatives segment of the Exchange:
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Particulars
|
Amount
|
|
* Admission Fees
|
Rs.50,000.00 plus GST
|
|
Application processing Fees
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Nil
|
|
Annual Membership Subscription Fees
(collected every financial year across segments)
|
Rs.75,000.00 plus GST
|
* The above-mentioned fees will not be chargeable while applying for commodity derivatives segment in case of existing Trading members
d) Base Minimum Capital (BMC):
As per SEBI directive, trading members seeking registration on commodity derivatives segment of the Exchange are required to maintain BMC in the form of cash and cash equivalent (FD and BG) only. Securities will not be accepted by the Exchange towards BMC.
The BMC for commodity derivatives segment is as follows:
|
Categories
|
BMC Deposit
|
|
Trading without Algo facility
|
Rs.10 lakhs
|
|
Trading with Algo facility
|
Rs.50 lakhs
|
The BMC for non-commodity trading segments is as follows:
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Categories
|
BMC Deposit
|
|
Only Proprietary trading without Algorithmic trading (Algo)
|
Rs.10 lakhs
|
|
Trading only on behalf of Client (without proprietary trading and without Algo)
|
Rs.15 lakhs
|
|
Proprietary trading and trading on behalf of Client without Algo
|
Rs.25 lakhs
|
|
All Trading Members/ Brokers with Algo
|
Rs.50 lakhs
|
Hence, the trading members will be required to:
i) Maintain higher of the BMC deposits mentioned for commodity derivatives and non-commodity derivatives segments respectively.
ii) 25% of the applicable BMC deposit for commodity derivatives segment shall be in the form of cash.
Cash deposit of Rs.1.25 lakhs towards BMC for non-commodity derivatives segment will continue to remain and not form part of 25% cash deposit requirement for commodity derivatives segment.
iii) Balance 75% of the applicable BMC deposit for commodity derivatives segment shall be in the form of cash / cash equivalent (FD and BG).
e) SEBI Fees:
SEBI fees with respect to new Trading Members seeking fresh SEBI registration in commodity derivatives segment.
|
Particulars
|
Trading Member
(Amount in Rs.)
|
|
One time registration fees
|
50000.00
|
f) SEBI Turnover Fees:
Details of SEBI turnover fees on the commodity derivatives segment mentioned in the SEBI (Payment of fees and mode of payment) Amendment Regulations, 2017 effective from April 1, 2017, is as follows:
|
Segment
|
Rate/Amount in Rs.
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Remarks
|
|
Commodity Derivatives
|
0.00015% of his turnover (Rs.15 per crore)
|
Explanation-
The expression `turnover` shall include the value of trades executed by the stock broker on the concerned recognized stock exchange and of the trades settled on the expiration of the contracts.
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g) Broker Indemnity Insurance policy:-
SEBI circular no. SMD/SED/RCG/270/96 dated January 19, 1996 stipulates that trading members are required to obtain indemnity insurance policy for minimum of Rs.5 lakhs, is applicable to commodity derivatives segment. The indemnity insurance policy taken by the trading member covers all the segments of BSE. In view of the same, they are not required to take a separate indemnity insurance policy for commodity derivatives segment.
The application cum undertaking form/s for membership in additional segment of BSE and ICCL are attached as per Annexure-B and Annexure-C respectively.
Further, at the time of commencement of business, trading members are required to comply with the following:
1) Deposit BMC with BSE in accordance with point (d) mentioned above
2) TM-CM Agreement or Addendum to the agreement
a. TM CM Agreement (Annexure-D) to be executed by new Trading Members as well as existing Trading Members who will have a Clearing Member different from existing Clearing Member.
b. Existing Trading Members having the same Clearing Member as in other segments; need to execute the addendum to TM-CM agreement (Annexure-E)
For any clarification, please contact the following officials of Membership Operations Department.
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Name
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Contact no.
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Email ID
|
|
Amit Kadam
|
022-22728010
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membership.ops@bseindia.com
|
|
Jitendra Doshi
|
022-22728275
|
-do-
|
|
Prakash Bhatt
|
022-22728466
|
-do-
|
|
Ankit Kothari
|
022-22728287
|
-do-
|
|
Yogesh Zarkar
|
022-22728546
|
-do-
|
|
Johnson Chiriyath
|
022-22725162
|
-do-
|
For and on behalf of BSE Limited
Gopalkrishnan Iyer Ketan Jantre
Chief General Manager Senior General Manager
Membership Compliance Membership Operations
|