Attention of clearing members is drawn to "SEBI Circular No. SEBI/HO/MIRSD/MIRSD-PoD-1/P/CIR/2023/061 dated April 25, 2023 and ICCL Circular No. 20230427-21 dated April 27, 2023 on Bank Guarantees (BGs) created out of clients’ funds".
In accordance with the aforesaid SEBI Circular, the following provisions were required to be implemented:
- No new Bank Guarantees (BGs) shall be created out of clients’ funds by Members w.e.f. May 01, 2023.
- Existing Bank Guarantees (BGs) created out of clients’ funds shall be wound down by September 30, 2023.
Further, as per Para 5 of the aforementioned SEBI Circular, members are required to submit a certificate to the Clearing Corporation by October 16, 2023, confirming the implementation of provisions of SEBI Circular duly certified by their Statutory Auditor.
Members who are carrying out only proprietary trading without any clients since the date of above SEBI Circular, shall submit a one-time declaration.
Accordingly, Members are advised to mail the aforesaid certificate in the prescribed format enclosed as Annexure to iccl.membership@icclindia.com
In case of any queries members may contact the following officials
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Name of Officials
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Direct Line Number
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Email
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Sneha Sahadevan
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022-22725075
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iccl.membership@icclindia.com
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Praveen Poojary
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022-22728788
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For and on behalf of Indian Clearing Corporation Ltd.
Ganesh Kanaujiya
Senior Manager
Membership & Inspection |