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| NOTICES |
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| Notice No. |
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20230403-53 |
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Notice Date |
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03 Apr 2023 |
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| Category |
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Compliance |
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Segment |
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General |
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| Subject |
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Penalty Structure for Late/Non-submission of Reporting requirement on Settlement of Running Account of Clients' Funds |
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| Content |
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Members’ attention is drawn to Exchange notice nos. 20221228-55 dated December 28, 2022, 20230105-59 dated January 05, 2023 and 20230327-70 dated March 27, 2023 regarding reporting requirement on settlement of running account of clients’ funds wherein members have been advised to make following submissions to the Exchange within the prescribed timelines through the online facility as made available by the Exchange.
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Sr. No.
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Reporting Requirement
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Timelines
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1.
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Submission of summary of settlement of clients’ funds
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Within 2 trading Days post settlement date
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2.
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Submission of UCC wise settlement details
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Within 10 trading days post settlement date
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Exchange has formulated a penalty structure for non-compliance with respect to aforesaid submissions and accordingly, any delay / non submission shall attract following penal/disciplinary actions.
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Sr. No.
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Details of Violation / contravention
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Due date for submission
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Penalty/disciplinary actions
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1
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Delayed/Non-submission of summary of settlement as per the prescribed format.
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Within 2 trading days post settlement date
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1. In case of non-submission of Summary details within 2 trading days or non-submission of UCC wise settlement details within 10 trading days, penalty of Rs. 10,000 per day for each day of delay.
2. In case of non-submission of Summary details or UCC wise detail within one week from the due date of submission of UCC wise settlement details (i.e., 10 days from the post settlement date), New client registration to be prohibited. Further, a seven days’ notice shall be given intimating disablement of trading facility in the event of failure of the submission of data.
3. In case of non-submission of Summary details or UCC wise settlement details or both within two weeks from the due date of submission of UCC wise settlement details (i.e., 10 trading days post settlement date), Member shall be disabled in all segments till submission of data.
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2.
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Delayed/Non-submission of UCC wise settlement details as per the prescribed format
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Within 10 trading days post settlement date
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All Members are advised to take note of the same and strictly comply.
In case of any clarifications, members may contact us on details given as under:
For and on behalf of BSE Ltd.
Hiteshkumar Desai Sandeep Sharma
General Manager Asst. Gen. Manager
Brokers’ Supervision Brokers’ Supervision |
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