In continuation and partial modification of Notice No 24, dated January 13, 2012 regarding revision in terms and conditions of the LEIPS-II Programme with effect from February 01, 2012, trading members are requested to note following clarifications -
Clarification 1 - Roll Over Period for LEIPS II –
On the background of introduction of End of Month expiry contracts in SENSEX Futures in addition to mid-month expiry contracts in the month of February 2012, members are hereby informed that the market maker roll period obligation fulfillment criteria for all Futures underlying (SENSEX, its 30 underlying stocks, BANKEX) contracts under LEIPS-II shall be waived off for the calendar month of February 2012.
However for the calendar month March 2012, the market maker roll period obligation fulfillment criteria shall remain in force and shall be applicable on end of month expiry contracts i.e. for March 2012 roll period, futures contracts expiring on March 29, 2012 and April 26, 2012 shall be considered as current month and roll over month contracts respectively.
Clarification 2 - Daily Open Interest (OI) based Cash Incentives
Daily OI based cash incentives shall be computed based on OI values available at the end of day and shall be as follows -
1. If Exchange OI for Futures on any given trading day is less than or equal to Rs.1000 Cr, then incentive for that day shall be paid at a rate of Rs.250 per Cr of Member OI for the day.
2. If Exchange OI for Futures on any given trading day crosses Rs.1000 Cr, then incentive for that day shall be paid on proportionate basis from a daily pool of Rs.2.5 Lakhs.
The revised brochure of LEIPS-II Programme is attached herewith.
For and on behalf of
BSE Limited.
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Rajesh Saraf
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Sameer Vaze
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General Manager – Trading Operations
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Deputy Manager – Trading Operations
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