This has reference to following Exchange notice nos. wherein the format of Contract Note Cum Tax Invoice have been prescribed by Exchanges.
• 20220325-59 dated Mar 25’ 2022 (T+1 rolling settlement)
• 20200930-26 dated September 30, 2020 (Option to send the contract note in combination with the tax invoice or send the Contract Note and the tax invoice separately)
• 20200930-68 dated September 30, 2020 (Stamp duty incorporated as a separate field in the Straight Through Processing (STP) system)
• 20181016-12 dated October 16, 2018 (Introduction of commodity derivatives segments)
• 20170605-19 dated Jun 05, 2017 (GST implementation)
Exchanges, by consistently engaging with market participants, are continuously making efforts to improve the existing regulatory framework and also to promote ease of doing business.
As per the feedback received from market participants, post implementation of Interoperability, the requirement of showing weightage average price of each of Exchange in ECN, needs review and instead it should be a single weightage average price (WAP) for transactions for a particular security/common contract irrespective of Exchange where the trade is executed.
In view of the above and to address the concerns raised by market participants it was decided that stock brokers shall issue ECN with single WAP for trades done across Exchanges per security/common contract for the total traded quantity per settlement. With removal of Exchange identification, broker can provide single WAP in the consolidated ECN across Exchanges per security/common contract to their clients.
Accordingly, the format of Contract Notes has been revised, copy of the same is attached as Annexure-A.
STP centralised hub and the STP service providers are directed to make the necessary changes to their STP system to ensure implementation of the above.
The member shall ensure that details of trades such as Contract number, security/contract detail, Exchange, Order No., Order time, Trade No., Trade Time, Traded quantity, price etc is attached to the contract note as an Annexure when a consolidated obligation is shown in the contract note. The member-broker shall mention the words “Exchange-wise details of orders and trades provided in separate annexure.” in the contract note format prescribed by the Exchanges.
Members are directed to make necessary changes consequent to the above and comply with the revised format with effect from August 01, 2024
In case of any clarifications, members may contact us on details given as under:
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Contact Nos.
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022-2272 8435/5785
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Email ID
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bse.inspection@bseindia.com
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For and on behalf of BSE Ltd.
Hiteshkumar Desai Sandeep Sharma
General Manager Assistant General Manager
Inspection Inspection |