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| NOTICES |
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| Notice No. |
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20231101-4 |
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Notice Date |
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01 Nov 2023 |
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| Category |
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Settlement/RMS |
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Segment |
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General |
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| Subject |
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Discontinuation of Reporting of Bank Guarantees (BGs) created out of clients’ funds |
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| Content |
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This is with reference to SEBI circular SEBI/HO/MIRSD/MIRSD-PoD-1/P/CIR/2023/061 dated April 25, 2023 and further to ICCL’s circular no. 20230523-37 dated May 23, 2023 and circular no. 20231006-4 dated October 06, 2023 regarding Reporting of Bank Guarantees (BGs) created out of clients’ funds.
In terms of the above-mentioned SEBI circular, the following dates have surpassed:
- September 30, 2023 - To wind down the existing BGs created out of clients’ funds.
- October 16, 2023 - To submit the statutory auditor certificate, confirming the implementation of the said SEBI circular, to clearing corporations.
Thus, it has been decided to discontinue the requirement of weekly reporting of breakup of Bank Guarantee (BG) placed as collateral with ICCL and accordingly the period of last submission which would be applicable to the member for reporting shall be for the week ended October 21, 2023.
Members are advised to take note of the circular.
For and on behalf of Indian Clearing Corporation Ltd.
Anand Shaha
General Manager
Membership & Inspection |
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