| |
 |
Market Operations - Investigation Department |
Circular No. MCX-SX/ID/613/2011 |
July 29, 2011 | |
Modification of Client Codes of Non-Institutional Trades |
| In terms of provisions of the Rules, Bye-laws and Regulations of the
Exchange and pursuant to SEBI circular no: CIR/DNPD/06/2011 dated July 05,
2011 (Annexure 1), the Members of the Exchange are
notified that the following penalty structure for the modifications of
client code in the Currency Derivatives Segment (CDS) is being made
applicable with effect from August 01, 2011: |
| |
| ‘a’ as % of ‘b’ |
Penalty as % of ‘a’ |
| ≤ 5 |
1 |
| > 5 |
2 | |
|
| where |
|
| a = Value (turnover) of non-institutional trades where client
codes have been modified by a trading member in a segment during a
month. |
|
| b = Value (turnover) of non-institutional trades of the trading
member in the segment during the month. | |
| |
The Members may further note the following:
- With effect from August 1, 2011, the trade modification facility
will be available only on the Member Admin Terminal. Members who wish to
extend the said facility additionally to their users, are required to
send the request in the format as detailed in Annexure 2.
- The Exchange shall conduct a special inspection of the trading
member to ascertain whether the modifications of client codes are being
carried on as per the strict objective criteria set by the Stock
Exchange, if ‘a’ as % of ‘b’, as defined above, exceeds 1% during a
month and take appropriate disciplinary action, if any deficiency is
observed.
- In addition to point no. 2, in all cases where ‘a’ as % of ‘b’
(where ‘a’ & ‘b’ are as specified in the above-referred SEBI
circular) is greater than 1% and there being four instances in the last
six months, the Exchange may take further stringent penalty/ action as
deemed necessary.
- All members would be required to give an undertaking every six
months confirming that they are satisfied that all instances of trade
modification done in their firm are genuine and the said facility is
used only to rectify a genuine error in entry of client code at the time
of placing / modifying the related order.
|
| Members are requested to take note of the above and are advised to
exercise due care and caution while modifying the client codes to ensure
that the said facility shall be used only in case of rectification of
genuine errors in entry of client code (like punching error/typing error
of client codes, entry of wrong client code due to communication error) at
the time of placing / modifying the related order. |
| |
| For any clarifications, contact Customer Service Desk at 022-67319010
or send an email at customerservice@mcx-sx.com. |
| |
For and on behalf of
MCX Stock Exchange Ltd. |
Himanshu Ashar
Asst. Vice President |
| |
| |
| ---------------------------------------------------------------------
Corporate office
--------------------------------------------------------------------- |
|
MCX Stock Exchange Limited
2nd Floor,
Exchange Square, Suren Road, Chakala, Andheri (East), Mumbai - 400
093
Tel.: 022 – 6731 9010 , Fax: 022 - 6731 9103
Website: http://www.mcx-sx.com/,
email: customerservice@mcx-sx.com
|
| |