In pursuance of Notice No. 3 dated January 04, 2012, the Trading Members have been informed the LEIPS-II shall be extended on the special LIVE trading session in Futures & Options Segment on Saturday January 07, 2012.
On this background, the Exchange proposes to amend certain terms and conditions of LEIPS-II Programme as follows -
1. The Roll Period (5 days prior to expiry) for January 2012 shall start from January 07, 2012 instead of January 06, 2012.
2. In view of the above mentioned changes in Roll Period, Item No 3 – Roll Period Obligations for Options (provided below for easy reference) of Notice No 11 dated December 14, 2011 shall be effective from January 07, 2012 instead of January 06, 2012.
“Item no 3 –
Presently, MMs are required to maintain quote obligations in ATM, 1 ITM and 2 OTM strikes of current month options contracts, during the roll over period.
Members are hereby informed that MM quote obligations during the roll period shall now be applicable to ATM and OTM strikes only and not for ITM strikes for the current month contracts.
In ITM strikes of current month contracts, the MM shall however be required to demonstrate presence instead of quote obligations.”
3. The LIVE trading session for Futures & Options segment shall be for a period of 90 minutes (i.e. from 11.15 a.m. to 12.45 p.m.). The total no of Time Periods and volume incentive cap for the Time Period shall be as follows –
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Total No of Time Periods
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Duration of Each Time Period
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Time Period wise Cap for Futures Trading
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Time Period wise Cap for Options Trading (Notional volume)
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Applicable for January 07, 2012
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90
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1 minute
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Rs. 4.8 Crore
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Rs. 13.6 Crore
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Total Volume Incentive Cap
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Rs. 432 Crore
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Rs. 1,224 Crore
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4. LEIPS registered market makers shall be required to maintain quote obligations for 75% of total trading time of 90 minutes for Saturday January 07, 2012.
5. Changes in LEIPS eligible security for market making –
a. With effect from January 09, 2012, Jaiprakash Associates Ltd (Scrip code 532532) shall not be part of BSE SENSEX 30. In view of this, the last day of trading for Jaiprakash Associates Ltd under LEIPS-II programme shall be Saturday 07, 2012.
b. With effect from January 09, 2012, GAIL India Ltd (Scrip code 532155) shall be introduced as a part of BSE SENSEX 30. LEIPS market makers who have been acting as a market maker Jaiprakash Associates Ltd shall not be automatically registered as a market maker in GAIL India Ltd. Market makers desirous of acting as a market maker in GAIL India Ltd shall need to make a separate application to the Exchange in this regard.
6. The Exchange shall compute and process LEIPS incentives for the eligible LEIPS members, as applicable, on Saturday January 07, 2012. However, considering the partial availability of clearing banks for fund transfers on a Saturday, the incentive payouts may not be credited in designated accounts of the eligible LEIPS registered members on the same day. Members are requested to get in touch with their respective clearing banks to check this.
Other terms and conditions of LEIPS-II scheme shall remain unchanged.
For any further clarifications, members are advised to contacts their designated Relationship Managers.
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Rajesh Saraf
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Sameer Vaze
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GM – Trading Operations
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DM – Trading Operations
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