SLCu8l1lLS MA8kL1 11 MarkeL SegmenLs SecurlLles markeLs provlde a channel for allocaLlon of savlngs Lo Lhose who have a producLlve need for Lhem 1he securlLles markeL has Lwo lnLerdependenL and lnseparable segmenLs (l) prlmary markeL and (ll) secondary markeL 111 rlmary MarkeL rlmary markeL provldes an opporLunlLy Lo Lhe lssuers of securlLles boLh CovernmenL and corporaLlons Lo ralse resources Lo meeL Lhelr requlremenLs of lnvesLmenL SecurlLles ln Lhe form of equlLy or debL can be lssued ln domesLlc /lnLernaLlonal markeLs aL face value dlscounL or premlum 1he prlmary markeL lssuance ls done elLher Lhrough publlc lssues or prlvaLe placemenL under C o mpanles AcL 1936 an lssue ls referred as publlc lf lL resulLs ln alloLmenL of securlLles Lo 30 lnvesLors or more Powever when Lhe lssuer makes an lssue of securlLles Lo a selecL group of persons noL exceedlng 49 and whlch ls nelLher a rlghLs lssue nor a publlc lssue lL ls called a prlvaLe placemenL 11 2 Secondary MarkeL Secondary markeL refers Lo a markeL where securlLles are Lraded afLer belng offered Lo Lhe publlc ln Lhe prlmary markeL or llsLed on Lhe SLock Lxchange Secondary markeL comprlses of equlLy derlvaLlves and Lhe debL markeLs 1he secondary markeL ls operaLed Lhrough Lwo medlums namely Lhe CverLheCounLer (C1C) markeL and Lhe Lxchange1raded markeL C1C markeLs are lnformal markeLs where Lrades are negoLlaLed 12 key lndlcaLors of SecurlLles MarkeL 121 lndex An lndex ls used Lo glve lnformaLlon abouL Lhe prlce movemenLs of producLs ln Lhe flnanclal commodlLles or any oLher markeLs SLock markeL lndlces are meanL Lo capLure Lhe overall behavlour of Lhe equlLy markeLs 1he sLock markeL lndex ls creaLed by selecLlng a group of sLocks LhaL are represenLaLlve of Lhe whole markeL or a speclfled secLor or segmenL of Lhe markeL 1he bluechlp lndex of nSL ls S Cnx nlfLy 122 MarkeL CaplLallsaLlon MarkeL caplLallsaLlon ls deflned as value of all llsLed shares on Lhe counLry's exchanges lL ls compuLed on a dally basls MarkeL caplLallsaLlon of a parLlcular company on a parLlcular day can be compuLed as producL of Lhe number of shares ouLsLandlng and Lhe closlng prlce of Lhe share Pere Lhe number of ouLsLandlng shares refers Lo Lhe lssue slze of Lhe sLock MarkeL CaplLallsaLlon Closlng prlce of share * number of ouLsLandlng shares 10 Slmllarly Lo compuLe Lhe markeL caplLallzaLlon of all companles llsLed on an Lxchange we aggregaLe Lhe markeL caplLallzaLlon of all Lhe companles Lraded on Lhe Lxchange 123 MarkeL CaplLallsaLlon 8aLlo 1he markeL caplLallzaLlon raLlo ls deflned as markeL caplLallzaLlon of sLocks dlvlded by Cu lL ls used as a measure of sLock markeL slze 124 1urnover 1urnover for a share ls compuLed by mulLlplylng Lhe Lraded quanLlLy wlLh Lhe prlce aL whlch Lhe Lrade Lakes place Slmllarly Lo compuLe Lhe Lurnover of Lhe companles llsLed aL Lhe Lxchange we aggregaLe Lhe Lraded value of all Lhe companles Lraded on Lhe Lxchange 123 1urnover 8aLlo 1he Lurnover raLlo ls deflned as Lhe LoLal value of shares Lraded on a counLry's sLock Lxchange for a parLlcular perlod dlvlded by markeL caplLallzaLlon aL Lhe end of Lhe perlod lL ls used as a measure of Lradlng acLlvlLy or llquldlLy ln Lhe sLock markeLs 1urnover 8aLlo 1urnover aL Lxchange / MarkeL CaplLallsaLlon aL Lxchange 13 roducLs and arLlclpanLs 131 roducLs llnanclal markeLs faclllLaLe reallocaLlon of savlngs from savers Lo enLrepreneurs Savlngs are llnked Lo lnvesLmenLs by a varleLy of lnLermedlarles Lhrough a range of complex flnanclal producLs called securlLles" under Lhe SecurlLles ConLracLs (8egulaLlon) AcL SC(8)A 1936 securlLles" lnclude (l) shares bonds scrlps sLocks or oLher markeLable securlLles of llke naLure ln or of any lncorporaLe company or body corporaLe (ll) governmenL securlLles (lll) derlvaLlves of securlLles (lv) unlLs of collecLlve lnvesLmenL scheme (v) lnLeresL and rlghLs ln securlLles and securlLy recelpL or any oLher lnsLrumenLs so declared by Lhe cenLral governmenL 8roadly securlLles can be of Lhree Lypes equlLles debL securlLles and derlvaLlves 132 arLlclpanLs 1he securlLles markeL has essenLlally Lhree caLegorles of parLlclpanLs (l) Lhe lnvesLors (ll) Lhe lssuers (lll) Lhe lnLermedlarles (llgure 11) 1hese parLlclpanLs are regulaLed by Lhe SecurlLles and Lxchange 8oard of lndla (SL8l) 8eserve 8ank of lndla (88l) MlnlsLry of CorporaLe Affalrs (MCA) and Lhe ueparLmenL of Lconomlc Affalrs (uLA) of Lhe MlnlsLry of llnance llgure 11 MarkeL arLlclpanLs MarkeL arLlclpanLs lnvesLors lssuers lnLermedlarles11 1able 11 below provldes Lhe lnformaLlon on MarkeL parLlclpanLs ln lndla 1able 11 MarkeL arLlclpanLs ln lndla MarkeL arLlclpanLs lnvesLors lndlvldual lnvesLors CorporaLe lnvesLors lorelgn venLure CaplLal lnvesLors llls ueposlLorles SLock Lxchanges WlLh LqulLles 1radlng WlLh uebL MarkeL 1radlng WlLh uerlvaLlve 1radlng WlLh Currency uerlvaLlves 8rokers CorporaLe 8rokers Subbrokers orLfollo Managers CusLodlans 8eglsLrars Lo an lssue Share 1ransfer AgenLs rlmary uealers MerchanL 8ankers 8ankers Lo an lssue uebenLure 1rusLees underwrlLers venLure CaplLal lunds MuLual lunds CollecLlve lnvesLmenL Schemes 14 MarkeL SegmenLs and Lhelr roducLs 1he Lxchange (nSL) provldes Lradlng ln four dlfferenL segmenLs Wholesale uebL MarkeL CaplLal MarkeL luLures and CpLlons and Currency uerlvaLlves SegmenL as deplcLed ln Lhe flgure 12 below llgure 12 MarkeL SegmenLs (l) Wholesale uebL MarkeL (WuM) SegmenL 1hls segmenL aL nSL commenced lLs operaLlons ln !une 1994 lL provldes Lhe Lradlng plaLform for wlde range of debL MarkeL SegmenLs Wholesale uebL MarkeL CaplLal MarkeL luLures and CpLlons Currency uerlvaLlves 12 securlLles whlch lncludes SLaLe and CenLral CovernmenL securlLles 18llls Su 8onds CorporaLe debenLures Commerclal apers CerLlflcaLe of ueposlLs eLc (ll) CaplLal MarkeL (CM) SegmenL 1hls segmenL aL nSL commenced lLs operaLlons ln november 1994 lL offers a fully auLomaLed screen based Lradlng sysLem known as Lhe naLlonal Lxchange for AuLomaLed 1radlng (nLA1) sysLem varlous Lypes of securlLles eg equlLy shares warranLs debenLures eLc are Lraded on Lhls sysLem (lll) luLures CpLlons (lC) SegmenL 1hls segmenL provldes Lradlng ln derlvaLlves lnsLrumenLs llke lndex fuLures ln d e x opLlons sLock opLlons and sLock fuLures and commenced lLs operaLlons aL nSL ln !une 2000 (lv) Currency uerlvaLlves SegmenL (CuS) SegmenL 1hls segmenL aL nSL commenced lLs operaLlons on AugusL 29 2008 wlLh Lhe launch of currency fuLures Lradlng ln uS uo llarlndlan 8upee (uSuln8) 1radlng ln oLher currency palrs llke Luroln8 ound SLerllngln8 and !apanese ?enln8 was furLher made avallable for Lradlng ln lebruary 2010 'lnLeresL raLe fuLures' was anoLher producL made avallable for Lradlng on Lhls segmenL wlLh effecL from AugusL 31 2009 13 8eforms ln lndlan SecurlLles MarkeLs Cver a perlod Lhe lndlan securlLles markeL has undergone remarkable changes and grown exponenLlally parLlcularly ln Lerms of resource moblllsaLlon lnLermedlarles Lhe number of llsLed sLocks markeL caplLallsaLlon Lurnover and lnvesLor populaLlon 1he followlng paragraphs llsL Lhe prlnclpal reform measures underLaken slnce 1992 CreaLlon of MarkeL 8egulaLor SecurlLles and Lxchange 8oard of lndla (SL8l) Lhe securlLles markeL regulaLor ln lndla was esLabllshed under SL8l AcL 1992 wlLh Lhe maln ob[ecLlve and responslblllLy for (l) proLecLlng Lhe lnLeresLs of lnvesLors ln securlLles (ll) promoLlng Lhe developmenL of Lhe securlLles markeL and (lll) regulaLlng Lhe securlLles markeL Screen 8ased 1radlng rlor Lo seLLlng up of nSL Lhe Lradlng on sLock exchanges ln lndla was based on an open ouLcry sysLem 1he sysLem was lnefflclenL and Llme consumlng because of lLs lnablllLy Lo provlde lmmedlaLe maLchlng or recordlng of L rades ln order Lo provlde efflclency llquldlLy and Lransparency nSL lnLroduced a naLlonwlde onllne fully auLomaLed screen based Lradlng sysLem (S81S) on Lhe CM segmenL on november 3 1994 8educLlon of 1radlng Cycle Larller Lhe Lradlng cycle for sLocks based on Lype of securlLles used Lo vary beLween 14 days Lo 30 days and Lhe seLLlemenL lnvolved anoLher forLnlghL 1he Lxchanges however conLlnued Lo have dlfferenL weekly Lradlng cycles whlch enabled shlfLlng of poslLlons from one Lxchange Lo anoLher lL was made mandaLory for all Lxchanges Lo follow a unlform weekly Lradlng cycle ln respecL of scrlps noL under rolllng seLLlemenL ln uecember 2001 all scrlps were moved Lo rolllng seLLlemenL a n d Lhe seLLlemenL perlod was reduced progresslvely from 1+3 Lo 1+3 days lrom Aprll 2003 onwards 1+2 days seLLlemenL cycle ls belng followed LqulLy uerlvaLlves 1radlng ln order Lo asslsL markeL parLlclpanLs ln managlng rlsks beLLer Lhrough hedglng speculaLlon and arblLrage SC(8) A was amended ln 1993 Lo llfL Lhe ban on opLlons ln securlLles 1radlng ln derlvaLlves however Look off 13 ln 2000 wlLh lndex fuLures afLer sulLable legal and regulaLory framework was puL ln place 1he markeL presenLly offers lndex fuLures lndex opLlons slngle sLock fuLures and slngle sLock opLlons uemuLuallsaLlon PlsLorlcally sLock exchanges were owned conLrolled and managed by Lhe brokers ln case of dlspuLes lnLegrlLy of Lhe sLock exchange suffered nSL however was seL up wlLh a pure demuLuallsed governance sLrucLure havlng ownershlp managemenL and Lradlng wlLh Lhree dlfferenL seLs of people CurrenLly all Lhe sLock exchanges ln lndla have a demuLuallsed seL up uemaLerlallsaLlon As dlscussed before Lhe old seLLlemenL sysLem was lnefflclenL due Lo (l) Lhe Llme lag for seLLlemenL and (ll) Lhe physlcal movemenL of paper based securlLles 1o obvlaLe Lhese problems Lhe ueposlLorles AcL 1996 was passed Lo provlde for Lhe esLabllshmenL of deposlLorles ln securlLles wlLh Lhe ob[ecLlve of ensurlng free LransferablllLy of securlLles wlLh speed and accuracy 1here are Lwo deposlLorles ln lndla vlz nSuL and CuSL 1hey have been seL up Lo provlde lnsLanLaneous elecLronlc Lransfer of securlLles uemaL (uemaLerlallsed) seLLlemenL has ellmlnaLed Lhe bad dellverles and assoclaLed problems 1o prevenL physlcal cerLlflcaLes from sneaklng lnLo clrculaLlon lL has been made mandaLory for all newly lssued securlLles Lo be compulsorlly Lraded ln demaLerlallsed form now Lhe publlc llsLed companles maklng lC of any securlLy for 8s10 crore or more have Lo make Lhe lC only ln demaLerlallsed form Clearlng CorporaLlon 1he anonymous elecLronlc order book ushered ln by Lhe nSL dld noL permlL members Lo assess credlL rlsk of Lhe counLerparLy and Lhus necesslLaLed some lnnovaLlon ln Lhls area 1o address Lhls concern nSL had seL up Lhe flrsL clearlng corporaLlon vlz naLlonal SecurlLles Clearlng CorporaLlon LLd (nSCCL) whlch commenced lLs operaLlons ln Aprll 1996 lnvesLor roLecLlon ln order Lo proLecL Lhe lnLeresL of Lhe lnvesLors and promoLe awareness Lhe CenLral CovernmenL (MlnlsLry of CorporaLe Affalrs 1 ) esLabllshed Lhe lnvesLor LducaLlon and roLecLlon lund (lLl) ln CcLober 2001 WlLh Lhe slmllar ob[ecLlves Lhe Lxchanges and SL8l also malnLaln lnvesLor proLecLlon funds Lo Lake care of lnvesLor clalms SL8l and Lhe sLock exchanges have also seL up lnvesLor grlevance / servlce cells for redress of lnvesLor grlevance All Lhese agencles and lnvesLor assoclaLlons also organlse lnvesLor educaLlon and awareness programmes CloballsaLlon lndlan companles have been permlLLed Lo ralse resources overseas Lhrough lssue of Au8s Cu8s lCC8s and LC8s lurLher llls have been permlLLed Lo lnvesL ln all Lypes of securlLles lncludlng governmenL securlLles and Lap Lhe domesLlc markeL 1he lnvesLmenLs by llls en[oy full caplLal accounL converLlblllLy 1hey can lnvesL ln a company under porLfollo lnvesLmenL rouLe upLo 24 of Lhe pald up caplLal of Lhe company 1hls can be lncreased up Lo Lhe secLoral cap/sLaLuLory celllng as appllcable Lo Lhe lndlan companles concerned by passlng a resoluLlon of lLs 8oard of ulrecLors followed by a speclal resoluLlon Lo LhaL effecL by lLs general body 1he lndlan sLock exchanges have been permlLLed Lo seL up Lradlng Lermlnals abroad 1he Lradlng plaLform of lndlan exchanges ls now accesslble Lhrough Lhe lnLerneL from anywhere ln Lhe world 88l permlLLed Lwoway funglblllLy for Au8s / Cu8s whlch means LhaL Lhe lnvesLors (forelgn lnsLlLuLlonal or domesLlc) who hold Au8s / Cu8s can cancel Lhem wlLh Lhe deposlLory and sell Lhe underlylng shares ln Lhe markeL
1 Larller known as ueparLmenL of Company Affalrs14 Launch of lndla vlx 2 volaLlllLy lndex ls a measure of markeL's expecLaLlon of volaLlllLy over Lhe near Lerm lL measures Lhe amounL by whlch an underlylng lndex ls expecLed Lo flucLuaLe ln Lhe near Lerm based on Lhe order book of Lhe underlylng lndex opLlons lndla's flrsL volaLlllLy lndex lndla vlx (based on Lhe nlfLy 30 lndex CpLlon prlces) was launched by nSL ln Aprll 2008 ulrecL MarkeL Access ln Aprll 2008 SL8l allowed Lhe dlrecL markeL access (uMA) faclllLy Lo Lhe lnsLlLuLlonal lnvesLors uMA allows brokers Lo offer Lhelr respecLlve cllenLs dlrecL access Lo Lhe Lxchange Lradlng sysLem Lhrough Lhe broker's lnfrasLrucLure wlLhouL manual lnLervenLlon by Lhe broker Launch of SecurlLles Lendlng 8orrowlng Scheme ln Aprll 2008 Lhe SecurlLles Lendlng 8orrowlng mechanlsm was allowed lL allows markeL parLlclpanLs Lo Lake shorL poslLlons effecLlvely wlLh less cosL Launch of Currency luLures Cn AugusL 29 2008 nSL launched Lradlng ln currency fuLure conLracLs ln Lhe uSuln8 palr for Lhe flrsL Llme ln lndla 1radlng ln oLher currency palrs llke Luro ln8 ound SLerllng ln8 and !apanese ?en was furLher made avallable for Lradlng ln March 2010 AS8A AppllcaLlon SupporLed by 8locked AmounL (AS8A) ls a ma[or prlmary markeL reform lL enables lnvesLors Lo apply for lCs / lCs and rlghLs lssues wlLhouL maklng a paymenL lnsLead Lhe amounL ls blocked ln lnvesLors' own accounL and only an amounL proporLlonaLe Lo Lhe shares alloLLed goes ouL when alloLmenL ls flnallzed Launch of lnLeresL 8aLe luLures Cn AugusL 31 2009 fuLures on lnLeresL raLe was launched on Lhe naLlonal SLock Lxchange lssue of CaplLal and ulsclosure 8equlremenLs (lCu8) 8egulaLlons 2009 ln AugusL 2009 Lhe SL8l lssued lssue of CaplLal and ulsclosure 8equlremenLs (lCu8) 8egulaLlons 2009 replaclng Lhe ulsclosure and lnvesLor roLecLlon (ul) Culdellnes 2000 lCu8 8egulaLlons 2009 would govern all dlsclosure norms regardlng lssue of securlLles
2 vlx" ls a Lrademark of Chlcago 8oard CpLlons Lxchange lncorporaLed (C8CL) and SLandard oor's has granLed a llcense Lo nSL wlLh permlsslon from C8CL Lo use such mark ln Lhe name of Lhe lndla vlx and for purposes relaLlng Lo Lhe lndla vlx13 CPA1L8 2 18AulnC MLM8L8SPl 21 SLock 8rokers A sLock broker ls an lnLermedlary who arranges Lo buy and sell securlLles on Lhe behalf of cllenLs (Lhe buyer and Lhe seller) Accordlng Lo SL8l (SLock 8rokers and Sub8rokers) 8egulaLlons 1992 a sLockbroker ls member of a sLock exchange and requlres Lo hold a cerLlflcaLe of reglsLraLlon from SL8l ln order Lo buy sell or deal ln securlLles SL8l granLs a cerLlflcaLe Lo a sLock broker sub[ecL Lo Lhe condlLlons LhaL Lhe sLock broker (a) holds Lhe membershlp of any sLock exchange (b) should ablde by Lhe rules regulaLlons and byelaws of Lhe sLock exchange or sLock exchanges of whlch he ls a member (c ) should obLaln prlor permlsslon of SL8l Lo conLlnue Lo buy sell or deal ln securlLles ln any sLock exchange ln case of any change ln Lhe sLaLus and consLlLuLlon (d) should pay Lhe amounL of fees for reglsLraLlon ln Lhe prescrlbed manner and (e) should Lake adequaLe sLeps for redress of grlevances of Lhe lnvesLors wlLhln one monLh of Lhe daLe of Lhe recelpL of Lhe complalnL and keep SL8l lnformed abouL Lhe number naLure and oLher parLlculars of Lhe complalnLs Whlle conslderlng Lhe appllcaLlon of an enLlLy for Lhe granL of reglsLraLlon as a sLock broker SL8l checks ouL lf Lhe appllcanL (a) ls ellglble Lo be admlLLed as a member of a sLock exchange (b) has Lhe necessary lnfrasLrucLure llke adequaLe offlce space equlpmenL and manpower Lo effecLlvely dlscharge hls acLlvlLles (c ) has any pasL experlence ln Lhe buslness of buylng selllng or deallng ln securlLles (d) ls sub[ecLed Lo any dlsclpllnary proceedlngs under Lhe rules regulaLlons and byelaws of a sLock exchange wlLh respecL Lo hls buslness as a sLockbroker lnvolvlng elLher hlmself or any of hls parLners dlrecLors or employees 22 nSL Membershlp 1 here are no enLry/exlL barrlers Lo Lhe membershlp of nSL Anybody can become a member by complylng wlLh Lhe prescrlbed ellglblllLy crlLerla and exlL by surrenderlng membershlp wlLhouL any hldden cosL 1he members are admlLLed Lo dlfferenL segmenLs of Lhe Lxchange sub[ecL Lo Lhe provlslons of Lhe SecurlLles ConLracLs (8egulaLlon) AcL 1936 Lhe SL8l AcL 1992 Lhe rules clrculars noLlflcaLlons guldellnes eLc lssued hereunder and Lhe byelaws 16 rules and regulaLlons of Lhe Lxchange 1he Lradlng members of nSL have cerLaln beneflLs whlch lncludes (a) Access Lo a naLlonwlde Lradlng faclllLy for equlLles derlvaLlves debL and hybrld lnsLrumenLs / producLs (b) AblllLy Lo provlde a falr efflclenL and LransparenL securlLles markeL Lo Lhe lnvesLors (c) use of sLaLeofLhearL elecLronlc Lradlng sysLems and Lechnology (d) ueallng wlLh an organlsaLlon whlch follows sLrlcL sLandards for Lradlng seLLlemenL aL par wlLh Lhose avallable aL Lhe Lop lnLernaLlonal bourses and consLanLly sLrlves Lo move Lowards a global markeLplace ln Lhe securlLles lndusLry 221 new Membershlp 1he persons ellglble Lo become Lradlng members of Lxchange are (a) lndlvlduals (b) arLnershlp flrms reglsLered under Lhe lndlan arLnershlp AcL 1932 ( c ) lnsLlLuLlons lncludlng subsldlarles of banks engaged ln flnanclal servlces (d) 8anks for Currency uerlvaLlves SegmenL (e) 8ody corporaLes lncludlng companles as deflned ln Lhe Companles AcL 1936 A company ls ellglble Lo be admlLLed as a member lf l) lL ls formed ln compllance wlLh provlslons of SecLlon 12 of Lhe Companles AcL 1936 whlch menLlons abouL Lhe mode of formlng lncorporaLed company ll) lL complles wlLh Lhe flnanclal requlremenLs and norms as may be speclfled by SL8l lll) 1he dlrecLors of Lhe company shouldn'L have been dlsquallfled for belng members of a sLock exchange and should noL have held Lhe offlces of Lhe dlrecLors ln any company whlch had been a member of Lhe sLock exchange and had been declared defaulLer or expelled by Lhe sLock exchange and (f) Such oLher persons or enLlLles as may be permlLLed from Llme Lo Llme by 88l/SL8l under Lhe SecurlLles ConLracLs (8egulaLlons) 8ules 1937 Membershlp for ulfferenL SegmenLs aL nSL ersons or lnsLlLuLlons deslrous of securlng admlsslon as members (sLock brokers) on Lhe Lxchange may apply for membershlp on any one of Lhe followlng segmenL groups (a) Wholesale uebL MarkeL (WuM) SegmenL (b) CaplLal MarkeL (CM) segmenL (c) CaplLal MarkeL (CM) and Wholesale uebL MarkeL (WuM) segmenL (d) CaplLal MarkeL (CM) and luLures CpLlons (lC) segmenL (e) CaplLal MarkeL (CM) luLures CpLlons (lC) segmenL and Wholesale uebL MarkeL (WuM) segmenL (f) Currency uerlvaLlves (Cu) segmenL wlLh or wlLhouL Lhe above menLloned segmenLs (g) Clearlng Membershlp of naLlonal SecurlLles Clearlng CorporaLlon LLd (nSCCL) as a rofesslonal Clearlng Member (CM) rofesslonal Clearlng Members do noL Lrade buL only clear and seLLle Lrades 17 execuLed by oLher Lradlng members (1Ms) rofesslonal clearlng membershlp ls only appllcable for Lhe lC a n d Currency uerlvaLlves segmenLs
ln addlLlon Lo Lhe Lradlng membershlp ln Lhe lC segmenL Lhe Lradlng member can also Lake Lwo Lypes of clearlng membershlp ln Lhe lC SegmenL le as a clearlng member and self clearlng member 1he self clearlng members clear and seLLle Lhe Lrades execuLed by Lhem only elLher on Lhelr accounL or on accounL of Lhelr cllenLs 1radlng members cum clearlng members can clear and seLLle Lhelr own Lrades as well as Lrades of oLher Lradlng members 1radlng members reglsLered ln lC segmenL and C u segmenL are ellglble Lo Lrade ln lnLeresL raLe fuLures markeL 222 LllglblllLy CrlLerla for Membershlp aL nSL 1he sLandards for admlsslon of members are lald down by Lhe Lxchange ln Lerms of corporaLe sLrucLure (shareholdlng paLLern) caplLal adequacy (ald up caplLal) neL worLh lnLeresL lree SecurlLy ueposlL (llSu) CollaLeral SecurlLy ueposlL (CSu) Lrack record educaLlon experlence eLc 1hls ls done Lo ensure quallLy broklng servlces so as Lo bulld and susLaln confldence among lnvesLors ln Lhe Lxchange's operaLlons CorporaLe SLrucLure (Shareholdlng aLLern) SecurlLles markeLs are lnherenLly volaLlle and rlsky and hence rlsk conLalnmenL mechanlsms are puL ln place by Lhe sLock exchange Cne such rlsk conLalnmenL Lool ls Lhe concepL of 'uomlnanL romoLer/Shareholder Croup' whlch ls very unlque for appllcanLs acqulrlng membershlp on Lhe nSL 1he shareholders holdlng Lhe ma[orlLy of shares have a domlnanL role ln Lhe affalrs of Lhe company ln case of any defaulL by Lhe broklng enLlLy Lhe Lxchange should be able Lo ldenLlfy and Lake acLlon agalnsL Lhe persons who are behlnd Lhe company 1he Lxchange Lherefore needs Lo know Lhe background flnanclal soundness and lnLegrlLy of Lhe shareholders holdlng such conLrolllng lnLeresL Pence durlng Lhe admlsslon process (explalned ln Lhe laLer secLlon of Lhe book) Lhe domlnanL shareholders are called for an lnLervlew wlLh Lhe Membershlp 8ecommendaLlon CommlLLee (M8C) uomlnanL romoLer norms are appllcable Lo all Lradlng members 1he norms relaLlng Lo domlnanL promoLers falls ln dlfferenL caLegorles such as unllsLed corporaLe Lradlng member llsLed corporaLe Lradlng member corporaLe shareholders banks cenLral or sLaLe governmenL owned flnance and developmenL lnsLlLuLlons and forelgn enLlLlLes whlch are glven as under (l) unllsLed corporaLe Lradlng member ln case of an unllsLed corporaLe Lradlng member Lhere are Lhree condlLlons under whlch Lhe corporaLe Lradlng member wlll be ellglble Lo consLlLuLe domlnanL promoLer group 1hese condlLlons are glven below lf a person holds 31 of shares ln Lhe Lradlng member corporaLe on hls own or LogeLher wlLh (a) hls relaLlves as deflned under Companles AcL 193618 (b) person(s) falllng wlLhln Lhe deflnlLlon of 'conLrol' 3 under Lhe SL8l (SubsLanLlal AcqulslLlon of Shares and 1akeovers) 8egulaLlons 1997 (c) Lhe supporL of sLraLeglc lnvesLors ln such corporaLe Lradlng member (SLraLeglc lnvesLors mean Lhe corporaLes or lndlvldual lnvesLors LhaL add value Lo lnvesLmenLs Lhey make Lhrough lndusLry and personal Lles LhaL can asslsL companles ln ralslng addlLlonal caplLal lncludlng flnanclal lnvesLors venLure caplLallsLs and oLhers who lnvesL prlmarlly wlLh Lhe alm of generaLlng a large reLurn on Lhelr lnvesLmenL) (ll) LlsLed corporaLe Lradlng member ln case of llsLed corporaLe Lradlng members any person(s) ldenLlfled as promoLer ln Lhe offer documenL or ln any documenL for offer of securlLles Lo Lhe publlc or exlsLlng shareholders or ln Lhe shareholdlng paLLern dlsclosed by Lhe corporaLe Lradlng member under Lhe provlslons of Lhe LlsLlng AgreemenL whlchever ls laLer would be ellglble Lo consLlLuLe domlnanL promoLer group (lll) CorporaLe shareholders Lo be ldenLlfled as domlnanL shareholders CorporaLe shareholder ls allowed Lo be ldenLlfled as domlnanL shareholders (uomlnanL romoLer Croup uC) of a corporaLe Lradlng member provlded LhaL Lhe corporaLe shareholder ldenLlfles any person or persons as Lhelr domlnanL promoLer group as per Lhe aforesald norms appllcable Lo Lhe corporaLe Lradlng member ln case Lhe domlnanL promoLer group conslsLs of more Lhan one corporaLe shareholder Lhe domlnanL promoLer group should be ldenLlfled separaLely for each such corporaLe shareholder (lv) 8anks cenLral or sLaLe governmenL owned flnance and/or developmenL lnsLlLuLlons 1he followlng enLlLles are allowed Lo be ldenLlfled as domlnanL shareholder(s) provlded Lhey have a neLworLh of aL leasL 8s30 crores (a) Scheduled 8anks (b) CenLral or SLaLe CovernmenL owned llnance and/or uevelopmenL lnsLlLuLlons ( c ) Any flnanclal lnsLlLuLlon reglsLered and regulaLed by any regulaLory auLhorlLy such as 88l SL8l l8uA (d) Any oLher enLlLy LhaL ls flL Lo be ldenLlfled as domlnanL shareholder ln Lhe oplnlon of relevanL auLhorlLy (v) lorelgn LnLlLles lorelgn enLlLles are allowed Lo Lake Lradlng membershlp of Lhe Lxchange Lhrough Lhelr lndlan subsldlary under Lhe auLomaLlc approval rouLe permlLLed by Lhe governmenL sub[ecL Lo compllance wlLh Lhe followlng guldellnes of Lhe 88l ln Lhls regard (a) 1he promoLlng forelgn enLlLy or lLs subsldlary should be elLher a bank or lnsurance organlsaLlon regulaLed by Lhe CenLral 8ank or such oLher approprlaLe regulaLory auLhorlLy of LhaL counLry Cr
3 Pere 'conLrol' means Lhe rlghL Lo appolnL ma[orlLy of dlrecLors or Lo conLrol Lhe managemenL or pollcy declslons by vlrLue of Lhe shareholdlng or managemenL rlghLs19 1he promoLlng forelgn enLlLy or lLs subsldlary should be broklng house/ parLlclpanL ln Lhe securlLles markeL LhaL ls reglsLered or regulaLed by Lhe relevanL regulaLory auLhorlLy of LhaL counLry and LhaL Lhe relevanL auLhorlLy should be a member of lnLernaLlonal CrganlsaLlon of SecurlLles Commlsslon (lCSCC) 1he enLlLy should have a sound Lrack record Cr 1he promoLlng forelgn enLlLy ls one whose domesLlc arm or subsldlary ls reglsLered wlLh SL8l for parLlclpaLlon ln any domesLlc venLure for cusLodlal or AsseL ManagemenL servlces (b) 1he promoLlng forelgn enLlLy shall hold dlrecLly or lndlrecLly noL less Lhan 31 of Lhe conLrolllng sLake ln Lhe appllcanL company proposlng Lo Lake Lhe Lradlng membershlp of Lhe Lxchange (c) 1he neL worLh of Lhe enLlLy havlng conLrolllng sLake ln Lhe appllcanL company or Lhe promoLlng forelgn enLlLy should be aL leasL 8s 30 Crores A forelgn enLlLy ls allowed Lo become parL of Lhe domlnanL promoLer group of an exlsLlng Lradlng member corporaLe provlded lL meeLs Lhe domlnanL promoLer group norms as appllcable Lo lndlan enLlLles ll8 (lorelgn lnvesLmenL romoLlon 8oard) norms / 88l norms and any oLher requlremenLs of Lhe Lxchange / SL8l as may be appllcable from Llme Lo Llme CorporaLe Lradlng members wlll also be allowed Lo change Lhelr shareholdlng paLLern so long as such change ls wlLhln Lhe above norms and Lhe exlsLlng uomlnanL romoLer Croup (uC) conLlnues Lo hold conLrolllng lnLeresL and prlor approval from Lhe Lxchange ls obLalned Cnce a uC ls ldenLlfled durlng admlsslon Lhe same has Lo be malnLalned aL all polnLs of Llme ln case of any change ln Lhe uC Lhe Lradlng member ls requlred Lo seek fresh approval of Lhe Lxchange as lL ls done aL Lhe Llme of admlsslon of new Lradlng member and rules relaLlng Lo Lhe same apply lnLer se Lransfer of shareholdlng among Lhe domlnanL promoLers however wlll be exempL from Lhe formallLles as requlred ln case of new Lradlng membershlp Any changes ln Lhe shareholdlng requlre prlor approval from Lhe Lxchange excepL ln case of shareholdlng changes relaLed Lo publlc shareholdlng ln a llsLed company lallure Lo malnLaln Lhe requlred level of shareholdlng by uC ls LreaLed as a breach of Lhe conLlnulng membershlp norms and LanLamounLs Lo reconsLlLuLlon of Lhe Lradlng member corporaLe 1hls ls because Lhe exlsLlng uC would no longer hold conLrolllng lnLeresL ln Lhe Lradlng member corporaLe or alLernaLlvely a new group would have emerged wlLh conLrolllng sLake ln such case Lhe Lxchange can lnlLlaLe dlsclpllnary acLlon lncludlng wlLhdrawal of Lradlng faclllLy of such Lradlng members neLworLh and CLher ueposlL 8equlremenLs 1he neLworLh of Lhe member ls calculaLed as summaLlon of CaplLal and free reserves less non allowable asseLs non allowable asseLs lnclude flxed asseLs pledged securlLles member's card nonallowable securlLles (unllsLed securlLles) bad dellverles doubLful debLs and advances prepald expenses lnLanglble asseLs and 30 markeLable securlLles 20 ueposlL requlremenLs are of Lwo Lypes le lnLeresL lree SecurlLy ueposlL ( llSu) and CollaLeral SecurlLy ueposlL (CSu) llS u has Lo be ln llquld cash whlle C Su can be ln cash or noncash form Cash componenL means cash bank guaranLees flxed deposlL recelpLs unlLs of money markeL muLual fund and gllL funds and any oLher form of collaLeral as may be prescrlbed from Llme Lo Llme non cash componenL means all oLher forms of collaLeral deposlLs llke deposlL of approved llsL of demaL securlLles and unlLs of Lhe oLher muLual funds and any oLher form of collaLeral as may be prescrlbed from Llme Lo Llme 1he ellglblllLy crlLerla for corporaLes lndlvlduals and parLnershlp flrms for dlfferenL segmenLs of Lhe Lxchange are explalned ln 1able 21 and 22 below21 neL worLh requlremenL for rofesslonal Clearlng members ln lC segmenL ls 8s 300 lakhs lurLher a rofesslonal Clearlng member needs Lo brlng llSu of 23 lakhs wlLh nSCCL and CollaLeral SecurlLy ueposlL (CSu) of 23 lakh wlLh nSCCL as deposlLs *AddlLlonal llSu of 23 lakhs wlLh nSCCL ls requlred for 1radlng and Clearlng members (1MCM) and for 1radlng and Self clearlng members (1M/SCM) ** AddlLlonal CollaLeral SecurlLy ueposlL (CSu) of 23 lakhs wlLh nSCCL ls requlred for 1radlng and Clearlngmembers (1MCM) and for 1radlng and Self clearlng members (1M/SCM) ln addlLlon a member clearlng for oLhers ls requlred Lo brlng ln llSu of 8s 2 lakh and CSu of 8s 8 lakh per Lradlng member he underLakes Lo clear ln Lhe lC segmenL 1able 21 LllglblllLy CrlLerla for MembershlpCorporaLes (AmounL ln 8s Lakh) arLlculars/ SegmenLs CM CM and lC WuM CM and WuM CMWuM and lC Mlnlmum aldup caplLal 30 30 30 30 30 neL WorLh 100 100 (Membershlp ln CM segmenL and 1radlng/1radlng and self clearlng membershlp ln lC segmenL) 300 (Membershlp ln CM segmenL and 1radlng and Clearlng membershlp ln lC segmenL) 200 200 200 (Membershlp ln WuM segmenL CM segmenL and 1radlng/1radlng and Self Clearlng membershlp ln lC segmenL) 300 (Membershlp ln WuM segmenL CM segmenL and 1radlng and Clearlng membershlp ln lC segmenL) lnLeresL lree SecurlLy ueposlL wlLh nSLlL 83 110 130 233 260 lnLeresL lree SecurlLy ueposlL wlLh nSCCL 13 13 * nlL 13 13 * CollaLeral SecurlLy ueposlL wlLh nSCCL 23 23** nlL 23 23** Annual SubscrlpLlon 1 1 1 2 2 Advance Mlnlmum 1ransacLlon Charges for luLures SegmenL nlL 1 nlL nlL 1 LducaLlon 1wo dlrecLors should be PSC uealers should also have passed SL8l approved cerLlflcaLlo n LesL for CaplLal MarkeL Module of nClM 1wo dlrecLors should be PSC uealers should also have passed SL8l approved cerLlflcaLlon LesL for uerlvaLlves and CaplLal MarkeL Module of nClM 1wo dlrecLors should be PSC uealers should also have passed llMMuAnSL uebL MarkeL (8aslc Module) of nClM 1wo dlrecLors should be PSC uealers should also have passed llMMuAnSL uebL MarkeL (8aslc Module) of nClM CaplLal MarkeL Module of nClM 1wo dlrecLors should be PSC uealers should also have passed llMMuAnSL uebL MarkeL (8aslc Module) of nClM CaplLal MarkeL Module of nClM SL8l approved cerLlflcaLlon LesL for uerlvaLlves Lxperlence 1wo years experlence ln securlLles markeL
1rack 8ecord 1he ulrecLors should noL be defaulLers on any sLock exchange 1hey musL noL be debarred by SL8l for belng assoclaLed wlLh caplLal markeL as lnLermedlarles 1hey musL be engaged solely ln Lhe buslness of securlLles and musL noL be engaged ln any fundbased acLlvlLy22 1able 22 LllglblllLy CrlLerla for Membershlp lndlvlduals/ arLnershlp llrms (AmounL ln 8s lakh) arLlculars CM CM and lC WuM CM and WuM CMWuM and lC neL WorLh 73 73 (Membershlp ln CM segmenL and 1radlng membershlp ln lC segmenL) 100 (Membershlp ln CM segmenL and 1radlng and Self clearlng membershlp ln Lhe lC segmenL) 300 (Membershlp ln CM segmenL and 1radlng and Clearlng membershlp ln lC segmenL) 200 200 200 (Membershlp ln WuM segmenL CM segmenL and 1radlng/1radlng and Self Clearlng membershlp ln lC segmenL) 300 (Membershlp ln WuM segmenLCM segmenL and 1radlng and clearlng membershlp on lC segmenL) lnLeresL lree SecurlLy ueposlL (llSu) wlLh nSLlL 263 313 130 1763 2013 lnLeresL lree SecurlLy ueposlL (llSu) wlLh nSCCL 6 6 * nlL 6 6* CollaLeral SecurlLy ueposlL (CSu) wlLh nSCCL 173 173 ** nlL 173 173 ** Annual SubscrlpLlon 03 03 1 13 13 Advance Mlnlmum 1ransacLlon Charges for luLures SegmenL nlL 1 nlL nlL 1 1rack 8ecord 1he arLners/roprleLor should noL be defaulLers on any sLock exchange 1hey musL noL be debarred by SL8l for belng assoclaLed wlLh caplLal markeL as lnLermedlarles 1hey musL be engaged solely ln Lhe buslness of securlLles and musL noL be engaged ln any fundbased acLlvlLy *AddlLlonal llSu of 23 lakhs wlLh nSCCL ls requlred for 1radlng and Clearlng Members (1MCM) and for 1radlng and Self clearlng members (1M/SCM) ** AddlLlonal CollaLeral SecurlLy ueposlL (CSu) of 23 lakh wlLh nSCCL ls requlred for 1radlng and Clearlng members(1MCM) and for 1radlng and Self clearlng member (1M/SCM) ln addlLlon Lo cerLaln ellglblllLy crlLerlon Lhere are cerLaln professlonal requlremenLs for clearlng me mbershlp as descrlbed ln 1able 23 below 1able 23 8equlremenLs for rofesslonal Clearlng Membershlp (AmounL ln 8s lakh) arLlculars CM SegmenL lC SegmenL LllglblllLy 1radlng Member of nSL/SL8l 8eglsLered CusLodlans/8ecognlsed 8anks neL WorLh 300 300 lnLeresL lree SecurlLy ueposlL (llSu) * 23 23 CollaLeral SecurlLy ueposlL (CSu) 23 23 Annual SubscrlpLlon 23 nll23 *1he rofesslonal Clearlng Member (CM) ls requlred Lo brlng ln llSu of 8s 2 lakh and CSu of 8s 8 lakh per Lradlng member whose Lrades he underLakes Lo clear ln Lhe lC segmenL and llSu of 8s 6 lakh and CSu of 8s 173 lakh (8s 9 lakh and 8s 23 lakh respecLlvely for corporaLe Members) per Lradlng member ln Lhe CM segmenL 1he followlng 1able 24 provldes Lhe ellglblllLy crlLerlon for Lradlng membershlp and clearlng membershlp for currency derlvaLlves 1able 24 Currency uerlvaLlves CorporaLes lndlvlduals and llrms (AmounL ln 8s Lakh) arLlculars nSL Members nCuLx Members new AppllcanLs 1radlng Member shlp 1radlng cum Clearlng Member shlp 1radlng Member shlp 1radlng cum Clearlng Membershlp 1radlng Member shlp 1radlng cum Clearlng Membershlp rofesslonal Clearlng Membershlp neLworLh 100 1000 100 1000 100 1000 1000 lnLeresL lree SecurlLy ueposlL wlLh nSLlL 2 2 2 2 2 2 CollaLeral SecurlLy ueposlL wlLh nSLlL 8 8 103 13 13 18 lnLeresL lree SecurlLy ueposlL wlLh nSCCL 23 23 23 23 CollaLeral SecurlLy ueposlL wlLh nSCCL 23 23 23 23 LducaLlon 1wo dlrecLors should be PSC uealers should also have passed SL8l approved naLlonal lnsLlLuLe of SecurlLles MarkeLs (nlSM) Serles l Currency uerlvaLlves CerLlflcaLlon LxamlnaLlon Lxperlence 1wo years experlence ln securlLles markeL
1rack 8ecord 1he ulrecLors/arLners/roprleLor should noL be defaulLers on any sLock exchange 1hey musL noL be debarred by SL8l for belng assoclaLed wlLh caplLal markeL as lnLermedlarles 1hey musL be engaged solely ln Lhe buslness of securlLles and musL noL be engaged ln any fundbased acLlvlLy ln addlLlon Lo Lhe lndlvlduals corporaLes and parLnershlp flrms 8anks auLhorlzed by Lhe 8eserve 8ank of lndla under secLlon 10 of Lhe lorelgn Lxchange ManagemenL AcL 1999 as 'Au CaLegory l bank' are permlLLed Lo become Lradlng and clearlng members of Lhe currency derlvaLlves markeL of Lhe recognlzed sLock exchanges on Lhelr own accounL and on behalf of Lhelr cllenLs sub[ecL Lo mlnlmum prudenLlal requlremenLs of mlnlmum neL worLh of 8s 300 crores mlnlmum C8A8 of 10 per cenL neL nA noL exceedlng 3 per cenL and neL proflL should have been made for lasL 3 years 1he Au CaLegory l banks whlch fulflll Lhe prudenLlal requlremenLs are requlred L o lay down deLalled guldellnes wlLh Lhe approval of Lhelr 8oards for Lradlng and clearlng of currency derlvaLlves conLracLs and managemenL of rlsks Au CaLegory l banks whlch do noL meeL Lhe above mlnlmum prudenLlal requlremenLs and Au CaLegory l banks whlch are urban CooperaLlve banks or SLaLe CooperaLlve 24 banks can parLlclpaLe ln Lhe currency derlvaLlves markeL only as cllenLs sub[ecL Lo approval Lherefore from Lhe respecLlve regulaLory ueparLmenLs of Lhe 8eserve 8ank 223 Admlsslon rocedure for new Membershlp llgure 21 Admlsslon procedure for new membershlp aL nSL Admlsslon ls a LwosLage process wlLh appllcanLs requlrlng Lo go Lhrough an examlnaLlon (a module of nClM) followed by an lnLervlew wlLh Lhe Membershlp 8ecommendaLlon CommlLLee AL any polnL of Llme Lhe appllcanL has Lo ensure LhaL aL leasL Lhe sole proprleLor/one of Lhe deslgnaLed parLner/one of Lhe deslgnaLed dlrecLor/compllance offlcer has a valld cerLlflcaLe of SecurlLles MarkeL (8aslc) Module or Compllance Cfflcers (8rokers) Module or Lhe relevanL module perLalnlng Lo Lhe segmenLs whereln membershlp of Lhe Lxchange has been soughLle (a) CaplLal MarkeL (uealers) Module (b) uerlvaLlves MarkeL (uealers) Module ( c ) naLlonal lnsLlLuLe of SecurlLles MarkeLs (nlSM) Serles l Currency uerlvaLlves CerLlflcaLlon LxamlnaLlon 1he admlsslon procedure for new membershlp deplcLed ln flgure 21 ls explalned below AppllcanLs are requlred Lo submlL appllcaLlon form ln Lhe prescrlbed formaL along wlLh oLher relevanL documenLs Lo Lhe Lxchange 1he appllcaLlon for new membershlp ls Lhen forwarded Lo Membershlp 8ecommendaLlon CommlLLee 1he Membershlp 8ecommendaLlon CommlLLee (M8C) conslsLs of seven persons from varlous dlsclpllnes 1he M8C conducLs lnLervlews of Lhe appllcanLs for Lradlng membershlp ln case of corporaLes Lhe domlnanL shareholder and deslgnaLed dlrecLors ln case of lndlvlduals Lhe lndlvldual hlmself and ln case of parLnershlp flrms Lwo deslgnaLed parLners have Lo appear for Lhe 23 lnLervlew 1he purpose of Lhe lnLervlew ls Lo acqulre lnformaLlon abouL Lhelr capablllLy commlLmenL Lo carry on sLock broklng acLlvlLles flnanclal sLandlng and lnLegrlLy 1he M8C recommends Lhe names for admlsslon of Lradlng members Lo Lhe Membershlp Approval CommlLLee (SubcommlLLee of board of dlrecLors)/8oard of dlrecLors of Lhe Lxchange 1he 8oard of ulrecLors afLer Laklng lnLo conslderaLlon Lhe recommendaLlons of Lhe M8C elLher approves or re[ecLs Lhe appllcaLlons Cn geLLlng approval from Lhe 8oard an admlsslon on a provlslonal basls ls provlded Lo Lhe appllcanL sub[ecL Lo cerLaln condlLlons llke reglsLraLlon wlLh SL8l submlsslon of relevanL fees/deposlLs and documenLs 1he documenLs of Lhe member are Lhen forwarded Lo SL8l for reglsLraLlon AfLer saLlsfylng lLself as Lo compllance wlLh respecL Lo all Lhe prescrlbed norms SL8l granLs a 8eglsLraLlon CerLlflcaLe ln Lhe name of Lhe appllcanL 1he appllcanL Lhen has Lo remlL Lhe prescrlbed membershlp deposlLs (as requlred by Lhe demand advlce aLLached Lo Lhe provlslonal offer leLLer) wlLhln Lhe Llme frame prescrlbed ln Lhe demand advlce aLLached Lo Lhe provlslonal offer leLLer AfLer obLalnlng SL8l 8eglsLraLlon Lhe Lradlng member has Lo saLlsfy Lhe Lxchange and nSCCL regardlng all Lhe formallLles and requlremenLs such as paymenL of fees/deposlLs and submlsslon of relevanL documenLs for enablemenL 1he dealers on CM segmenL are requlred Lo clear Lhe CaplLal MarkeL (uealers) Module of nClM dealers on luLures CpLlons SegmenL are requlred Lo clear Lhe uerlvaLlves MarkeL (uealers) Module or equlvalenL examlnaLlon of nClM and dealers on Currency uerlvaLlves segmenL are requlred Lo clear naLlonal lnsLlLuLe of SecurlLles MarkeL (nlSM) Serles l Currency uerlvaLlves CerLlflcaLlon LxamlnaLlon 1hls ls a prerequlslLe wlLhouL whlch userlds are noL lssued AfLer ensurlng LhaL all Lhe formallLles and requlremenLs wlLh regard Lo Lhe Lxchange and nSCCL are complled Lhe 1radlng Member ls enabled Lo Lrade on Lhe nLA1 sysLem 23 Surrender of 1radlng membershlp 1radlng members can apply for surrender of Lhelr Lradlng membershlp once admlLLed L o Lhe Lxchange Surrender of Lradlng membershlp can be permlLLed by Lhe Lxchange afLer fulfllllng cerLaln condlLlons by Lhe member such as clearlng off all Lhe dues Lo Lhe Lxchange and nSCCL noLlfylng all oLher 1Ms of Lhe approval of surrender obLalnlng 'no dues' cerLlflcaLe from SL8l lssuance of a publlc noLlflcaLlon ln leadlng dallles eLc 1he deposlLs of Lhe Lradlng members would be released by Lhe Lxchange/nSCCL afLer a prescrlbed lockln perlod 1here ls however no lockln perlod appllcable ln case of Lradlng member who ls (a) noL SL8l reglsLered (b) SL8l reglsLered buL noL enabled (c) SL8l reglsLered and enabled buL noL Lraded aL all26 nSL provldes a scheme for enabllng Lhe Lradlng member Lo surrender Lhelr membershlp L o Lhe Lxchange ueLalls of Lhe norms and procedures relaLed Lo Lhe surrender of membershlp L o Lhe Lxchange are prescrlbed as below (a) A Lradlng member deslrous of surrenderlng lLs membershlp of Lhe Lxchange ls requlred Lo send lLs requesL ln wrlLlng ln Lhe prescrlbed formaL (b) 8efore submlsslon of an appllcaLlon for surrender of membershlp Lhe Lradlng member ls requlred Lo comply wlLh all Lhe prerequlslLes for appllcaLlon of surrender ln Lhe prescrlbed formaL 1he followlng aspecLs should be covered ln Lhe appllcaLlon for surrender of membershlp from a Lradlng member (l) who has been suspended/ dlsclpllnary acLlon Laken by Lhe Lxchange /SL8l (ll) ln respecL of whom any lnvesLlgaLlon/ acLlon consequenL Lo a defaulL has been lnlLlaLed by Lhe Lxchange /SL8l (lll) who ls falllng wlLhln Lhe caLegory of 'assoclaLes' as deflned by SL8l (lv) who owes dues Lo Lhe Lxchange/ nSCCL (v) agalnsL whom clalms by lnvesLors of value of 8s10 lakh or more are pendlng or any clalm for any amounL ls pendlng for a perlod more Lhan 6 monLhs (vl) agalnsL whom any oLher clalm /complalnL ls pendlng whlch ln Lhe oplnlon of Lhe Lxchange/ nSCCL needs Lo be resolved by Lhe concerned Lradlng member (vll) whose Lurnover fees llablllLy Lo SL8l ls sLlll ouLsLandlng 1he Lxchange has absoluLe dlscreLlon ln deallng wlLh such appllcaLlons and lf lL decldes Lo process/accepL Lhe surrender appllcaLlon of such Lradlng member lL may lmpose addlLlonal Lerms and condlLlons as lL may deem flL (c) no Lradlng member who has surrendered lLs Lradlng membershlp Lhelr parLners (ln case of parLnershlp flrm) and/ or domlnanL shareholders (ln case of corporaLes) ls ellglble Lo be readmlLLed Lo Lhe Lradlng membershlp of Lhe Lxchange ln any form for a perlod of one year from Lhe daLe of cessaLlon of Lradlng membershlp (le from Lhe daLe of approval of surrender) (d) 1he appllcaLlon of surrender of Lradlng membershlp ls sub[ecL Lo fulflllmenL of cerLaln condlLlons such as submlsslon of orlglnal SL8l reglsLraLlon cerLlflcaLe(s) on all segmenLs on whlch Lhe Lradlng member ls reglsLered submlsslon of subbroker reglsLraLlon cerLlflcaLe(s) of all Lhe subbrokers assoclaLed wlLh Lhe Lradlng member for onward Lransmlsslon Lo Lhe SL8l for cancellaLlon eLc (e) 1he Lradlng member should requesL Lhe Lxchange Lhrough Lhelr surrender appllcaLlon Lo dlsmanLle and recover all Lhe leased llne(s)/ vSA1(s) and oLher equlpmenLs glven Lo Lhem aL Lhelr deallng offlces (f) A noLlce Lo publlc by way of a publlc noLlflcaLlon ln newspapers should be made by Lhe Lxchange and cerLaln Llme (from Lhe daLe of publlc 27 noLlflcaLlon) ls glven Lo lnvesLors publlc eLc Lo lodge clalms agalnsL Lhe surrenderlng Lradlng member (g) A leLLer ls also senL Lo SL8l seeklng pendlng dues lf any from member (h) Cn Lhe explry of perlod for recelpL of lnvesLor clalms and on recelpL of lnLlmaLlon of dues amounL lf any from SL8l Lhe LoLal amounL payable by Lhe member should be approprlaLed agalnsL Lradlng member's deposlLs avallable wlLh Lhe Lxchange / nSCCL and Lhe Lradlng member wlll be lnLlmaLed accordlngly ln case Lhe amounL payable exceeds Lhe deposlLs Lhe Lradlng Member would be lnLlmaLed Lo brlng ln Lhe requlslLe amounL wlLhln 21 days of lnLlmaLlon upon Lhe fallure of Lhe member Lo do so wlLhln 21 days of lnLlmaLlon Lhe case shall be referred Lo Lhe relevanL auLhorlLy for furLher acLlon 24 Suspenslon Lxpulslon of Membershlp 1he Lxchange may expel or suspend flne under censure warn wlLhdraw any of Lhe membershlp rlghLs of a Lradlng member lf lL ls gullLy of conLravenLlon noncompllance dlsobedlence dlsregard or evaslon of any of Lhe byelaws rules and regulaLlons of Lhe Lxchange or of any resoluLlons orders noLlces dlrecLlons or declslons or rullngs of Lhe Lxchange or Lhe relevanL auLhorlLy 241 8asls of Suspenslon of Membershlp lollowlng are some grounds on basls of whlch Lhere can be suspenslon or expulslon of membershlp (l) MlsconducL A Lradlng member ls deemed gullLy of mlsconducL for any of Lhe followlng or slmllar acLs or omlsslons namely (a) lraud or fraudulenL acL or lf he ls convlcLed of a crlmlnal offence (b) vlolaLlon of Lhe provlslons of any sLaLuLe governlng Lhe acLlvlLles buslness and operaLlons of Lhe Lxchange ( c ) lmproper conducL (d) lallure Lo submlL Lo or ablde by arblLraLlon (e) lallure Lo LesLlfy or glve lnformaLlon soughL by Lhe Lxchange or any commlLLee or any oLher person auLhorlzed o n LhaL behalf (f) lallure Lo submlL speclal reLurns ln such form as Lhe relevanL auLhorlLy may from Llme Lo Llme prescrlbe (g) lallure Lo submlL audlLed accounLs (h) lallure Lo compare or submlL accounLs wlLh defaulLer (l) lallure Lo submlL or make any false or mlsleadlng reLurns ([) Make vexaLlous mallclous or frlvolous complalnLs (k) lallure Lo pay subscrlpLlon fee arblLraLlon charges eLc (ll) unbuslnessllke conducL A Lradlng member ls deemed gullLy of unbuslnessllke conducL for any of Lhe followlng or slmllar acLs or omlsslons namely (a) 1ransacLlon or buslness deallngs ln flcLlLlous names (b) ClrculaLlon of rumours ( c ) Any unfalr deallng ln securlLles whlch does noL reflecL Lhe Lrue markeL values (d) MarkeL manlpulaLlon and rlgglng28 (e) unwarranLable buslness whlch effecLs purchases or sales for lLs accounL or any accounL relaLed Lo Lhe Lradlng member (f) lf a Lradlng member accepLs less Lhan a full and bonaflde money paymenL ln seLLlemenL of a debL due by anoLher Lradlng member arlslng ouL of a LransacLlon ln securlLles (g) ulshonoured cheque (h) lallure Lo carry ouL LransacLlons wlLh consLlLuenLs (lll) unprofesslonal conducL A Lradlng member ls deemed gullLy of unprofesslonal conducL for any of Lhe followlng or slmllar acLs or omlsslons namely (a) 8uslness ln securlLles ln whlch deallngs noL permlLLed (b) 8uslness for defaulLlng consLlLuenL who falled Lo carry ouL engagemenLs relaLlng Lo securlLles and ls ln defaulL Lo anoLher Lradlng member ( c ) 1ransacLs ln buslness wlLh an lnsolvenL wlLhouL obLalnlng Lhe consenL of Lhe relevanL auLhorlLy even lf Lhe lndlvldual has obLalned hls flnal dlscharge from an lnsolvency courL (d) Carrylng ouL hls buslness durlng hls suspenslon perlod (e) 8uslness wlLh suspended expelled and defaulLer Lradlng members (f) 8uslness for employees of oLher Lradlng members (g) 8uslness for Lxchange employees lf lL makes a speculaLlve LransacLlon ln whlch an employee of Lhe Lxchange ls dlrecLly or lndlrecLly lnLeresLed (h) lf lL adverLlses for buslness purposes or lssue regularly clrcular or oLher buslness communlcaLlons Lo persons oLher Lhan lLs own consLlLuenLs Lradlng members of Lhe Lxchange banks and [olnL sLock companles or publlshes pamphleLs clrcular or any oLher llLeraLure or reporL or lnformaLlon relaLlng Lo Lhe sLock markeLs wlLh lLs name aLLached (l) Lvaslon of margln requlremenLs ([) Lvaslon of brokerage charges (k) ueallngs wlLh enLlLles prohlblLed by SL8l Lo buy or sell or deal ln securlLles markeL (lv) 1radlng member's responslblllLy for parLners agenLs and employees A Lradlng member ls fully responslble for Lhe acLs and omlsslons of lLs parLners auLhorlsed offlclals aLLorneys agenLs auLhorlsed represenLaLlves and employees lf any such acL whlch ls agalnsL Lhe relevanL rules and regulaLlons ls commlLLed or omlLLed by Lhem Lhen Lhe Lradlng member ls llable Lo Lhe same penalLy Lo Lhe same exLenL has LhaL acL or omlsslon been done or omlLLed by lLself (v) Suspenslon on fallure Lo provlde margln deposlL and/or caplLal adequacy requlremenLs 1he Lxchange can suspend Lhe buslness of a Lradlng member when lL falls Lo provlde Lhe margln deposlL and/or meeLs caplLal adequacy norms as provlded ln Lhe 8ye Laws 8ules and 8egulaLlons 1he Lradlng member shall remaln suspended unLll he furnlshes Lhe necessary margln deposlL or meeL Lhe caplLal adequacy requlremenLs 242 Suspenslon of 8uslness 1he relevanL auLhorlLy may requlre a Lradlng member Lo suspend lLs buslness ln parL or ln whole under followlng condlLlons29 (a) re[udlclal buslness When Lhe relevanL auLhorlLy flnds LhaL Lhe Lradlng member conducLs buslness ln a manner pre[udlclal Lo Lhe Lxchange by maklng purchases or sales of securlLles or offers Lo purchase or sell securlLles for Lhe purpose of upseLLlng equlllbrlum of Lhe markeL or brlnglng abouL a condlLlon of demorallsaLlon ln whlch prlces wlll noL falrly reflecL markeL values or (b) unwarranLable bu s lness When ln Lhe oplnlon of Lhe relevanL auLhorlLy Lhe Lradlng member engages ln unwarranLable buslness or effecLs purchases or sales for lLs consLlLuenLs accounL or for any accounL ln whlch lL ls dlrecLly or lndlrecLly lnLeresLed whlch purchases or sales are excesslve ln vlew of lLs consLlLuenLs or lLs own means and flnanclal resources or ln vlew of Lhe markeL for such securlLy or ( c ) unsaLlsfacLory flnanclal condlLlon When Lhe relevanL auLhorlLy flnds LhaL Lhe Lradlng member ls ln a bad flnanclal condlLlon and lL cannoL be permlLLed Lo do buslness wlLh safeLy Lo lLs credlLors or Lhe Lxchange 243 8emoval of Suspenslon 1he suspenslon of buslness as above shall conLlnue unLll Lhe Lradlng member has been allowed by Lhe relevanL auLhorlLy Lo resume buslness lL may be done on lLs paylng such deposlL or on lLs dolng such acL or provldlng such Lhlng as Lhe relevanL auLhorlLy may requlre 244 Consequences of Suspenslon 1he suspenslon of a Lradlng member has Lhe followlng consequences (a) Suspenslon of membershlp rlghLs 1he suspended Lradlng member shall durlng Lhe Lerms of lLs suspenslon be deprlved of and excluded from all Lhe rlghLs and prlvlleges of membershlp lL shall also lnclude Lhe rlghL Lo aLLend or voLe aL any meeLlng of Lhe general body of Lradlng members of Lhe relevanL segmenL (b) 8lghLs of credlLors unlmpalred 1he suspenslon should noL affecL Lhe rlghLs of Lhe Lradlng members who are credlLors of Lhe suspended Lradlng member ( c ) lulflllmenL of conLracLs 1he suspended Lradlng members are bound Lo fulflll conLracLs ouLsLandlng aL Lhe Llme of lLs suspenslon (d) lurLher buslness prohlblLed 1he suspended Lradlng member should noL durlng Lhe Lerms of lLs suspenslon make any Lrade or LransacL any buslness wlLh or Lhrough a Lradlng member WlLh Lhe permlsslon of Lhe relevanL auLhorlLy however lL can close Lhe LransacLlons ouLsLandlng aL Lhe Llme of lLs suspenslon (e) 1radlng members noL Lo deal wlLh suspended Lradlng member no Lradlng member ls allowed Lo LransacL ln buslness wlLh a suspended Lradlng member durlng Lhe Lerms of lLs suspenslon excepL wlLh Lhe prlor permlsslon of Lhe relevanL auLhorlLy 243 Consequences of Lxpulslon 1he expulslon of a Lradlng member has Lhe followlng consequences30 (a) 1radlng membershlp rlghLs forfelLed 1he expelled Lradlng member shall forfelL Lo Lhe Lxchange lLs rlghL of Lradlng membershlp and all rlghLs and prlvlleges as a Lradlng member of Lhe Lxchange lncludlng any rlghL Lo Lhe use of or any clalm upon or any lnLeresL ln any properLy or funds of Lhe Lxchange buL any llablllLy of any such Lradlng member Lo Lhe Lxchange or Lo any Lradlng member of Lhe Lxchange shall conLlnue and remaln unaffecLed by lLs expulslon (b) Cfflce vacaLed 1he expulslon would creaLe a vacancy ln any offlce or poslLlon held by Lhe expelled Lradlng member ( c ) 8lghLs of credlLors unlmpalred 1he expulslon does noL affecL Lhe rlghLs of Lhe Lradlng members who are credlLors of Lhe expelled Lradlng member (d) lulflllmenL of conLracLs 1he expelled Lradlng members are bound Lo fulflll LransacLlons ouLsLandlng aL Lhe Llme of hls expulslon and lL may wlLh Lhe permlsslon of Lhe relevanL auLhorlLy close such ouLsLandlng LransacLlons wlLh or Lhrough a Lradlng member (e) 1radlng members noL Lo deal wlLh expelled Lradlng member no Lradlng member ls allowed Lo LransacL buslness for or wlLh or share brokerage wlLh Lhe expelled Lradlng member excepL wlLh Lhe prevlous permlsslon of Lhe relevanL auLhorlLy (f) Consequences of declaraLlon of defaulLer Lo follow 1he provlslons of perLalnlng Lo defaulL and roLecLlon lund menLloned ln Lhe byelaws become appllcable Lo Lhe Lradlng member expelled from Lhe Lxchange as lf such Lradlng member has been declared a defaulLer 23 ueclaraLlon of uefaulLer A Lradlng member may be declared a defaulLer by dlrecLlon /clrcular/noLlflcaLlon of Lhe relevanL auLhorlLy of Lhe Lradlng segmenL lf (a) he ls unable Lo fulflll hls obllgaLlons or (b) he admlLs or dlscloses hls lnablllLy Lo fulflll or dlscharge hls duLles obllgaLlons and llablllLles or ( c ) he falls or ls unable Lo pay wlLhln Lhe speclfled Llme Lhe damages and Lhe money dlfference due on a closlngouL effecLed agalnsL hlm under Lhe bye laws rules and regulaLlons or (d) he falls Lo pay any sum due Lo Lhe Lxchange or Lo submlL or dellver Lo Lhe Lxchange on Lhe due daLe dellvery and recelve orders sLaLemenL of dlfferences and securlLles balance sheeL and such oLher clearlng forms and oLher sLaLemenLs as Lhe relevanL auLhorlLy may from Llme Lo Llme prescrlbe or (e) lf he falls Lo pay or dellver Lo L h e defaulLers commlLLee all monles securlLles and oLher asseLs due Lo a Lradlng member who has been declared a defaulLer wlLhln such Llme of Lhe declaraLlon of defaulL of such Lradlng member as Lhe relevanL auLhorlLy may dlrecL or (f) lf he falls Lo ablde by Lhe arblLraLlon proceedlngs as lald down under Lhe bye laws rules and regulaLlons WlLhouL pre[udlce Lo Lhe foregolng lf a Lradlng member ls elLher expelled or declared a defaulLer by any oLher recognlsed sLock exchange on whlch he ls a member or lf Lhe reglsLraLlon cerLlflcaLe ls cancelled by SL8l Lhen Lhe sald Lradlng member ls expelled from Lhe Lxchange31 26 AuLhorlsed ersons 1radlng members of Lhe Lxchange can appolnL auLhorlsed persons ln Lhe CaplLal MarkeL luLures CpLlons and Currency uerlvaLlves SegmenLs AuLhorlsed erson ls Any personlndlvldual parLnershlp flrm LlmlLed LlablllLy arLnershlp (LL) or body corporaLe who ls appolnLed as such by a sLock broker (lncludlng Lradlng member) and who provldes access Lo Lradlng plaLform of a sLock exchange as an agenL of Lhe sLock broker AuLhorlsed erson can recelve remuneraLlon fees charges commlsslon salary eLc for hls servlces only from Lhe sLock broker and shall noL charge any amounL from Lhe cllenLs Accordlngly sLock broker can share brokerage wlLh Lhe AuLhorlsed erson buL shall noL charge any amounL dlrecLly from Lhe cllenLs 1he cllenLs lnLroduced by Lhe auLhorlsed person should have a dlrecL relaLlonshlp wlLh Lhe Lradlng member le Lhe memberconsLlLuenL agreemenL know your cllenL forms rlsk dlsclosure documenL eLc are execuLed beLween Lhe cllenL and Lhe Lradlng member 1hls lmplles LhaL Lhe auLhorlsed person ls noL allowed Lo have any Lradlng relaLlonshlp wlLh Lhe cllenLs 1he Lradlng member should lssue Lhe conLracL noLes and bllls dlrecLly Lo Lhe cllenL le Lhe auLhorlzed person should noL lssue conLracL noLes conflrmaLlon memo and/or bllls ln Lhelr name 1he cllenLs lnLroduced by Lhe auLhorlsed person are requlred Lo dellver securlLles and make paymenLs dlrecLly ln Lhe Lrade name of Lhe Lradlng member (as appearlng on Lhe SL8l reglsLraLlon cerLlflcaLe) Slmllarly Lhe Lradlng member should dellver securlLles and make paymenLs dlrecLly ln Lhe name of Lhe cllenLs 27 Sub8rokers Sub broker ls an lmporLanL lnLermedlary beLween sLock bro ker and cllenL ln caplLal markeL segmenL 1he Lradlng members of Lhe Lxchange may appolnL subbrokers Lo acL as agenLs of Lhe concerned Lradlng member for asslsLlng Lhe lnvesLors ln buylng selllng or deallng ln securlLles 1he subbrokers are afflllaLed Lo Lhe Lradlng members and are requlred Lo be reglsLered wlLh SL8l A subbroker ls allowed Lo be assoclaLed wlLh only one Lradlng member of Lhe Lxchange 1radlng members deslrous of appolnLlng subbrokers are requlred Lo submlL Lhe followlng documenLs Lo Lhe Membershlp ueparLmenL of Lhe Lxchange (a) Copy of subbroker broker agreemenL duly cerLlfled by Lhe Lradlng members (b) AppllcaLlon form for reglsLraLlon as a subbroker wlLh SecurlLles and Lxchange 8oard of lndla (lorm 8) (c) 8ecommendaLlon leLLer Lo be glven by Lhe Lradlng member wlLh whom Lhe subbroker ls afflllaLed (lorm C) 1he Lradlng member has Lo ensure Lhe seLLlemenL of all deals enLered lnLo by a Lradlng member even lf Lhe deals may have orlglnaLed from lLs subbroker 1he subbroker wlll be requlred Lo adhere Lo nSL's 'know your cllenLs' requlremenLs 1he lmporLanL documenLs relaLlng Lo deallng Lhrough a subbroker are glven below (a) lndlvldual cllenL reglsLraLlon appllcaLlon form (b) nonlndlvldual cllenL reglsLraLlon appllcaLlon form ( c ) Subbroker cllenL agreemenL32 271 LllglblllLy A subbroker may be an lndlvldual a parLnershlp flrm or a corporaLe ln case of corporaLe or parLnershlp flrm Lhe dlrecLors or parLners and ln Lhe case of an lndlvldual subbroker appllcanL should comply wlLh Lhe followlng requlremenLs (a) 1hey should noL be less Lhan 21 years of age (b) 1hey should noL have been convlcLed of any offence lnvolvlng fraud or dlshonesLy (c) 1hey should have elLher passed 12 Lh sLandard equlvalenL examlnaLlon from an lnsLlLuLlon recognlzed by Lhe CovernmenL or 10Lh sLandard wlLh 2 years of work experlence ln securlLles markeL (d) 1hey should noL have been debarred by SL8l 272 8eglsLraLlon no subbroker ls allowed Lo buy sell or deal ln securlLles unless he or she holds a cerLlflcaLe of reglsLraLlon granLed by SL8l Subbrokers are requlred Lo obLaln cerLlflcaLe of reglsLraLlon from SL8l ln accordance wlLh SL8l (SLock 8rokers Subbrokers) 8ules and 8egulaLlons 1992 wlLhouL whlch Lhey are noL permlLLed Lo buy sell or deal ln securlLles SL8l may granL a cerLlflcaLe Lo a subbroker sub[ecL Lo Lhe condlLlons LhaL (a) he should pay Lhe fees ln Lhe prescrlbed manner (b) he should Lake adequaLe sLeps for redress of grlevances of Lhe lnvesLors wlLhln one monLh of Lhe daLe of Lhe recelpL of Lhe complalnL and keep SL8l lnformed abouL Lhe number naLure and oLher parLlculars of Lhe complalnLs recelved (c) ln case of any change ln Lhe sLaLus and consLlLuLlon Lhe subbroker should obLaln prlor permlsslon of SL8l Lo conLlnue Lo buy sell or deal ln securlLles ln any sLock exchange and (d) he should be auLhorlsed ln wrlLlng by a sLockbroker belng a member of a sLock exchange for afflllaLlng hlmself ln buylng selllng or deallng ln securlLles 1he appllcanL subbroker should submlL Lhe requlred documenLs Lo Lhe sLock exchange wlLh Lhe recommendaLlon of a Lradlng member AfLer verlfylng Lhe documenLs Lhe sLock exchange may forward Lhe documenLs of Lhe appllcanL subbroker Lo SL8l for reglsLraLlon A subbroker can Lrade ln LhaL capaclLy afLer geLLlng hlmself reglsLered wlLh SL8l 1he Lxchange may noL forward Lhe appllcaLlon of Lhe subbroker Lo SL8l for reglsLraLlon lf Lhe appllcanL dealL wlLh fake forged sLolen counLerfelL eLc shares and securlLles ln Lhe markeL 273 CancellaLlon of 8eglsLraLlon ln case a Lradlng member / subbroker lnLends Lo cancel Lhe reglsLraLlon as a subbroker Lhe subbroker ls requlred Lo submlL Lhe orlglnal SL8l 8eglsLraLlon cerLlflcaLe Lhrough Lhelr afflllaLed Lradlng member Whlle applylng for cancellaLlon of reglsLraLlon Lhe afflllaLed Lradlng member needs Lo glve a publlc noLlflcaLlon Lo Lhls effecL33 28 8rokerCllenLs 8elaLlons 281 CllenL 8eglsLraLlon uocumenLs 1 h e Lradlng member (1M) ls requlred Lo enLer lnLo an agreemenL ln Lhe speclfled formaL provlded by nSL wlLh Lhe cllenL before accepLlng orders on laLLer's behalf 1he agreemenL ls execuLed on non[udlclal sLamp paper of adequaLe value duly slgned by boLh Lhe parLles on all Lhe pages Copy of Lhe agreemenL has Lo be kepL wlLh Lhe 1M permanenLly 1he agreemenL should conLaln all Lhe clauses menLloned ln unlform uocumenLary 8equlremenL (uu8) SLock broker may lncorporaLe any addlLlonal clauses ln Lhese documenLs provlded Lhese are noL ln confllcL wlLh any of Lhe clauses ln Lhe model documenL and also Lhe rules regulaLlons arLlcles byelaws clrculars dlrecLlves and guldellnes 1here should be segregaLlon of mandaLory and volunLary documenLs/clauses perLalnlng Lo cllenL reglsLraLlon ln separaLe dockeL (compllaLlon of documenLs) ln case of lnLerneL Lradlng ln addlLlon Lo clauses menLloned ln uu8 Lhe cllenL has Lo menLlon clauses perLalnlng Lo lnLerneL Lradlng under know ?our CllenL (k?C)" requlremenLs Lhe 1M should seek lnformaLlon such as lnvesLor rlsk proflle flnanclal proflle lnvesLor ldenLlflcaLlon deLalls address deLalls lncome An number employmenL age lnvesLmenLs experlence Lradlng preference 1he 1M has Lo obLaln recenL passporL slze phoLograph (phoLographs of parLners/whole Llme dlrecLors lndlvldual promoLers holdlng 3 or more elLher dlrecLly or lndlrecLly ln Lhe shareholdlng of Lhe company and of persons auLhorlzed Lo deal ln securlLles and of each of Lhelr cllenLs ln case of lndlvldual cllenLs) 1he 1M should also Lake proof of ldenLlflcaLlon and address of Lhe cllenL ln person verlflcaLlon should be done by Lhe Lradlng member's sLaff name slgnaLure of Lhe person dolng Lhe lnperson verlflcaLlon LogeLher wlLh Lhe sLamp of Lradlng member should be Lhere on Lhe k?C form under Member ConsLlLuenL AgreemenL (MCA) Lradlng members are requlred Lo make Lhe consLlLuenL/cllenLs aware of (a) Lradlng segmenL Lo whlch 1 M ls admlLLed (b) parLlculars of SL8l reglsLraLlon number (c) Lhe preclse naLure of Lhe Lradlng member's llablllLy for buslness Lo be conducLed (d) baslc rlsks lnvolved ln Lradlng on Lhe Lxchange (equlLy and oLher lnsLrumenLs) lncludlng any llmlLaLlons on Lhe llablllLy and Lhe capaclLy ln whlch Lhe Lradlng member acLs ln order Lo assess Lhe rlsk lnvolved ln Lradlng 1M ls requlred Lo lssue 8lsk ulsclosure uocumenL (8uu) 4 ln such formaL as may be prescrlbed by Lhe Lxchange from Llme Lo Llme and should obLaln Lhe same from hls consLlLuenLs duly slgned A sLockbroker should noL deal knowlngly dlrecLly or lndlrecLly wlLh a cllenL who defaulLs Lo anoLher sLockbroker 1here ls no llmlL on Lhe number of cllenLs for a 1M Copy of Lhe cllenL reglsLraLlon documenLs ls requlred Lo be senL Lo Lhe cllenLs 1radlng member musL ensure perlodlc revlew of cllenL's flnanclal lnformaLlon cllenL daLabase
4 1he sald documenLs are Lo be obLalned as per Lxchange clrcular nSL/lnS/3387 dL 27Aug0434 282 unlque CllenL Code (uCC) SL8l has made lL mandaLory for all Lradlng members/brokers Lo use unlque cllenL codes for all cllenLs 8rokers are requlred Lo collecL and malnLaln Lhe ermanenL AccounL number (An) alloLLed by lncome 1ax ueparLmenL for all Lhelr cllenLs
8rokers should verlfy Lhe documenLs wlLh respecL Lo Lhe unlque code and reLaln a copy of Lhe documenL 1hey are also requlred Lo provlde Lhe An and uCC of Lhelr cllenLs Lo Lhe sLock exchanges/clearlng corporaLlons and Lhese deLalls have Lo be updaLed before placlng orders for Lhe cllenLs 1he sLock exchanges are also requlred Lo malnLaln a daLabase of cllenL deLalls submlLLed by brokers 283 Marglns from Lhe CllenLs Members should have a prudenL sysLem of rlsk managemenL Lo proLecL Lhemselves from cllenL defaulL Marglns are an lmporLanL elemenL of such a sysLem 1he pollcy of rlsk managemenL addresslng Lhe margln requlremenLs should be well documenLed and be made accesslble Lo Lhe cllenLs and Lhe sLock exchanges ln caplLa l markeL segmenL however Lhe quanLum of Lhese marglns Lhe form and Lhe mode of collecLlon are lefL Lo Lhe dlscreLlon of Lhe members 3 1he margln so collecLed ls kepL separaLely ln Lhe cllenL bank accounL/cllenL beneflclary accounL ln case of defaulL Lhey are uLlllzed for maklng paymenL Lo Lhe clearlng corporaLlon for margln and seLLlemenL wlLh respecL Lo LhaL cllenL 284 LxecuLlon of Crders Where Lhe consLlLuenL requlres an order Lo be placed or any of hls order Lo be modlfled afLer Lhe order has enLered Lhe sysLem buL has noL been Lraded Lhe Lradlng member may lf lL so deslres obLaln order placemenL/modlflcaLlon deLalls ln wrlLlng from Lhe consLlLuenL 1he Lradlng member should accordlngly provlde Lhe consLlLuenL wlLh Lhe relevanL order conflrmaLlon/modlflcaLlon sllp or copy Lhereof forLhwlLh lf so requlred by Lhe consLlLuenL Where Lhe consLlLuenL requlres any of hls orders Lo be cancelled afLer Lhe order has been enLered ln Lhe sysLem buL has noL been execuLed Lhe Lradlng member may lf lL so deslres obLaln Lhe order cancellaLlon deLalls ln wrlLlng from Lhe consLlLuenL 1he Lradlng member should accordlngly provlde Lhe consLlLuenL wlLh Lhe relevanL order cancellaLlon deLalls forLhwlLh lf so requlred by Lhe consLlLuenL 1he Lradlng member may lf lL so deslres obLaln ln wrlLlng Lhe dellvery and paymenL requlremenL ln any lnsLrucLlons of an order LhaL lL recelves from Lhe consLlLuenL Where a Lradlng member recelves a requesL for order modlflcaLlon or order cancellaLlon from Lhe consLlLuenL lL should duly brlng lL Lo Lhelr noLlce LhaL lf Lhe LoLal order resulLs ln a Lrade ln Lhe meanLlme Lhe requesLs for modlflcaLlon or cancellaLlon cannoL be execuLed 283 ConLracL noLe ConLracL noLe ls a conflrmaLlon of Lrade(s) done on a parLlcular day for and on behalf of a cllenL A sLockbroker should lssue a conLracL noLe Lo hls cllenLs for Lrades (purchase/sale of securlLles) 1he conLracL noLe should conLaln name and address
3 SL8l/M8u/uo/SL/Clr07/2003 daLed lebruary 23 200333 (reglsLered offlce address as well as deallng offlce address) of Lhe 1M Lhe SL8l reglsLraLlon number of Lhe 1M deLalls of Lrade vlz order number Lrade number order Llme Lrade Llme securlLy name quanLlLy Lrade prlce brokerage seLLlemenL number and deLalls of oLher levles As per 8egulaLlon 18 of SL8l (SLock8rokers Sub8rokers) 8egulaLlons 1992 Lhe 1M should preserve Lhe dupllcaLe copy of Lhe conLracL noLes lssued for a mlnlmum of flve years 1he 1M should ensure LhaL (a) ConLracL noLe ls lssued Lo a cllenL wlLhln 24 hours and should be slgned by Lhe Lradlng member or by an auLhorlzed slgnaLory Lradlng member (b) ConLracL noLes are ln Lhe prescrlbed formaL 6
(c) SLamp duLy ls pald (d) All sLaLuLory levles are shown separaLely ln Lhe conLracL noLe 286 aymenLs/uellvery of SecurlLles Lo Lhe CllenLs Lvery 1M should make paymenLs Lo hls cllenLs or dellver Lhe securlLles purchased wlLhln one worklng day of payouL unless Lhe cllenL has requesLed oLherwlse 287 8rokerage 1he maxlmum brokerage chargeable by 1M ln respecL of Lrades effecLed ln Lhe securlLles admlLLed Lo deallng on Lhe CM segmenL of Lhe Lxchange ls flxed aL 23 of Lhe conLracL prlce excluslve of sLaLuLory levles 1hls maxlmum brokerage ls lncluslve of subbrokerage 1he brokerage should be lndlcaLed separaLely from Lhe prlce ln Lhe conLracL noLe 1he 1M may noL share brokerage wlLh a person who ls a 1M or ln employmenL of anoLher 1M lor example lf a cllenL has sold 10000 shares of a scrlp [ 8s 30 whaL ls Lhe maxlmum brokerage LhaL Lhe cllenL can be charged? ln Lhls case Lhe maxlmum brokerage brokerage raLe*value of Lhe LransacLlon 23 *( 10000 shares*8s 30) 8s 12300 288 SegregaLlon of 8ank AccounLs 1he 1M should malnLaln separaLe bank accounLs for cllenL's funds and own funds lL ls compulsory for all 1Ms Lo keep Lhe money of Lhe cllenLs ln a separaLe accounL and Lhelr own money ln a separaLe accounL lunds should be Lransferred from Lhe cllenL accounL Lo Lhe clearlng accounL for Lhe purpose of funds payln obllgaLlons on behalf of Lhe cllenLs and vlceversa ln case of funds payouL no paymenL for LransacLlon ln whlch Lhe 1M ls Laklng poslLlon as a prlnclpal ls allowed Lo be made from Lhe cllenL's accounL 289 SegregaLlon of uemaL (8eneflclary) AccounLs 1he Lradlng members should keep Lhe demaLerlallsed securlLles of consLlLuenLs ln a separaLe beneflclary accounL dlsLlncL from Lhe beneflclary accounL malnLalned for holdlng Lhelr own demaLerlallsed securlLles no dellvery Lowards Lhe own LransacLlons
6 As per clrcular nSL/LLCL/7036 daLed !anuary 03 2006 ln Cash MarkeL segmenL36 of Lhe Lradlng members ls allowed Lo be made from Lhe accounL meanL for consLlLuenLs lor Lhls purpose every Lradlng member ls requlred Lo open a beneflclary accounL ln Lhe name of Lhe Lradlng member excluslvely for Lhe securlLles o f L h e consLlLuenLs (Lo be referred Lo as consLlLuenLs' beneflclary accounL") A Lradlng member may keep one consolldaLed consLlLuenLs' beneflclary accounL for all lLs consLlLuenLs or dlfferenL accounLs for each of lLs c onsLlLuenLs as lL ma y deem flL 29 Sub8rokerCllenLs 8elaLlons 291 8elaLlonshlp wlLh cllenLs A subbroker ls requlred Lo enLer lnLo a LrlparLlLe agreemenL wlLh lLs cllenLs and Lhe sLock broker speclfylng Lhe scope of rlghLs and obllgaLlons of Lhe subbroker Lhe sLock broker and such cllenL of Lhe subbroker as per Lhe formaL prescrlbed by SL8l for deallng ln securlLles ln cash segmenL 1here should be prlvacy of conLracL beLween Lhe sLock broker and Lhe subbroker's cllenL A separaLe agreemenL has Lo be execuLed for eac h Lxchange Subbroker ls requlred Lo help Lhe cllenL ln redress of grlevance ln respecL of LransacLlons execuLed Lhrough lLs assoclaLed broker Subbroker ls also requlred Lo asslsL and c ooperaLe ln ensurlng fasLer seLLlemenL of any arblLraLlon proceedlng arlslng ouL of Lhe LransacLlon enLered Lhrough lLs assoclaLed broker and ls [olnLly/severally llable Lo lmplemenL Lhe arblLraLlon award A subbroker should provlde asslsLance Lo sLock broker and cllenLs Lo reconclle Lhelr accounLs aL Lhe end of each quarLer wlLh reference Lo all Lhe seLLlemenLs where payouLs have been declared durlng Lhe quarLer 292 ConLracL noLes A sLock broker should lssue conLracL noLe as per Lhe formaL prescrlbed by Lhe Lxchange Lo cllenL lnLroduced Lhrough a subbroker A subbroker should render necessary asslsLance Lo lLs cllenL ln obLalnlng Lhe conLracL noLe from Lhe sLock broker Subbroker should noL lssue any conLracL noLe or conflrmaLlon memo Lo lLs cllenL 293 SecurlLles/ lunds 1ransacLlons ln securlLles execuLed on behalf of a cllenL lnLroduced Lhrough Lhe subbroker should be seLLled by dellvery/ paymenL beLween Lhe sLock broker and Lhe cllenL dlrecLly ln accordance of Lhe rules regulaLlons and byelaws of Lhe Lxchange and such seLLlemenLs should noL Lake place Lhrough subbroker uellvery of securlLles and paymenL of funds relaLlng Lo Lhe LransacLlons of a cllenL lnLroduced by Lhe subbroker should be dlrecLly beLween Lhe sLock broker and Lhe cllenL of Lhe sub broker37 210 lnvesLor Servlce Cell and ArblLraLlon lnvesLor complalnLs recelved agalnsL Lhe Lradlng members / companles ln respecL of clalms/dlspuLes for LransacLlons execuLed on Lhe Lxchange are handled by Lhe lnvesLor Servlce Cell (lSC) 1he complalnLs are forwarded Lo Lhe Lradlng members for resoluLlon and seeklng clarlflcaLlons 1he lSC followsup wlLh Lhe Lradlng members and makes efforLs Lo resolve Lhe complalnL expedlLlously ln cerLaln cases on accounL of confllcLlng clalms made by Lhe lnvesLor and Lhe Lradlng member when lL ls noL posslble Lo admlnlsLraLlvely resolve Lhe complalnL lnvesLors are advlsed Lo Lake recourse Lo Lhe arblLraLlon mechanlsm prescrlbed by Lhe Lxchange ArblLraLlon whlch ls a quasl [udlclal process ls an alLernaLe dlspuLe resoluLlon mechanlsm prescrlbed under Lhe ArblLraLlon and ConclllaLlon AcL 1996 1he Lxchange byelaws prescrlbe Lhe provlslons ln respecL of arblLraLlon and Lhe procedure Lhereln has been prescrlbed ln Lhe regulaLlons 1he reference Lo arblLraLlon should be flled wlLhln slx monLhs from Lhe daLe when Lhe dlspuLe arose 1he Llme Laken by Lhe lSC ls excluded by Lhe arblLraLor whlle conslderlng Lhe lssue of llmlLaLlon 211 Code of AdverLlsemenL 1radlng Members of Lhe Lxchange whlle lssulng adverLlsemenLs ln Lhe medla have Lo comply wlLh Lhe Code of AdverLlsemenL prescrlbed by Lhe Lxchange ln pursuance of LhaL a copy of an adverLlsemenL has Lo be submlLLed Lo Lhe Lxchange Lo geL a prlor approval before lLs lssue ln publlcaLlon/medla 1he Lradlng members may apply for approval of adverLlsemenL as per Lhe appllcaLlon formaL 1radlng Members noL complylng wlLh Lhe Code of AdverLlsemenL may have Lo face dlsclpllnary proceedlngs 1he code of AdverLlsemenL ls as follows 1 1he Lerm adverLlsemenL as referred ln Lhls code means and lncludes any documenL pamphleLs clrculars brochures noLlce or any research reporLs maLerlal publlshed or deslgned for use ln a newspaper magazlne or oLher perlodlcal radlo Lelevlslon Lelephone or Lape recordlng vldeo Lape dlsplay slgns or blll boards moLlon plcLures Lelephone dlrecLorles (oLher Lhan rouLlne llsLlngs) or oLher publlc medla wheLher ln prlnL or audlo vlsual form 2 1he 1radlng Member should deslgnaLe and auLhorlse a person Lo ensure Lhe correcLness of Lhe lnformaLlon glven ln any adverLlsemenL 3 1he 1radlng Member lssulng any such adverLlsemenL should lnform Lhe name of such auLhorlzed person Lo Lhe Lxchange 4 1he adverLlsemenL should be relaLed Lo Lhe naLure of servlces LhaL Lhe 1radlng Member can offer lf Lhe 1radlng Member ls engaged ln any oLher buslness Lhen any adverLlsemenL lf permlsslble for such buslness should noL lndlcaLe Lhe name of Lhe 1radlng Member as a member of Lhe Lxchange38 3 1he adverLlsemenL should be wrlLLen ln clear language and should noL be such whlch may pre[udlce lnLeresL of Lhe lnvesLors ln general 6 1he adverLlsemenL should noL conLaln any confuslng mlsleadlng or offenslve lnformaLlon 7 lL should be free from lnaccuracles 8 1he adverLlsemenL should noL conLaln a recommendaLlon regardlng purchase or sale of any parLlcular share or securlLy of any company lL should noL make any promlse lncludlng guaranLeelng of any reLurn Lo Lhe lnvesLlng publlc 9 1he maLerlal should noL conLaln anyLhlng LhaL ls oLherwlse prohlblLed 10 1he AdverLlsemenL shall conLaln a name and/or hls logo code of naLlonal SLock Lxchange membershlp b 8eglsLraLlon no alloLLed by Lhe SecurlLles and Lxchange 8oard of lndla 11 1he AdverLlsemenL may be lssued lndlvldually or [olnLly wlLh oLher 1radlng Members provlded LhaL Lhe 1radlng Member shall noL allow lLs name Lo be adverLlsed or caused Lo be publlshed ln Lhe adverLlsemenL of oLher 1radlng Members unless such adverLlsemenL ls lssued by lL 12 ln Lhe evenL of suspenslon of any 1radlng Member by Lhe Lxchange Lhe 1radlng Member so suspended shall noL lssue any adverLlsemenL elLher slngly or [olnLly wlLh any oLher 1radlng Member durlng Lhe perlod of suspenslon 13 ln Lhe evenL of any proceedlng/acLlon lnlLlaLed agalnsL a 1radlng Member by a regulaLory body oLher Lhan naLlonal SLock Lxchange naLlonal SLock Lxchange reserves Lhe rlghL Lo dlrecL Lhe 1radlng Member Lo refraln from lssulng any adverLlsemenL for such a perlod as lL may deem flL 14 naLlonal SLock Lxchange reserves Lhe rlghL Lo call for Lhe adverLlsemenL and/or such oLher lnformaLlon/explanaLlon as lL may requlre afLer Lhe publlcaLlon of Lhe sald adverLlsemenL naLlonal SLock Lxchange shall have cease and deslsL powers ln Lhls behalf 13 1he copy of such adverLlsemenL should be reLalned for a perlod of Lhree years 16 A copy of Lhe adverLlsemenL musL be submlLLed Lo Lhe Lxchange wlLhln seven days before Lhelr lssue lf Lhe adverLlsemenL ls found Lo vlolaLe any provlslons of Lhe 8ules and 8ye laws of Lhe Lxchange or rules framed by Lhe SL8l on Lhls behalf Lhe 1radlng Member shall be sub[ecL Lo dlsclpllnary proceedlngs by Lhe Lxchange39 17 1hese norms wlll apply Lo any oLher lnvesLmenL/consulLancy agencles assoclaLed wlLh Lhe 1radlng Member concerned 18 1he above norms shall also apply Lo an adverLlsemenL 1v or Cable 1v or any oLher such medla of audlo/vlsual naLure 19 1he 1radlng Members should check wlLh Lhe Lxchange ln case of any doubL for advlce prlor Lo Lhe lssue of any such maLerlal or adverLlsemenL 20 1he adverLlsemenL should noL have any adverse reference regardlng Lhe repuLaLlon of any oLher 1radlng Members and also of Lhe Lxchange Whlle preparlng any adverLlsemenL a 1radlng Member should keep ln mlnd LhaL any lnformaLlon lf found Lo be lncorrecL wlll affecL noL only Lhe repuLaLlon of Lhe parLlcular 1radlng Member buL also Lhe repuLaLlon of Lhe 1radlng Members of Lhe Lxchange ln general and also on Lhe Lxchange lLself 21 ln Lhe evenL of any 1radlng Member of Lhe Lxchange havlng any grlevance agalnsL any oLher 1radlng Member consequenL upon Lhe publlcaLlon of adverLlsemenL of Lhe oLher 1radlng Member Lhe Lxchange shall be lnformed of Lhe same ln wrlLlng wlLhln a perlod of seven days from Lhe daLe of such publlcaLlon for necessary remedlal measure from Lhe Lxchange SL8l has advlsed Lhe sLock exchanges Lo ensure LhaL Lhelr brokers/subbrokers do noL adverLlse Lhelr buslness lncludlng ln Lhelr lnLerneL slLes by subsldlarles group companles eLc ln prohlblLlon of code of conducL7 1he code of conducL ln Lhe regulaLlons requlre a sLock broker/subbroker noL Lo adverLlse hls buslness publlcly unless permlLLed by Lhe sLock exchange and noL Lo resorL Lo unfalr means lnduclng cllenLs from oLher sLock brokers
7 A s speclfled ln Lhe Schedule ll of Lhe SL8l (SLock 8rokers and Subbrokers) 8egulaLlons 1992 (SL8l clrcular 8ef no SMu8/ollcy/Clr49/2001 uaLed CcLober 22 2001) 40 CPA1L8 3 18AulnC 31 lnLroducLlon ln Lhe pasL Lhe Lradlng on sLock exchanges ln lndla was based on open ouLcry sysLem under Lhe sysLem brokers assemble aL a cenLral locaLlon usually Lhe exchange Lradlng rlng and Lrade wlLh each oLher 1hls was Llme consumlng lnefflclenL and lmposed llmlLs on Lradlng volumes and Lradlng hours ln order Lo provlde efflclency llquldlLy and Lransparency nSL lnLroduced a naLlonwlde on llne fullyauLomaLed screen based Lradlng sysLem (S81S) under Lhls sysLem a Lradlng member can punch lnLo Lhe compuLer Lhe number of securlLles and Lhe prlces aL whlc h he would llke Lo LransacL 1he LransacLlon ls execuLed as soon as lL flnds a maLchlng sell or buy order from a counLer parLy See 8ox no 31 for advanLages of S81S 1hls sysLem was readlly accepLed by markeL parLlclpanLs and ln Lhe very flrsL year of lLs operaLlon nSL became Lhe leadlng sLock exchange ln Lhe counLry 1echnology has been used Lo carry Lhe Lradlng plaLform from Lhe Lradlng hall of sLock exchanges Lo Lhe premlses of brokers nSL carrled Lhe Lradlng plaLform furLher Lo Lhe Cs aL Lhe resldence of lnvesLors Lhrough Lhe lnLerneL 1hls made a huge dlfference ln Lerms of equal access Lo lnvesLors ln a geographlcally vasL counLry llke lndla 1he Lradlng neLwork ls deplcLed ln llgure 31 nSL has a maln compuLer whlch ls connecLed Lhrough very Small AperLure 1ermlnal (vSA1) lnsLalled aL nSL offlce 1he maln compuLer runs on a faulL LoleranL S18A1uS malnframe compuLer aL Lhe Lxchange 8rokers have Lermlnals (ldenLlfled as Lhe Cs ln Lhe llgure 31) lnsLalled aL Lhelr premlses whlch are connecLed Lhrough vSA1s/leased llnes/modems 8ox 31 AdvanLages of Lhe Screen8ased 1radlng SysLem (S81S) lL elecLronlcally maLches orders on a sLrlcL prlce/Llme prlorlLy and hence cuLs down on Llme cosL and rlsk of error as well as on fraud resulLlng ln lmproved operaLlonal efflclency lL allows fasLer lncorporaLlon of prlce senslLlve lnformaLlon lnLo prevalllng prlces Lhus lncreaslng Lhe lnformaLlonal efflclency of markeLs lL enables markeL parLlclpanLs lrrespecLlve of Lhelr geographlcal locaLlons Lo Lrade wlLh one anoLher slmulLaneously lmprovlng Lhe depLh and llquldlLy of Lhe markeL lL provldes full anonymlLy by accepLlng orders blg or small from members wlLhouL reveallng Lhelr ldenLlLy Lhus provldlng equal access Lo everybody lL also provldes a perfecL audlL Lrall whlch helps Lo resolve dlspuLes by logglng ln Lhe Lrade execuLlon process ln enLlreLy 41 SaLelllLe Malnframe lnSA1 28 Pu8 An1LnnA
nSL Malnframe 8rokers premlses llgure 31 1radlng neLwork An lnvesLor lnforms a broker Lo place an order on hls behalf 1he broker enLers Lhe order Lhrough hls personal compuLer whlch runs under Wlndows n1 and sends slgnal Lo Lhe SaLelllLe vla vSA1/leased llne/modem 1he slgnal ls dlrecLed Lo a malnframe compuLer aL nSL vla vSA1 aL nSLs offlce A message relaLlng Lo Lhe order acLlvlLy ls broadcasL Lo Lhe respecLlve member 1he order conflrmaLlon message ls lmmedlaLely dlsplayed on Lhe C of Lhe broker 1hls order maLches wlLh Lhe exlsLlng passlve order(s) oLherwlse lL walLs for Lhe acLlve orders Lo enLer Lhe sysLem Cn order maLchlng a message ls broadcasL Lo Lhe respecLlve member 1he Lradlng sysLem operaLes on a sLrlcL prlce Llme prlorlLy All orders recelved on Lhe sysLem are sorLed wlLh Lhe besL prlced order geLLlng Lhe flrsL prlorlLy for maLchlng le Lhe besL buy orders maLch wlLh Lhe besL sell order Slmllar prlced orders are sorLed on Llme prlorlLy basls le Lhe one LhaL came ln early geLs prlorlLy over Lhe laLer one Crders are maLched auLomaLlcally by Lhe compuLer keeplng Lhe sysLem LransparenL ob[ecLlve and falr Where an order does noL flnd a maLch lL remalns ln Lhe sysLem and ls dlsplayed Lo Lhe whole markeL Llll a fresh order comes ln or Lhe earller order ls cancelled or modlfled 1he Lradlng sysLem provldes Lremendous flexlblllLy Lo Lhe users ln Lerms of klnds of orders LhaL can be placed on Lhe sysLem Several LlmerelaLed (lmmedlaLe or cancel) prlcerelaLed (buy/sell llmlL and sLop loss orders) or volume relaLed (dlsclosed quanLlLy) condlLlons can be easlly bullL lnLo an order 1he Lradlng sysLem also provldes compleLe markeL lnformaLlon onllne 1he markeL screen aL any polnL of Llme provldes compleLe lnformaLlon on LoLal order depLh ln a securlLy Lhe flve besL buys and sells avallable ln Lhe markeL Lhe quanLlLy Lraded durlng Lhe day ln LhaL securlLy Lhe hlgh and Lhe low Lhe lasL Lraded prlce 42 eLc lnvesLors can also know Lhe faLe of Lhe orders almosL as soon as Lhey are placed wlLh Lhe Lradlng members 1hus Lhe naLlonal Lxchange for AuLomaLed 1radlng (nLA1) sysLem provldes an Cpen LlecLronlc ConsolldaLed LlmlL Crder 8ook (CLCLC8) LlmlL orders are orders Lo buy or sell shares aL a sLaLed quanLlLy and prlce lf Lhe prlcequanLlLy condlLlons do noL maLch Lhe llmlL order wlll noL be execuLed 1he Lerm 'llmlL order book' refers Lo Lhe facL LhaL only llmlL orders are sLored ln Lhe book and all markeL orders are crossed agalnsL Lhe llmlL orders slLLlng ln Lhe book Slnce Lhe order book ls vlslble Lo all markeL parLlclpanLs lL ls Lermed as an 'Cpen 8ook' 32 nLA1 SysLem nSL ls Lhe flrsL exchange ln Lhe world Lo use saLelllLe communlcaLlon Lechnology for Lradlng lLs Lradlng sysLem called naLlonal Lxchange for AuLomaLed 1radlng (nLA1) ls a sLaLe ofLhearL cllenL server based appllcaLlon AL Lhe server end all Lradlng lnformaLlon ls sLored ln an ln memory daLabase Lo achleve mlnlmum response Llme and maxlmum sysLem avallablllLy for users lL has upLlme record of 997 lor all Lrades enLered lnLo nLA1 sysLem Lhere ls unlform response Llme of less Lhan one second 1he nLA1 sysLem supporLs an order drlven markeL whereln orders maLch on Lhe basls of Llme and prlce prlorlLy All quanLlLy flelds are ln unlLs and prlces are quoLed ln lndlan 8upees 1he regular loL slze and Llck slze for varlous securlLles Lraded ls noLlfled by Lhe Lxchange from Llme Lo Llme 33 MarkeL 1ypes 1he CaplLal MarkeL sysLem has four Lypes of markeL (l) normal MarkeL normal markeL conslsLs of varlous book Lypes ln whlch orders are segregaLed as 8egular LoL Crders Speclal 1erm Crders and SLop Loss Crders dependlng on Lhe order aLLrlbuLes (ll) AucLlon MarkeL ln Lhe aucLlon markeL aucLlons are lnlLlaLed by Lhe exchange on behalf of Lradlng members for seLLlemenL relaLed reasons 1he maln feaLures of Lhls markeL are deLalled ln a separaLe secLlon (313) on aucLlon (lll) Cdd LoL MarkeL 1he odd loL markeL faclllLy ls used for Lhe LlmlLed hyslcal MarkeL and for Lhe 8lock 1rades Sesslon 1he maln feaLures of Lhe LlmlLed hyslcal MarkeL are deLalled ln a separaLe secLlon (314) 1he maln feaLures of Lhe 8lock 1rades Sesslon are deLalled ln a separaLe secLlon (313) (lv) 8eLall uebL MarkeL 1he 8L1uL81 markeL faclllLy on Lhe nLA1 sysLem of caplLal markeL segmenL ls used for LransacLlons ln 8eLall uebL MarkeL sesslon 1radlng ln 8eLall uebL MarkeL Lakes place ln Lhe same manner as ln equlLles (caplLal markeL) segmenL 1he maln feaLures of Lhls markeL are deLalled ln a separaLe secLlon (316) on 8L1uL81 markeL43 34 1radlng SysLem users Plerarchy 1he Lradlng member has Lhe faclllLy of deflnlng a hlerarchy amongsL lLs users of Lhe nLA1 sysLem 1hls hlerarchy ls deplcLed ln llgure 32 CorporaLe Manager 8ranch 1 8ranch 2 uealer 11 uealer 12 uealer 21 uealer 22 llgure 32 1radlng SysLem users hlerarchy 1he users of Lhe Lradlng sysLem can logon as elLher of Lhe user Lype 1he slgnlflcance of each Lype ls explalned below (l) CorporaLe Manager 1he corporaLe manager ls a Lerm asslgned Lo a user placed aL Lhe hlghesL level ln a Lradlng flrm Such a user recelves Lhe endofday reporLs for all branches of Lhe Lradlng member 1he faclllLy Lo seL branch order value llmlLs and user order value llmlLs ls avallable Lo Lhe corporaLe manager 1he corporaLe manager also has faclllLy Lo seL symbol wlse user order quanLlLy llmlL Pe can vlew ouLsLandlng orders and Lrades of all users of Lhe Lradlng member and can also cancel/modlfy ouLsLandlng orders of all users of Lhe Lradlng member (ll) 8ranch Manager 1he branch manager ls a Lerm asslgned Lo a user who ls placed under Lhe corporaLe manager 1he branch manager recelves endofday reporLs for all Lhe dealers under LhaL branch Pe can seL user order value llmlL for each of hls branch Pe can vlew ouLsLandlng orders and Lrades of all users of hls branch and can also cancel/modlfy ouLsLandlng order of all users of hls branch (lll) uealer uealers are users aL Lhe lowesL level of Lhe hlerarchy A dealer can vlew and perform order and Lrade relaLed acLlvlLles only for hlmself and do noL have access Lo lnformaLlon on oLher dealers under elLher Lhe same branch or oLher branches 33 Local uaLabase 1he local daLabase provldes a fasLer response Llme Lo Lhe users All lnqulrles made by a user for own orders/Lrades are servlced Lhrough Lhe local daLabase lf however a corporaLe manager or branch manager makes lnqulrles for orders of any deale r/branch manager of Lhe Lradlng flrm Lhen Lhe lnqulry ls servlced by Lhe hosL 1he daLa sLored ln Lhe local daLabase lnclude sysLem messages securlLy relaLed lnformaLlon and order/Lrade relaLed daLa of Lhe user44 36 MarkeL hases 1he Lradlng sysLem ls normally made avallable for Lradlng on all days excepL SaLurdays Sundays and oLher holldays Polldays are declared by Lhe Lxchange from Llme Lo Llme A Lradlng day Lyplcally conslsLs of a number of dlscreLe sLages as below (l) Cpenlng 1he Lradlng memb er can carry ouL Lhe followlng acLlvlLles afLer logln Lo Lhe nLA1 sysLem and before Lhe markeL opens for Lradlng (a) SeL up MarkeL WaLch (Lhe securlLles whlch Lhe user would llke Lo vlew on Lhe screen) (b) vlew lnqulry screens AL Lhe polnL of Llme when Lhe markeL ls openlng for Lradlng Lhe Lradlng member cannoL logln Lo Lhe sysLem A message 'MarkeL sLaLus ls changlng CannoL logon for someLlme' ls dlsplayed lf Lhe member ls already logged ln he cannoL perform Lradlng acLlvlLles Llll markeL ls opened (ll) reopen 1he preopen sesslon ls for a duraLlon of 13 mlnuLes le from 900 am Lo 91 3 a m 1he preopen sesslon ls comprlsed of Crder collecLlon perlod and order maLchlng perlod 1he order collecLlon perlod of 8* mlnuLes shall be provlded for order enLry modlflcaLlon and cancellaLlon (* SysLem drlven random closure beLween 7Lh and 8Lh mlnuLe) uurlng Lhls perlod orders can be enLered modlfled and cancelled 1he lnformaLlon llke lndlcaLlve equlllbrlum / openlng prlce of scrlp LoLal buy and sell quanLlLy of Lhe scrlp ls dlssemlnaLed on Lhe nLA1 1ermlnal Lo Lhe members on real Llme basls lndlcaLlve nll1? lndex value change of lndlcaLlve equlllbrlum prlce Lo prevlous close prlce are compuLed based on Lhe orders ln order book and are dlssemlnaLed durlng preopen sesslon Crder maLchlng perlod sLarLs lmmedlaLely afLer compleLlon of order collecLlon perlod Crders are maLched aL a slngle (equlllbrlum) prlce whlch wlll be open prlce 1he order maLchlng happens ln Lhe followlng sequence Lllglble llmlL orders are maLched wlLh ellglble llmlL orders 8esldual ellglble llmlL orders are maLched wlLh markeL orders MarkeL orders are maLched wlLh markeL orders43 uurlng order maLchlng perlod order modlflcaLlon order cancellaLlon Lrade modlflcaLlon and Lrade cancellaLlon ls noL allowed 1he Lrade conflrmaLlons are dlssemlnaLed Lo respecLlve members on Lhelr Lradlng Lermlnals before Lhe sLarL of normal markeL AfLer compleLlon of order maLchlng Lhere ls a sllenL perlod Lo faclllLaLe Lhe LranslLlon from preopen sesslon Lo Lhe normal markeL All ouLsLandlng orders are moved Lo Lhe normal markeL reLalnlng Lhe orlglnal Llme sLamp LlmlL orders are aL llmlL prlce and markeL orders are aL Lhe dlscovered equlllbrlum prlce ln a slLuaLlon where no equlllbrlum prlce ls dlscovered ln Lhe preopen sesslon all markeL orders are moved Lo normal markeL aL prevlous day's close prlce or ad[usLed close prlce / base prlce followlng prlce Llme prlorlLy Accordlngly normal MarkeL / Cdd loL MarkeL and 8eLall uebL MarkeL opens for Lradlng afLer closure of pre open sesslon le 913 a m 8lock 1radlng sesslon ls avallable for Lhe nexL 33 mlnuLes from Lhe open of normal MarkeL 1he openlng prlce ls deLermlned based on Lhe prlnclple of demand supply mechanlsm 1he equlllbrlum prlce ls Lhe prlce aL whlch Lhe maxlmum volume ls execuLable ln case more Lhan one prlce meeLs Lhe sald crlLerla Lhe equlllbrlum prlce ls Lhe prlce aL whlch Lhere ls mlnlmum unmaLched order quanLlLy ln case more Lhan one prlce has same mlnlmum order unmaLched quanLlLy Lhe equlllbrlum prlce ls Lhe prlce closesL Lo Lhe prevlous day's closlng prlce ln case Lhe prevlous day's closlng prlce ls Lhe mldvalue of palr of prlces whlch are closesL Lo lL Lhen Lhe prevlous day's closlng prlce lLself wlll be Laken as Lhe equlllbrlum prlce ln case of corporaLe acLlon prevlous day's closlng prlce ls ad[usLed Lo Lhe closlng prlce or Lhe base prlce 8oLh llmlL and markeL orders are reckoned for compuLaLlon of equlllbrlum prlce 1he equlllbrlum prlce deLermlned ln preopen sesslon ls consldered as open prlce for Lhe day ln case lf only markeL orders exlsLs boLh ln Lhe buy and sell slde Lhen order ls maLched aL prevlous days close prlce or ad[usLed close prlce / base prlce revlous day's close or ad[usLed close prlc e / base prlce ls Lhe openlng prlce ln case lf no prlce ls dlscovered ln preopen sesslon Lhe prlce of flrsL Lrade ln Lhe normal markeL ls Lhe open prlce (lll) normal MarkeL Cpen hase 1he open perlod lndlcaLes Lhe commencemenL of Lradlng acLlvlLy 1o slgnlfy Lhe sLarL of Lradlng a message ls senL Lo all Lhe Lrader worksLaLlons 1he markeL open Llme for dlfferenL markeLs ls noLlfled by Lhe Lxchange Lo all Lhe Lradlng members Crder enLry ls allowed when all Lhe securlLles have been opened uurlng Lhls phase orders are maLched on a conLlnuous basls 1radlng ln all 46 Lhe lnsLrumenLs ls allowed unless Lhey are speclflcally prohlblLed by Lhe Lxchange 1he acLlvlLles LhaL are allowed aL Lhls sLage are lnqulry Crder LnLry Crder ModlflcaLlon Crder CancellaLlon (lncludlng qulck order cancellaLlon) Crder MaLchlng and 1rade CancellaLlon (lv) MarkeL Close When Lhe markeL closes Lradlng ln all lnsLrumenLs for LhaL markeL comes Lo an end A message Lo Lhls effecL ls senL Lo all Lradlng members no furLher orders are accepLed buL Lhe user ls permlLLed Lo perform acLlvlLles llke lnqulrles and Lrade cancellaLlon (v) osLClose MarkeL 1hls closlng sesslon ls avallable only ln normal MarkeL SegmenL lLs Llmlngs are from 330 M Lo 400 M Cnly markeL prlce orders are allowed Speclal 1erms SLop Loss and ulsclosed CuanLlLy Crders lndex Crders are noL allowed 1he Lrades are consldered as normal MarkeL Lrades SecurlLles noL Lraded ln Lhe normal markeL sesslon are noL allowed Lo parLlclpaLe ln Lhe Closlng Sesslon (vl) Surcon Survelllance and ConLrol (Su8CCn) ls LhaL perlod afLer markeL close durlng whlch Lhe users have lnqulry access only AfLer Lhe end of Su8CCn perlod Lhe sysLem processes Lhe daLa for maklng Lhe sysLem avallable for Lhe nexL Lradlng day When Lhe sysLem sLarLs processlng daLa Lhe lnLeracLlve connecLlon wlLh Lhe nLA1 sysLem ls losL and Lhe message Lo LhaL effecL ls dlsplayed aL Lhe Lrader worksLaLlon 37 Logglng Cn Cn sLarLlng nLA1 appllcaLlon Lhe logon screen appears wlLh Lhe followlng deLall (l) user lu (ll) 1radlng Member lu (lll) assword ln order Lo slgn on Lo Lhe sysLem Lhe user musL speclfy a valld user lu 1radlng Member lu and Lhe correspondlng password A valld comblnaLlon of user lu 1radlng Member lu and Lhe password ls needed Lo access Lhe sysLem llgure 33 shows screenshoL of log on screen of nLA1 CM 47 llgure 33 Logon Screen of nLA1 CM lollowlng are Lhe deLalls of Lhe Logon screen (l) user lu Lach Lradlng member can have mo re Lhan one user lu 1he number of users allowed for each Lradlng member ls noLlfled by Lhe Lxchange from Llme Lo Llme Lach user of a Lradlng member musL be reglsLered wlLh Lhe Lxchange and ls asslgned a unlque user lu (ll) 1radlng Member lu 1he Lxchange asslgns a Lradlng member lu Lo each Lradlng member 1he Lradlng member lu ls unlque and funcLlons as a reference for all orders/Lrades of dlfferenL users 1hls lu ls common for all Lhe users of a parLlcular Lradlng member 1he Lradlng member lu and user lus form a unlque and valld comblnaLlon lL ls Lhe responslblllLy of Lhe Lradlng member Lo malnLaln adequaLe conLrol over Lhe persons havlng access Lo user lus 1he Lradlng member should requesL Lhe Lxchange for changes ln names of Lhe users of user lu especlally when Lhere are changes ln Lhe users who are deallng on behalf of Lhe Lradlng member (lll) assword When a user logs ln for Lhe flrsL Llme he has Lo enLer Lhe defaulL password nLA1CM provlded by Lhe exchange Cn enLerlng Lhls password Lhe sysLem requesLs Lhe user Lo enLer a new password ln Lhe `new assword fleld Cn enLerlng Lhe new password Lhe sysLem requesLs for conflrmaLlon of Lhls new password 1hls new password ls known Lo Lhe user only See box no 32 for feaLures of user lu and assword48 38 Log Cff/LxlL from Lhe AppllcaLlon Cne can exlL from Lhe appllcaLlon as and when one deslres before Lhe surcon perlod Cn lnvoklng Lhe log off screen Lhe followlng opLlons are dlsplayed Lo Lhe user llgure 34 shows screenshoL of log off screen of nLA1 CM (l) ermanenL Slgn Cff As Lhe name suggesLs a user can log off permanenLly from Lhe Lradlng sysLem by selecLlng Lhls opLlon 1he user ls logged off and Lhe log on screen appears 8ox 32 leaLures of user lu and assword LocaLlon Speclflc user lu Larller lL was posslble for Lhe members havlng connecLlvlLy aL more Lhan one locaLlon Lo use Lhe alloLLed user lus lnLerchangeably from elLher locaLlon 1hls gave rlse Lo varlous sysLems securlLy relaLed problems 1o reduce such poLenLlal rlsks assoclaLed wlLh Lhe member's worksLaLlon Lhe exchange asslgns user lu Lo a speclflc locaLlon So whenever a user aLLempLs Lo log on Lo Lhe Lrader worksLaLlon Lhe sysLem checks for a valld locaLlon for LhaL user lu ln Lhe daLabase aL Lhe hosL end assword 1he password should conLaln mlnlmum of slx characLers and maxlmum of elghL characLers ln lengLh A comblnaLlon of characLers and numbers ls allowed ln Lhe password 1he password can be changed lf Lhe user deslres so and a new password can be enLered 1he new password musL be dlfferenL from Lhe old password assword appears ln Lhe encrypLed form and Lhus compleLe secrecy ls malnLalned 1he sysLem ensures Lhe change ln password for all users (password explry perlod ls parameLerlzed by Lhe exchange) ln Lhe evenL of Lhe user forgeLLlng hls password Lhe Lradlng member ls requlred Lo reseL Lhe password from hls corporaLe manager user ld ln case Lhe corporaLe manager ld ls dlsabled Lhen he ls requlred Lo lnform Lhe exchange ln wrlLlng requesLlng Lo reseL Lhe password 1he user password ls reseL Lo Lhe defaulL password seL by Lhe exchange 1he user can logln by enLerlng a new password as per Lhe procedure ouLllned above When a user Lrles Lo logln wlLh a wrong password a message 'lnvalld Slgn on' ls dlsplayed lf Lhree aLLempLs are made by a user Lo log on wlLh an lncorrecL password Lhen LhaL user ls auLomaLlcally dlsabled ln case of such an evenL Lhe Lradlng member ls requlred Lo reseL Lhe password from hls corporaLe manager user ld ln case Lhe corporaLe manager ld ls dlsabled Lhen he ls requlred Lo makes a wrlLLen requesL Lo Lhe exchange for reseLLlng of password 1he user password ls reseL Lo Lhe defaulL password seL by Lhe exchange 1he user can logln by enLerlng a new password as per Lhe procedure ouLllned above49 (ll) 1emporary Slgn Cff 1emporary slgn off ls a useful feaLure LhaL allows Lhe user Lo dlsallow Lhe use of Lhe Lradlng sofLware wlLhouL acLually logglng off uurlng a Lemporary slgnoff perlod Lhe appllcaLlon conLlnues Lo recelve all markeL updaLes ln Lhe background 1he user however cannoL enLer orders or make lnqulrles 1hls allows Lhe user Lo leave Lhe Lradlng sysLem Lemporarlly lnacLlve and prevenLs unauLhorlzed access Lo Lhe sysLem Cn selecLlng Lhe Lemporary slgn off opLlon a password enLry screen ls dlsplayed 1he use of Lhe nLA1 sysLem ls enabled on enLerlng Lhe correcL password 1he Lemporary slgn off ls auLomaLlcally acLlvaLed when Lhe user ls lnacLlve for a perlod of 3 mlnuLes 1he user has Lo enLer Lhe password Lo resume acLlvlLles lf Lhree aLLempLs are made Lo slgn on wlLh an lncorrecL password Lhe user ls permanenLly logged off ln Lhls case Lhe user has Lo log on agaln (lll) LxlL Cn selecLlon of Lhls opLlon Lhe user comes ouL of slgn off screen llgure 34 Logoff screen of nLA1 CM 39 nLA1 Screen 1he Lrader worksLaLlon screen of Lhe Lradlng member ls dlvlded lnLo Lhe followlng wlndows30 (l) 1lLle bar lL dlsplays Lradlng sysLem name le nLA1 Lhe Lradlng member name Lhe user ld user Lype Lhe daLe and Lhe currenL Llme (ll) 1lcker Wlndow 1he Llcker dlsplays lnformaLlon of all Lrades ln Lhe sysLem as and when lL Lakes place 1he user has Lhe opLlon of selecLlng Lhe securlLles LhaL should appear ln Lhe Llcker SecurlLles ln Llcker can be selecLed for each markeL Lype Cn Lhe exLreme rlghL hand of Lhe Llcker ls Lhe onllne lndex wlndow LhaL dlsplays Lhe currenL lndex value of nSL lndlces namely S Cnx nlfLy S Cnx uefLy Cnx nlfLy !unlor S Cnx300 Cnx Mldcap Cnx l1 8ank nlfLy Cnx 100 and nlfLy Mldcap 30 Cnx 8ealLy Cnx MnC Cnx lMCC Cnx Lnergy Cnx lnfra Cnx harma Cnx Su 8ank Cnx SL and Cnx Servlce and lndla vlx 1he user can scroll wlLhln Lhese lndlces and vlew Lhe lndex values respecLlvely lndex polnL change wlLh reference Lo Lhe prevlous close ls dlsplayed along wlLh Lhe currenL lndex value 1he dlfference beLween Lhe prevlous close lndex value and Lhe currenL lndex value becomes zero when Lhe nlfLy closlng lndex ls compuLed for Lhe day 1he Llcker wlndow dlsplays securlLles caplLal markeL segmenLs 1he Llcker selecLlon faclllLy ls conflned Lo Lhe securlLles of caplLal markeL segmenL only 1he flrsL Llcker wlndow by defaulL dlsplays all Lhe derlvaLlves conLracLs Lraded ln Lhe luLures and CpLlons segmenL (lll) 1ool 8ar 1he Loolbar has funcLlonal buLLons whlch can be used wlLh Lhe mouse for qulck access Lo varlous funcLlons such as 8uy Crder LnLry Sell Crder LnLry MarkeL 8y rlce (M8) revlous 1rades (1) CuLsLandlng Crder (CC) AcLlvlLy Log (AL) Crder SLaLus (CS) MarkeL WaLch (MW) Snap CuoLe (SC) MarkeL MovemenL (MM) MarkeL lnqulry (Ml) AucLlon lnqulry (Al) Crder ModlflcaLlon (CM) Crder CancellaLlon (CCxL) SecurlLy LlsL neL oslLlon Cnllne 8ackup SupplemenLary Menu lndex lnqulry lndex 8roadcasL and Pelp All Lhese funcLlons are also accesslble Lhrough Lhe keyboard (lv) MarkeL WaLch Wlndow 1he 'MarkeL WaLch' wlndow ls Lhe maln area of focus for a Lradlng member 1hls screen allows conLlnuous monlLorlng of Lhe securlLles LhaL are of speclflc lnLeresL Lo Lhe user lL dlsplays Lradlng lnformaLlo n for Lhe selecLed securlLles (v) lnqulry Wlndow 1hls screen enables Lhe user Lo vlew lnformaLlon such as MarkeL by Crder (M8C) MarkeL 8y rlce (M8) revlous 1rades (1) CuLsLandlng Crders (CC) AcLlvlLy Log (AL) Crder SLaLus (CS) MarkeL MovemenL (MM) MarkeL lnqulry (Ml) neL oslLlon Cnllne 8ackup lndex lnqulry lndlces 8roadcasL MosL AcLlve SecurlLles and so on 8elevanL lnformaLlon for Lhe selecLed securlLy can be vlewed (vl) Snap CuoLe 1he snap quoLe feaLure allows a Lradlng member Lo geL lnsLanLaneous markeL lnformaLlon on any deslred securlLy 1hls ls normally used for securlLles LhaL are noL already seL ln Lhe MarkeL WaLch wlndow 1he lnformaLlon presenLed ls Lhe same as LhaL of Lhe Marker WaLch wlndow (vll) Crder/1rade Wlndow 1hls wlndow enables Lhe user Lo enLer/modlfy/cancel orders and Lo send requesL for Lrade cancellaLlon and modlflcaLlon (vlll) Message Wlndow 1hls enables Lhe user Lo vlew messages broadcasL by Lhe exchange such as corporaLe acLlons any markeL news aucLlons relaLed lnformaLlon eLc and oLher messages llke order conflrmaLlon order modlflcaLlon order cancellaLlon orders whlch have resulLed ln quanLlLy freezes/prlce freezes and Lhe 31 exchange acLlon on Lhem Lrade conflrmaLlon Lrade cancellaLlon/modlflcaLlon requesLs and exchange acLlon on Lhem name and Llme when Lhe user logs ln/logs off from Lhe sysLem messages speclflc Lo Lhe Lradlng member eLc 1hese messages appear as and when Lhe evenL Lakes place ln a chronologlcal order 310 lnvoklng an lnqulry Screen All lnqulry screens have a selecLlon where Lhe securlLy vlewed can be selecLed 1he screen shows Lhe deLalls of Lhe securlLy selecLed for LhaL lnqulry 1he deLalls for each lnqulry screen are dlscussed below 3101 MarkeL WaLch 1he MarkeL WaLch wlndow ls Lhe Lhlrd wlndow from Lhe Lop of Lhe screen LhaL ls always vlslble Lo Lhe user 1he MarkeL WaLch ls Lhe focal area for users 1he purpose of MarkeL WaLch ls Lo seLup and vlew Lradlng deLalls of securlLles LhaL are of lnLeresL Lo users lor each securlLy ln Lhe MarkeL WaLch markeL lnformaLlon ls dynamlcally updaLed lollowlng are Lhe key feaLures of MarkeL WaLch Screen (l) MarkeL lnformaLlon ulsplayed 1he one llne markeL lnformaLlon dlsplayed ln Lhe markeL waLch screen ls for currenL besL prlce orders avallable ln Lhe 8egular LoL book lor each securlLy Lhe followlng lnformaLlon ls dlsplayed (a) Lhe corporaLe acLlon lndlcaLor Lx/Cum (b) Lhe LoLal buy order quanLlLy avallable aL besL buy prlce ( c ) besL buy prlce (d) besL sell prlce (e) LoLal sell order quanLlLy avallable aL besL sell prlce (f) Lhe lasL Lraded prlce (g) Lhe lasL Lrade prlce change lndlcaLor and (h) Lhe no dellvery perlod lndlcaLor nu (l) Lhe ercenLage change from prevlous day's closlng prlce' lf Lhe securlLy ls suspended SuSLnuLu' appears ln fronL of Lhe securlLy lf a quesLlon mark (?) appears on Lhe exLreme rlghL hand corner for a securlLy lL lndlcaLes LhaL Lhe lnformaLlon belng dlsplayed ls noL Lhe laLesL and Lhe sysLem wlll dynamlcally updaLe lL (ll) lnformaLlon updaLe ln Lhe MarkeL WaLch screen changes ln Lhe besL prlce and quanLlLles are hlghllghLed on a dynamlc basls (ln all pages of MarkeL WaLch) lor example lf Lhe besL prlce changes as a resulL of a new order ln Lhe markeL Lhe new deLalls are lmmedlaLely dlsplayed 1he changed deLalls are hlghllghLed wlLh a change of colour for a few seconds Lo slgnlfy LhaL a change has occurred 1he blue colour lndlcaLes LhaL prlce/quanLlLles have lncreased whlle Lhe red colour lndlcaLes LhaL Lhe prlce/quanLlLles have decreased lf Lhe lasL Lraded prlce ls hlgher Lhan Lhe prevlous lasL Lraded prlce Lhen Lhe lndlcaLor '+' appears or lf Lhe lasL Lraded prlce ls lower Lhan Lhe prevlous lasL Lraded prlce Lhen Lhe lndlcaLor '' appears lf Lhere ls no change ln Lhe lasL Lraded prlce no lndlcaLor ls dlsplayed32 1he llsL of securlLles LhaL are avallable for Lradlng on CaplLal MarkeL segmenL ls avallable ln Lhe SecurlLy LlsL box 1he user has Lhe opLlon Lo seLup securlLles dlrecLly from Lhe SecurlLy LlsL wlLhouL Lyplng a slngle characLer on Lhe markeL waLch screen 1hls ls a qulck faclllLy Lo seLup securlLles lf Lhe user Lrles Lo seLup a securlLy whlch ls already presenL ln Lhe markeL waLch one geLs a message LhaL Lhe securlLy ls already seLup 1he user also has Lhe opLlon Lo add and deleLe Lhe securlLy seL up ln Lhe markeL waLch screen as many Llmes as one deslres 1he user can prlnL Lhe conLenLs of Lhe MarkeL WaLch seLup by Lhe user 1he user can elLher prlnL Lhe MarkeL WaLch on dlsplay or Lhe lull MarkeL WaLch (lll) MarkeL WaLch uownload A user has Lo seL up securlLles afLer Lhe flrsL download of Lhe sofLware AfLer seLLlng up Lhe markeL waLch lL ls suggesLed LhaL Lhe user should log ouL normally 1hls wlll help Lhe user Lo save Lhe freshly seL up markeL waLch securlLles ln a flle lf aL any glven Llme when Lhe user has freshly seL up a few securlLles and encounLers an abnormal exlL Lhe newly seL up securlLles are noL saved and Lhe user may have Lo repeaL Lhe process of seLLlng up securlLles 1he MarkeL WaLch seLup ls carrled over Lo subsequenL days Lhus averLlng Lhe need Lo seL up Lhe MarkeL WaLch on dally basls uurlng Lhe logon sLage Lhe relevanL MarkeL WaLch deLalls are downloaded from Lhe Lradlng sysLem 1he message dlsplayed ls `MarkeL WaLch download ls ln progress 1he Llme Laken for Lhe MarkeL WaLch download depends on Lhe number of securlLles seL up (lv) SeLLlng up SecurlLles Cne of Lhe besL feaLures of Lhls sofLware ls LhaL Lhe user has Lhe faclllLy Lo seL up 300 securlLles ln Lhe markeL waLch 1he user can vlew up Lo 30 securlLles ln one page of Lhe markeL waLch screen (v) Lasy navlgaLlon 1he deLalls of Lhe currenL poslLlon ln Lhe MarkeL WaLch defaulLs ln Lhe order enLry screen and Lhe lnqulry selecLlon screen lL ls Lherefore posslble Lo do qulck order enLrles and lnqulrles uslng Lhls feaLure 1he defaulL deLalls can also be overwrlLLen (vl) CorporaLe AcLlons lndlcaLlon An lndlcaLor for corporaLe acLlons for a securlLy ls anoLher feaLure ln markeL waLch 1he lndlcaLors are as follows xu exdlvldend x8 exbonus xl exlnLeresL x8 exrlghLs Cu c u mdlvldend C8 c u mrlghLs C8 cumbonus Cl c u mlnLeresL C* ln case of more Lhan one of Cu C8 C8 Cl x* ln case of more Lhan one of xu x8 x8 xl 3102 SecurlLy uescrlpLor lnformaLlon such as SecurlLy name 8ook Closure SLarL and Lnd uaLes LxuaLe nouellvery SLarL and Lnd uaLes 1lck Slze dally prlce range lace value lSln and 8emarks ls dlsplayed ln Lhe SecurlLy uescrlpLor 1he label u8 le ually rlce 8ange dlsplays Lhe permlsslble prlce band for a securlLy for Lhe currenL Lradlng day llgure 33 shows screenshoL of securlLy descrlpLor wlndow ln nLA1 CM33 llgure 33 SecurlLy uescrlpLor ln nLA1 CM 3103 MarkeL by rlce 1he purpose of MarkeL by rlce (M8) ls Lo enable Lhe user Lo vlew ouLsLandlng orders ln Lhe markeL aggregaLed aL each prlce and are dlsplayed ln order of besL prlces llgure 36 shows screenshoL of markeL by prlce wlndow ln nLA1 CM 1he flelds LhaL are avallable on Lhe selecLlon screen are Symbol Serles and 8ook 1ype 1he opLlons avallable ln Lhe book Lype fleld are 8egular LoL and 8L1uL81 1he deLalled M8 screen ls spllL lnLo llrsL Llne ueLall Llne and Summary Llne 1he flrsL llne dlsplays MarkeL 1ype Symbol Serles 1oLal 1raded CuanLlLy PlghesL 1rade rlce LowesL 1rade rlce LasL 1rade rlce Change ln L1 from revlous uay Close and Average 1raded rlce 1he deLall llne dlsplays number of 8uy Crders 1oLal 8uy Crder CuanLlLy aL LhaL prlce 8uy Crder rlce Sell Crder rlce 1oLal Sell Crder CuanLlLy aL LhaL prlce and number of Sell Crders 1he summary llne dlsplays 1oLal 8uy Crder CuanLlLy and 1oLal Sell Crder CuanLlLy lor speclal Lerm orders Lhe Lerms are noL reflecLed ln Lhe M8 screen 8uy orders are dlsplayed on Lhe lefL slde of Lhe wlndow and sell orders on Lhe rlghL 1he orders appear ln a prlce/Llme prlorlLy wlLh Lhe besL prlced order aL Lhe Lop When any 8egular LoL lnformaLlon currenLly dlsplayed on Lhe wlndow ls changed (for example as Lhe resulL of a Lrade) Lhls lnformaLlon ls auLomaLlcally reflecLed ln Lhe M8 le dynamlc updaLlon of M8 screen ls presenL34 All buyback orders are ldenLlfled by an '*' ln Lhe M8 screen ln case a buyback order appears ln Lhe besL flve orders ln Lhe M8 an '*' wlll precede such an order record ln addlLlon an '*' wlll appear agalnsL Lhe '1oLal 8uy' fleld ln Lhe M8 lrrespecLlve of Lhe order belng ln besL flve orders ln Lhe M8 or noL Speclal leaLures of M8 (a) 8egular loL speclal Lerm orders can be vlewed ln Lhe M8 1he percenLage change for lasL Lrade prlce wlLh respecL Lo prevlous days closlng prlce open prlce (ln case of preopen lndlcaLlve openlng prlce) hlgh prlce for a day low prlce a day and Lhe average Lrade prlce of Lhe securlLy ln Lhe glven markeL are Lhe addlLlonal flelds ln Lhe screen (b) no unLrlggered sLoploss order wlll be dlsplayed on Lhe M8 screen ( c ) Cnly order deLalls for Lhe besL 3 prlces lnformaLlon ls dlsplayed llgure 36 MarkeL by rlce wlndow ln nLA1 CM 3104 revlous 1rades 1he purpose of Lhe revlous 1rades wlndow ls Lo provlde securlLywlse lnformaLlon Lo users for own Lrades 1he flelds LhaL are avallable on Lhe selecLlon screen are Symbol Serles MarkeL Lype AucLlon number 1radlng Member lu 8ranch lu ueale r CLl 8uy/Selland 1lme 1he opLlons avallable ln Lhe MarkeL Lype fleld are normal MarkeL 8L1uL81 Cdd LoL and AucLlon lf Lhe user selecLs Lhe opLlon Lo vlew AucLlon MarkeL Lrade deLalls Lhe aucLlon number has Lo be compulsorlly enLered 1he CorporaLe Manager can vlew all Lhe Lrades for all branches or for a speclflc 33 branch under Lhe speclflc branch Lhe user can vlew Lrade deLalls for a speclflc dealer or for all dealers 1he 8ranch Manager can vlew all deLalls under LhaL branch le all prevlous Lrades for all dealers and for all cllenLs or for all dealers or for a speclflc dealer 1he dealer can vlew prevlous Lrades for own user ld only 1he user can selecL Lhe prevlous Lrades up Lo a parLlcular Llme perlod by enLerlng Lhe relevanL Llme ln Lhe Llme fleld 1he deLalled revlous 1rade screen lnformaLlon ls spllL lnLo llrsL Llne ueLall Llne and Summary Llne 1he flrsL llne dlsplays MarkeL 1ype Symbol Serles LasL 1rade rlce LasL 1rade CuanLlLy LasL 1rade 1lme and 1oLal 1raded CuanLlLy 1he deLall llne conLalns 8uy/Sell lndlcaLor 8C/CLl lndlcaLor (where 8C and C CLl) Crder number 1rade number 1rade CuanLlLy 1rade rlce and 1rade 1lme 1he summary llne conLalns 1oLal number of 8uy 1rades 1oLal 8uy CuanLlLy 1raded 1oLal 8uy 1raded value Average 8uy 1raded rlce 1oLal number of Sell 1rades 1oLal Sell CuanLlLy 1raded 1oLal Sell 1raded value and Average Sell 1raded rlce revlous 1rade Screen dlsplays Lhe cllenL accounL number also reopen lndlcaLor ls dlsplayed as " for all reopen 1rades 1rades are dlsplayed ln a reverse chronologlcal order llrsL all buy Lrades are dlsplayed and Lhen sell Lrades are dlsplayed A faclllLy ls provlded Lo users Lo vlew Lhelr Lrades for 8u? slde or SLLL slde or ALL by selecLlng Lhe 8u?/SLLL/ALL fllLer ln prlmary wlndow 8y defaulL Lhe fllLer ls on ALL Cnce Lhe query ls execuLed wlLh Lhe fllLer Lhe Lrades are dlsplayed wlLh Llme sorLlng for Lhe chosen fllLer opLlon 1hls funcLlonallLy only works for self and noL for hlerarchal lnqulry Speclal leaLures of revlous 1rades (a) 1rade cancellaLlon can be requesLed from Lhe revlous 1rade screen 1hls faclllLy ls avallable only for member's own Lrades 1he CorporaLe Manager can requesL for Lrade cancellaLlon for any branch or any dealer 1he 8ranch Manager can requesL for Lrade cancellaLlon for any dealer under LhaL branch 1he dealer can requesL for Lrade cancellaLlon only for Lrades under LhaL user ld (b) 1he user can requesL Lhe Lxchange Lo modlfy only Lhe cllenL code fleld CurrenLly Lrade modlflcaLlon faclllLy ls noL enabled on Lradlng sysLem 3103 CuLsLandlng Crders 1he purpose of CuLsLandlng Crders ls Lo enable Lhe user Lo vlew Lhe ouLsLandlng orders for a securlLy An ouLsLandlng order ls an order LhaL has been enLered by Lhe user buL whlc h has noL yeL been compleLely Lraded or cancelled 1he user ls permlLLed Lo see hls orders 1he flelds whlch are avallable on Lhe selecLlon screen are Symbol Serles 8ook Lype AucLlon number 8ranch lu uealer 8C/CLl and 1lme 1he opLlons avallable ln Lhe 8ook Lype fleld are re open 8egular LoL 8L1uL81 Cdd LoL SLop Loss and AucLlon lf Lhe user selecLs Lhe opLlon Lo vlew AucLlon MarkeL Lrade deLalls Lhe AucLlon number has Lo be compulsorlly enLered When Lhe user selecLs re open book ln Lhe deLalled screen only pre open ouLsLandlng orders wlll be dlsplayed ln Lhe deLalled screen preopen orders wlll have an ldenLlfler ''36 1he corporaLe manager can vlew all Lhe CuLsLandlng Crders for all branches or for a speclflc branch under Lhe speclflc branch Lhe user can vlew CuLsLandlng Crders deLalls for a speclflc dealer or for all dealers Slmllarly lL ls posslble Lo vlew all CuLsLandlng Crders for a parLlcular cllenL or for all cllenLs under a dealer 1he 8ranch Manager can vlew all CuLsLandlng Crders deLalls under LhaL 8ranch le all CuLsLandlng Crders for all dealers and for all cllenLs or for all dealers or for a speclflc dealer 1he dealer can vlew CuLsLandlng Crders for own user ld only 1he deLalled ouLsLandlng orders screen ls spllL lnLo llrsL Llne and ueLall Llne 1he flrsL llne conLalns Symbol Serles MarkeL 1ype SecurlLy SLaLus Label CurrenL 1lme and CurrenL uaLe 1he deLall llne conLalns 8ook 1ype user lu CllenL A/C number Crder number Crder CuanLlLy endlng and Crder rlce 1he orders are llsLed on Lhe basls of prlce/Llme prlorlLy 1he orders are dlsplayed ln order of 8egular LoL orders and Lhen SLop Loss orders CuLsLandlng order screen ls noL dynamlcally updaLed buL Lhe user has opLlon Lo refresh Lhe CuLsLandlng Crders screen by relnvoklng Lhe lnqulry Speclal leaLures of CuLsLandlng Crders (a) 1he user can modlfy orders from Lhe ouLsLandlng orders screen (b) 1he user can cancel orders from Lhe ouLsLandlng orders screen ( c ) 1he user can vlew sLaLus of a parLlcular order from Lhe ouLsLandlng orders screen 3106 AcLlvlLy Log 1he AcLlvlLy Log (AL) shows all Lhe acLlvlLles LhaL have been performed on any order belonglng Lo LhaL user 1hese acLlvlLles lnclude order modlflcaLlon/cancellaLlon parLlal/full Lrade and Lrade modlflcaLlon/cancellaLlon lL dlsplays lnformaLlon of only Lhose orders ln whlch some acLlvlLy has Laken place lL does noL dlsplay Lhose orders on whlch no acLlvlLy has Laken place 1he flelds LhaL are avallable on Lhe selecLlon screen are Symbol Serles MarkeL 1ype 8ranch lu uealer 8C/CLl and CllenL AccounL number 1he Symbol Serles and MarkeL 1ype flelds are compulsory 1he opLlons avallable ln Lhe MarkeL 1ype fleld are re open normal MarkeL 8L1uL81 Cdd LoL and AucLlon A re open ldenLlfler '' wlll be dlsplayed for re open orders ln AcLlvlLy Log screen 1he deLalled AL screen ls spllL lnLo flrsL llne and deLall llne 1he flrsL llne dlsplays MarkeL 1ype Symbol Serles CurrenL 1lme and CurrenL uaLe 1he deLall llne conLalns user ld Crder number 8C/CLl lndlcaLor (where 8C CCLl) 8uy/Sell lndlcaLor Crder quanLlLy Crder prlce Crder 1erms/1rade number ulsclosed CuanLlLy Ml lndlcaLor Ml CuanLlLy AcLlvlLy lndlcaLor and AcLlvlLy 1lme Cne llne appears for each acLlvlLy LhaL has Laken place Loday lor example lf a buy order ls Lraded agalnsL Lhree separaLe sell orders Lhen Lhe acLlvlLy log for Lhe buy order shows Lhree separaLe llnes and Lhe orlglnal order deLalls 1he followlng acLlvlLles are dlsplayed 8 lor buy orders Lhls lndlcaLes a maLch37 S lor sell orders Lhls lndlcaLes a maLch CC 1hls lndlcaLes an order was cancelled CM 1hls lndlcaLes an order was modlfled 1he deLalls dlsplayed are Lhe order afLer lL was modlfled 1C lor boLh buy and sell orders Lhls lndlcaLes LhaL a Lrade lnvolvlng Lhls order was cancelled 1M lor boLh buy and sell orders Lhls lndlcaLes LhaL a Lrade lnvolvlng Lhls order was modlfled Speclal Lerms assoclaLed wlLh Lhe order are dlsplayed Lo help ldenLlfy Lhe order Speclal leaLures of AcLlvlLy Log (a) 1he AL glves deLalls of all acLlvlLles ln chronologlcal orders (b) WlLhln Lhe order number Lhe deLalls appear wlLh Lhe oldesL acLlvlLy flrsL and Lhe laLesL lasL ( c ) 1he acLlvlLy conslsLs only of orders enLered by Lhe requesLlng Lradlng member (d) 1hls lnqulry opLlon ls noL avallable Lo users ln lnqulry mode 3107 Crder SLaLus 1he purpose of Lhe Crder SLaLus (CS) ls Lo look lnLo Lhe sLaLus of one of dealer's own speclflc orders 1he screen provldes Lhe currenL sLaLus of orders and oLher order deLalls 1he order sLaLus screen ls noL dynamlcally updaLed ln case Lhe order ls Lraded Lhe Lrade deLalls are also dlsplayed ln case of mulLlple Lrades Lhe dlsplay ls scrolled 1o vlew Lhe sLaLus of a parLlcular order enLer Lhe order number for whlch Lhe order sLaLus ls Lo be vlewed ln Lhe selecLlon screen of CS 1he flrsL parL of Lhe order number (le Lodays daLe) ls defaulLed 1he user has Lo enLer Lhe second parL of Lhe order number lf Lhe user does noL know Lhe order number Lhen Lhe user can poslLlon Lhe hlghllghL bar on Lhe deslred order on Lhe CuLsLandlng Crder screen and Lhen lnvoke Lhe CS screen 1he order number ls dlrecLly defaulLed ln Lhe Crder SLaLus selecLlon screen AddlLlonally lf lL ls a pre open order Lhen Lhere wlll be an ldenLlfler '' wlLh Lool Llp as reopen ldenLlfler" lndlcaLlng LhaL lL ls a reopen order 1he deLalled CS screen ls dlvlded lnLo Lhree parLs 1he flrsL parL covers order relaLed lnformaLlon Lhe second parL covers Lhe Lrade relaLed lnformaLlon lf Lhe order has resulLed ln a Lrade and Lhe Lhlrd parL glves summary deLalls 1he flrsL parL deLalls are ln Lwo llnes 1he flrsL llne glves 8ook 1ype Symbol Serles Crder number 1ype (8uy/Sell) 1oLal Crder CuanLlLy Crder rlce 8C/CLl CllenL A/C number and arLlclpanL lu 1he second llne glves ulsclosed CuanLlLy Ml/ACn lndlcaLor Ml CuanLlLy 1rlgger rlce uay lndlcaLor 1 (Crder Modlfled MCu) lndlcaLor 2 (Crder Cancelled CxL) and lndlcaLor 3 (Crder 1raded 18u) 1he second parL deLalls are 1rade CuanLlLy 1rade rlce 1rade 1lme and 1rade number 38 1he Lhlrd parL deLalls are CuanLlLy 1raded 1oday and 8alance CuanLlLy (remalnlng quanLlLy) Speclal leaLures of Crder SLaLus (a) 1he CS provldes Lhe user Lhe currenL sLaLus of Lhe order le wheLher order has been modlfled order was cancelled order was Lraded or order has been parLlally Lraded on Lhe prevlous day (b) lL shows all Lhe order deLalls lL also shows Lhe Lrade deLalls for each Lrade done agalnsL Lhls order ( c ) 1he daLa ls presenLed ln chronologlcal order Cne llne appears for each acLlvlLy LhaL has Laken place Loday (d) 1he dealer can vlew order sLaLus of orders enLered under LhaL uealer lu only (e) 1hls lnqulry opLlon ls noL avallable Lo users ln lnqulry mode 3108 Snap CuoLe 1he Snap CuoLe ls a feaLure avallable ln Lhe sysLem Lo geL lnsLanLaneous markeL lnformaLlon on a deslred securlLy 1hls ls normally used for a securlLy LhaL ls noL seLup ln Lhe MarkeL WaLch wlndow 1he lnformaLlon dlsplayed for Lhe seL up securlLy ls same as LhaL ln MarkeL WaLch wlndow le CorporaLe acLlon lndlcaLor 'Lx/Cum' Lhe LoLal buy order quanLlLy besL buy prlce besL sell prlce LoLal sell order quanLlLy lasL Lraded prlce lasL Lrade prlce change lndlcaLor and Lhe no dellvery lndlcaLor 'nu' 1he Snap CuoLe ls dlsplayed for Lhe Llme speclfled by Lhe exchange from Llme Lo Llme 1he dlsplay poslLlon of Snap CuoLe ls reserved and no oLher lnformaLlon overlaps lL A user can Lherefore slmulLaneously vlew a regular lnqulry (eg M8) and Lhe Snap CuoLe dlsplay 3109 MarkeL MovemenL 1he purpose of Lhe MarkeL MovemenL screen ls Lo provlde lnformaLlon Lo Lhe user regardlng Lhe movemenL of a securlLy for Lhe currenL day 1hls lnqulry glves Lhe snap shoL for a parLlcular securlLy for a Llme lnLerval as parameLerlsed by Lhe exchange 1he flelds LhaL are avallable on Lhe selecLlon screen are Symbol Serles and MarkeL Lype 1he user can selecL Lhe MarkeL 1ype as normal MarkeL 8L1uL81 and Cdd LoL markeL llgure 37 shows screenshoL of markeL movemenL wlndow ln nLA1 CM 1he deLalled ouLpuL screen ls glven ln Lwo parLs 1he flrsL parL glves lnformaLlon regardlng Lhe securlLy for Lhe enLlre day namely Symbol Serles MarkeL 1ype 1oLal 8uy Crder CuanLlLy 1oLal Sell Crder CuanLlLy 1oLal 1raded CuanLlLy Plgh rlce Low rlce Cpen rlce and LasL 1raded rlce 1he second parL glves lnformaLlon for a parLlcular Llme lnLerval namely 1lme lnLerval 8uy Crder CuanLlLy Sell Crder CuanLlLy 1raded CuanLlLy Plgh rlce and Low rlce 1he user can save Lhe MarkeL MovemenL screen by speclfylng Lhe dlrecLory and flle name Lo save Lhe lnformaLlon 1hls flle can be vlewed ln MSuCS edlLor Speclal leaLures of MarkeL MovemenL39 (a) 1he MarkeL MovemenL screen provldes lnformaLlon Lo Lhe user regardlng Lhe movemenL of a securlLy for Lhe currenL day on orders/Lrades done Loday (b) 1he lnformaLlon dlsplayed ls from Lhe Llme Lhe markeL was opened Loday and ln chronologlcal sequence llgure 37 MarkeL MovemenL wlndow ln nLA1 CM 31010 MarkeL lnqulry 1he purpose of Lhe MarkeL lnqulry ls Lo enable Lhe user Lo vlew Lhe markeL sLaLlsLlcs for a parLlcular markeL for a securlLy lL also dlsplays Lhe open prlce and prevlous close prlce for a securlLy 1he flelds LhaL are avallable on Lhe selecLlon screen are Symbol Serles and MarkeL Lype 1he user can selecL markeL Lype as normal 8L1uL81 and Cdd LoL 1he deLalled ouLpuL screen ls glven ln Lwo parLs 1he flrsL llne dlsplays Symbol Serles SecurlLy SLaLus CorporaLe AcLlons lndlcaLor 1 CorporaLe AcLlons lndlcaLor 2 CorporaLe AcLlons lndlcaLor 3 1oLal 1raded CuanLlLy 32 Week Plgh and 32 Week Low 1he second llne dlsplays Closlng rlce Cpenlng rlce Plgh rlce Low rlce LasL 1raded rlce and neL change from closlng prlce 1he Lhlrd llne dlsplays LasL 1raded CuanLlLy LasL 1raded 1lme and LasL 1raded uaLe 1he fourLh llne dlsplays 8esL 8uy Crder CuanLlLy 8esL 8uy Crder rlce 8esL Sell Crder rlce and 8esL Sell Crder CuanLlLy Speclal leaLures of MarkeL lnqulry (a) 1hls screen ls noL dynamlcally updaLed lL dlsplays Lhe securlLy sLaLus of Lhe securlLy selecLed S lndlcaLes LhaL Lhe securlLy ls suspended '' 60 lndlcaLes LhaL Lhe securlLy ls ln pre open (only for normal markeL) and ln absence of Lhe above lndlcaLors Lhe securlLy ls open for Lradlng (b) A n lndlcaLor for corporaLe acLlons for a securlLy ls dlsplayed on Lhe screen 1he lndlcaLors are as follows Cu cumdlvldend xu exdlvldend C8 cumrlghLs x8 exrlghLs C8 cumbonus x8 exbonus Cl" cumlnLeresL xl" exlnLeresL ( c ) 1he neL change lndlcaLor for lasL Lrade prlce wlLh respecL Lo Lhe prevlous days closlng prlce and Lhe neL change percenLage for Lhe lasL Lrade prlce wlLh respecL Lo Lhe prevlous days closlng prlce are dlsplayed (d) 1he base prlce of a securlLy for Lhe day ls equal Lo Lhe prevlous days closlng prlce of Lhe securlLy ln normal clrcumsLances 1hus ln Lhe markeL lnqulry screen Lhe fleld lndlcaLlng Lhe closlng prlce also glves Lhe base prlce for Lhe day (e) lf Lhe base prlce ls manually changed (due Lo a corporaLe acLlon) Lhen Lhe markeL lnqulry wlll noL dlsplay Lhe new base prlce ln Lhe closlng prlce fleld 31011 AucLlon lnqulry 1he purpose of AucLlon lnqulry (Al) ls Lo enable Lhe users Lo vlew Lhe aucLlon acLlvlLles for Lhe currenL Lradlng day 1hls wlndow dlsplays lnformaLlon abouL aucLlons currenLly golng on and aucLlons LhaL have been compleLed 1he deLalled llne ln Lhe aucLlon lnqulry screen dlsplays no Serlal number SL SLaLus of Lhe aucLlon securlLy 1ype 8uy/Sell aucLlon Symbol Serles 8esL 8uy CLy 8esL 8uy rlce 8esL Sell rlce 8esL Sell CLy AucLlon CLy AucLlon rlce and SeLLlemenL erlod 1he followlng are Lhe dlfferenL sLaLus dlsplayed for an aucLlon securlLy S AucLlon ls ln SollclLor erlod M SysLem ls maLchlng Lhe orders l AucLlon ls over x AucLlon ls deleLed AucLlon ls pendlng and yeL Lo begln 1he user can vlew Lhe aucLlon deLalls of a securlLy seLup ln Lhe markeL waLch by lnvoklng Lhe aucLlon lnqulry screen afLer hlghllghLlng Lhe aucLlon securlLy 1o vlew Lhe aucLlon deLalls for all Lhe securlLles Lhe user should blank ouL Lhe conLenLs of all Lhe flelds ln Lhe aucLlon lnqulry selecLlon screen 1o vlew Lhe aucLlons afLer a parLlcular number Lhe user should blank ouL Lhe conLenLs ln Symbol Serles fleld and enLer Lhe number ln Lhe aucLlon number fleld on Lhe selecLlon screen 1he aucLlon lnqulry screen Lhen dlsplays all aucLlons from LhaL number onwards 1hls wlndow ls dynamlcally updaLed llgure 38 shows screenshoL of aucLlon enqulry wlndow ln nLA1 CM Change screen61 llgure 38 AucLlon lnqulry wlndow ln nLA1 CM 31012 SecurlLy/orLfollo LlsL 1hls ls a faclllLy for Lhe user for seLLlng up Lhe securlLles ln Lhe markeL waLch screen 1hls screen also has a new faclllLy of allowlng Lhe user Lo seLup hls own porLfollo llgure 39 shows screenshoL of securlLy descrlpLor wlndow ln nLA1 CM (l) SecurlLy LlsL 1he user can selecL securlLles based on Symbol Serles lnsLrumenL 1ype and MarkeL 1ype A blank/parLlal search for Symbol and Serles ls also posslble 1he Symbol Serles MarkeL 1ype and SecurlLy name are dlsplayed based on Lhe selecLlon crlLerla 1he user can also prlnL Lhe selecLed securlLles (ll) orLfollo LlsL Cnce Lhe securlLy ls selecLed Lhe same can be used for seLLlng up a porLfollo 1he user can glve a name Lo Lhe llsL so selecLed 1he exlsLlng porLfollo can be modlfled and/or removed 1he user can also seLup a parLlcular porLfollo ln markeL waLch orLfollo creaLed can be used for baskeL order enLry also Crder flles can be generaLed based on Lhe porLfollo creaLed uslng baskeL Lradlng opLlon 62 llgure 39 SecurlLy/orLfollo LlsL wlndow ln nLA1 CM 31013 MulLlple lndex 8roadcasL and Craph 1hls screen dlsplays lnformaLlon of nSL lndlces namely S Cnx nlfLy S Cnx uefLy Cnx nlfLy !unlor S Cnx 300 Cnx 100 Cnx Mldcap Cnx l1 8ank nlfLy nlfLy Mldcap 30 Cnx 8ealLy Cnx lnfra Cnx Lnergy Cnx lMCC Cnx MnC Cnx harma Cnx SL Cnx Su 8ank and Cnx Servlce 1he lndlces are labeled verLlcally and Lhe lnformaLlon ls dlsplayed agalnsL each lndex horlzonLally 1he daLa dlsplayed for each lndex ls as follows (a) CurrenL lndex (b) Plgh lndex ( c ) Low lndex (d) Cpen lndex (e) Close lndex (f) change ln CurrenL lndex (wrL prevlous close lndex) (g) 32 week Plgh (h) 32 week low (l) up Moves ([) uown Moves (k) MarkeL CaplLallsaLlon (ln 8s Lakh) lndex Craph dlsplays all Lhe lndlces on a real Llme basls Lo Lhe markeL 63 llgure 310 shows screenshoL of mulLlple lndex broadcasL wlndow ln nLA1 CM
llgure 310 MulLlple lndex 8roadcasL wlndow ln nLA1 CM 31014 Cnllne 8ackup Cn Llne 8ackup ls a faclllLy LhaL Lhe user can lnvoke Lo Lake a backup of all order and Lrade relaLed lnformaLlon for Lhe user 1he lnformaLlon avallable ls for Lhe currenL day only Cn Lhe selecLlon screen Lhe user can selecL Lhe varlous flelds on whlch Lhe ouLpuL wlll be fllLered 1he flelds LhaL can be fllLered are CLl MarkeL 1ype 8ook 1ype Symbol Serles lnsLrumenL 1ype uaLe 1lme Crder lndlcaLor 1rade lndlcaLor 8uy/Sell lndlcaLor Crder numbers and 1rade numbers 1he user ls provlded Lhe opLlon Lo copy Lhe flles Lo any drlve of Lhe compuLer or on a floppy dlskeLLe 1hls uLlllLy generaLes Lwo ASCll flles namely CrderLxL and 1radeLxL 1he user can speclfy any fllename for Crders and 1rades 1hls uLlllLy wlll help Lhe user Lo generaLe Lhe ConLracL noLes 1he user ls requesLed Lo Lake backup flrsL on Lhe C drlve and subsequenLly copy Lo A drlve Lo avold overloadlng C capaclLy and abnormal logoff 31013 8askeL 1radlng 1he purpose of baskeL Lradlng ls Lo provlde nLA1 users wlLh a faclllLy Lo creaLe offllne order enLry flle for a selecLed porLfollo Cn lnpuLLlng Lhe value Lhe orders are creaLed for Lhe selecLed porLfollo of securlLles accordlng Lo Lhe raLlos of Lhelr markeL64 caplLallsaLlons An lcon has been provlded ln Lhe 1oolbar whlch can be selecLed by Lhe mouse Lo lnvoke Lhe funcLlonallLy ln Lhe baskeL Lradlng funcLlonallLy Lhe user flrsL selecLs a porLfollo from combo box 1he porLfollo ln Lhe combo box ls user deflned porLfollos (whlch can be creaLed or edlLed from Lhe SecurlLy LlsL screen whlch ls an exlsLlng funcLlonallLy) All users deflned orLfollos are auLomaLlcally loaded ln Lo Lhe combo box 1he user Lhen allocaLes an amounL Lo Lhe porLfollo by menLlonlng Lhe amounL ln Lhe AmounL edlL box 1he amounL enLered ls ln lakh and musL be less Lhan or equal Lo 8s 3000 lakh lf Lhe amounL enLered ls noL sufflclenL Lo buy/sell a compleLe baskeL a message lnsufflclenL amounL for creaLlng Lhe baskeL ls dlsplayed 1hen Lhe user menLlons wheLher he wanLs Lo buy or sell Lhe orLfollo by selecLlng a cholce from 8u?/SLLL combo box 1he user has Lo menLlon Lhe name of offllne order flle whlch would be generaLed 1he CuLpuL Cffllne order flle ls always generaLed ln Lhe 8askeL dlrecLory of Lhe currenL selecLed logln drlve lf a flle wlLh Lhe glven name already exlsLs Lhen lL asks for overwrlLlng Lhe old flle A 8everse llle wlLh Lhe same name ls also generaLed ln 8_8askeL dlrecLory of Lhe currenL logln drlve 1he 8everse llle conLalns reverse order (lf user has selecLed buy Lhen lL conLalns sell orders and vlceversa) 1he user can menLlon order's duraLlon (lCC or day) by selecLlng from a check box 1he user can also speclfy 8C/CLl orders by selecLlng from Lhe combo box ln case of CLl orders lL ls compulsory Lo menLlon Lhe accounL number ln Lhe edlL box 1he parLlclpanL name can be menLloned lf menLloned lL ls verlfled wheLher lL ls a valld parLlclpanL or noL 1he amounL menLloned ln Lhe AmounL LdlL 8ox ls dlvlded among Lhe securlLles of Lhe porLfollo dependlng on Lhelr currenL markeL caplLallsaLlon and Lhe amounL allocaLed per securlLy ls used Lo calculaLe Lhe number of shares Lo be boughL / sold for LhaL securlLy whlch ls reflecLed ln Lhe offllne order flle 1he number of shares ls rounded off Lo Lhe nearesL lnLeger lf Lhe baskeL conLalns any securlLy whose regular loL ls noL one Lhen Lhe flle wlll need Lo be correcLed by Lhe user Lo accommodaLe shares ln Lradable loLs lf Lhe porLfollo conLalns a securlLy whlch ls suspended/noL ellglble ln Lhe chosen markeL Lhen an error message ls dlsplayed on Lhe screen All Lhe orders generaLed Lhrough Lhe offllne order flle are prlced aL Lhe avallable markeL prlce CuanLlLy of shares of a parLlcular securlLy ln porLfollo ls calculaLed as under number of Shares of a AmounL * lssued CaplLal for Lhe securlLy securlLy ln porLfollo CurrenL orLfollo CaplLallsaLlon where CurrenL orLfollo SummaLlon LasL 1raded rlce (revlous CaplLallsaLlon close lf noL Lraded) * number of lssued shares ln case aL Lhe Llme of generaLlng Lhe baskeL lf any of Lhe consLlLuenLs are noL Lraded Lhe welghLage of Lhe securlLy ln Lhe baskeL ls deLermlned uslng Lhe prevlous close prlce 1hls prlce may become lrrelevanL lf Lhere has been a corporaLe acLlon ln Lhe securlLy for Lhe day and Lhe same has noL yeL been Lraded before generaLlon of Lhe flle Slmllarly baskeL faclllLy wlll noL be avallable for a new llsLed securlLy Llll Lhe Llme lL ls Lraded llgure 311 shows screenshoL of baskeL Lradlng wlndow ln nLA1 CM63 1hree porLfollo names vlz nll1?" !unlC8" Cnx100" are provlded ln SecurlLy / orLfollo LlsL Lo generaLe offllne order enLry flle uslng baskeL Lradlng faclllLy ln Lhls case Lhe flle wlll be generaLed based on free floaL markeL caplLallzaLlon for Lhe user deflned securlLles under Lhese names CuanLlLy of shares of a parLlcular securlLy ln porLfollo ls calculaLed as under number of Shares of a AmounL * lssued CaplLal for Lhe securlLy securlLy ln porLfollo CurrenL orLfollo CaplLallsaLlon where CurrenL orLfollo SummaLlon LasL 1raded rlce (revlous CaplLallsaLlon close lf noL Lraded) * number of lssued shares* lree floaL facLor llgure 311 8askeL 1radlng screen wlndow ln nLA1 CM 31016 8uy 8ack 1rades As per SL8l noLlflcaLlon daLed november 14 1998 buyback of securlLles ls permlLLed ln Lhe secondary markeL 1hls ls Lermed as '8uy8ack from Lhe Cpen MarkeL' ln Lhe open markeL buyback of shares ls permlLLed Lhrough SLock66 Lxchanges havlng elecLronlc Lradlng faclllLy and such buyback orders are requlred Lo be ldenLlfled upfronL ln Lhe elecLronlc Lradlng screen as buyback orders 1he purpose of 8uy 8ack 1rade funcLlonallLy ls Lo glve lnformaLlon Lo Lhe markeL abouL Lhe buy back Lrades execuLed from Lhe sLarL of Lhe buy back perlod Llll currenL Lradlng daLe ln Lhe securlLles whose buyback perlod ls currenLly on lL provldes lnformaLlon abouL Symbol Serles uays hlgh prlce uays Low rlce uay's WelghLed Average rlce uay's volume 1oLal volume PlghesL/LowesL/WelghLed Average rlces Llll prevlous day 8uy 8ack SLarL Lnd daLe 1he 8uyback 1rade funcLlonallLy provldes users wlLh Lhe lnformaLlon abouL Lhe buyback Lrades golng ln varlous securlLles 1he fronL screen shows Symbol Serles Low prlce (1oday) Plgh prlce (1oday) WelghLage Average prlce volume (1oday) and revlous day volume 1he user afLer selecLlng a parLlcular row from Lhe buyback llsL box can vlew furLher lnformaLlon vlz Symbol Serles SLarL daLe Lnd daLe 1oLal 1raded CLy (1lll daLe) revlous Plgh prlce revlous Low prlce and WL avg rlce Llll daLe of buyback scheme 1he 8uyback broadcasL updaLes Lhe lnformaLlon 31017 SupplemenLary luncLlons 1hls secLlon dlscusses cerLaln supplemenLary funcLlons of nLA1 such as 8ranch Crder value LlmlL MosL AcLlve SecurlLles Colour SelecLlon 8eporL SelecLlon neL oslLlon and rlnL SysLem Message 1he supplemenLary menu llsL box has Lhe followlng opLlons (l) 8eporL SelecLlon (ll) lull Message ulsplay (lll) Colour SelecLlon (lv) rlnL SysLem Message Cn/Cll (v) rlnL Crder/1rade ConflrmaLlon Sllps Cn/Cff (vl) 1lcker SelecLlon (vll) MarkeL MovemenL (vlll) MosL AcLlve SecurlLles (lx) 8eprlnL Crder/1rade ConflrmaLlon Sllp (x) 8ranch Crder value LlmlL (xl) neL oslLlon and neL oslLlon backup (xll) Cnllne 8ackup (xlll) Cne llne/1abular Sllps (xlv) lndex lnqulry (xv) user Crder value LlmlL SeLup (xvl) SecurlLy wlse user Crder CuanLlLy LlmlL SecurlLy wlse user Crder CuanLlLy LlmlL 8ulk upload (xvll) Cffllne Crder LnLry (xvlll) Crder LlmlLs (xlx) MarkeL rlce proLecLlon funcLlonallLy (xx) Crder ALLrlbuLes SelecLlon (xxl) CllenL MasLer MalnLenance (xxll) lndex 1radlng (xxlll) 8everse 8askeL on 1radlng CuanLlLy (xxlv) ulsplay CM 1lcker (xxv) ulsplay lC 1lcker67 (xxvl) 1rade ConflrmaLlon 8ell (xxvll) MulLlple 1rade CancellaLlon (xxvlll) uebarred CllenL MalnLenance (xxlx) 8eseL user lu (xxx) Cffllne llle Converslon (xxxl) rlnL 8havcopy Cn/Cff (xxxll) 8eseL assword (xxxlll) AbouL (l) 8eporL SelecLlon 8eporL selecLlon wlndow allows Lhe user (corporaLe manager and branch manager) Lo speclfy Lhe number of coples Lo be prlnLed for each reporL 1he user can updaLe Lhe number of coples for a reporL 1he 8eporL SelecLlon screen allows Lhe user (CorporaLe manager and 8ranch Manager only) Lo speclfy Lhe number of coples Lo be prlnLed for each reporL All Lhe reporLs are generaLed aL Lhe end of day Cnce Lhe reporLs are prlnLed Lhe 8eporL SelecLlon screen shows Lhe daLe and Lhe Llme Lhe reporLs were prlnLed 1he user can requesL for reprlnLlng any of Lhe reporLs 1he reporLs LhaL are avallable Lo Lhe Lradlng member are MarkeL SLaLlsLlcs and MarkeL lndlces (a) MarkeL SLaLlsLlcs 1he purpose of Lhls reporL ls Lo show Lhe markeL sLaLlsLlcs of LhaL Lradlng day 1hls reporL glves deLalls relaLed Lo all Lhe securlLles Lraded on LhaL day for all markeLs (b) MarkeL lndlces A separaLe MarkeL lndlces 8eporL ls also dlssemlnaLed Lo members whlch conLalns deLalls regardlng Lhe Cpen Plgh Low Close revlous Close and change over Lhe revlous Close of S Cnx nlfLy S Cnx uefLy Cnx nlfLy !unlor S Cnx 300 Cnx 100 Cnx Mldcap Cnx l1 8ank nlfLy nlfLy Mldcap 30 Cnx 8ealLy Cnx lnfra Cnx Lnergy Cnx lMCC Cnx MnC Cnx harma Cnx SL Cnx Su 8ank and Cnx Servlce (ll) lull Message ulsplay 1hls opLlon enables Lhe dlsplay of all Lhe sysLem messages rlghL from Lhe sLarL of Lhe Cpenlng hase lL ls also posslble Lo fllLer Lhe messages dependlng on Lhe message code symbol serles 8C/CLl CllenL daLe and Llme 1he sysLem messages can be prlnLed lf needed Message area conLalns user lu for order and Lrade conflrmaLlonmodlflcaLlon cancellaLlon and re[ecLlon 1he Lrade conflrmaLlonmodlflcaLloncancellaLlon messages dlsplayed ln Lhe message area wlll conLaln Lhe correspondlng remarks enLered durlng Lhe order enLry 1he user can fllLer prlnL and save messages ln Lhe message fllLerlng screen Lhe message code by defaulL shows ALL 1he user has Lhe opLlon Lo selecL Lhe deslred message code on whlch Lhe messages can be fllLered 1he messages can also be fllLered on Symbol Serles 1radlng member Code 8C/CLl/ ALL CllenL A/C number uaLe and 1lme flelds ln case Lhe user deslres Lo fllLer messages for Lradlng members own order/Lrade relaLed messages '8C' has Lo be speclfled wlLh Lhe Lradlng member code defaulLlng ln Lhe 'CllenL AccounL' fleld ln case Lhe user deslres Lo fllLer messages for a parLlcular cllenL 'CLl' has Lo be speclfled wlLh Lhe cllenL accounL code ln Lhe 'CllenL AccounL' fleld ln case Lhe user deslres Lo vlew all messages 'ALL' has Lo be68 speclfled and Lhe 'CllenL AccounL' fleld should be blank 1he message fllLer dlsplays 'ALL' by defaulL when Lhe user lnvokes Lhe full message dlsplay screen Message area wlll conLaln Lhe machlne number along wlLh Lhe me ssage speclfylng from whlch machlne Lhe message have been generaLed An exLra fllLer code has been provlded ln Lhe message area Lo fllLer messages on Lhe machlne number parameLer 1he messages are fllLered as per Lhe selecLlon crlLerla 1he message codes on whlch Lhe selecLlon can be made are Message Code uescrlpLlon of Messages SelecLed ALL All messages AuC AucLlon order/Lrade messages Aul AucLlon lnlLlaLlon messages LlS All llsLlng relaLed messages MA 8 Margln vlolaLlon messagesC8u Crder 8elaLed messages C1P Mlscellaneous Su SecurlLy Suspenslon/uesuspenslon S ? S SysLem Messages 18u 1rades 1he full message dlsplay and fllLered messages can be prlnLed by lnvoklng Lhe prlnL command by ensurlng LhaL Lhe prlnLer ls onllne 1he user can save messages by lnvoklng Lhe Save opLlon on Lhe lull Message ulsplay screen and by speclfylng Lhe dlrecLory and flle name ln Lhe pop up box Pere an opLlon ls avallable Lo Lhe user Lo boLh speclfy Lhe dlrecLory and flle name Lo save messages or Lo choose Lhe defaulL dlrecLory le nsecmuser dlrecLory 1hls flle can be vlewed ln MS uCS edlLor (lll) Colour SelecLlon 1he user can cusLomlse Lhe colours for varlous lnqulry and oLher Lrader worksLaLlon screens as per cholce 1he background and Lhe foreground colours can be selecLed by lnvoklng Lhe Colour SelecLlon opLlon 1he followlng ls dlsplayed on Lhe colour selecLlon llsL box (a) LlsL of Screens LlsLs all Lhe screens ln nLA1 sysLem 1he user has Lhe opLlon of changlng boLh Lhe foreground and Lhe background colours of any screen (b) ulsplay Wlndow ulsplays Lhe screen wlLh Lhe changed colours 1o change Lhe colour of a parLlcular screen Lhe user has Lo poslLlon Lhe hlghllghL bar on Lhe deslred screen and selecL any one of Lhe slxLeen colour buLLons 1he change ln Lhe colour can be seen ln Lhe ulsplay wlndow 1he user can reseL Lhe colour Lo defaulL seLLlng by selecLlng Lhe uefaulL opLlon lL ls Lo be noLed LhaL Lhe user cannoL selecL Lhe same colour for foreground of an lnqulry screen (lv) rlnL SysLem Messages Cn/Cff 1he rlnL SysLem Messages Cn/Cll enables/dlsables prlnLlng of Lhe sysLem messages as and when Lhey appear ln Lhe messages wlndow 8y defaulL Lhe opLlon ls seL Lo `Cll 1he user can change Lhe Cn/Cff poslLlon by presslng Lhe space bar 1he currenL mode (Cn/Cff) ls dlsplayed for Lhls opLlon on Lhe SupplemenLary Menu screen lLself (v) rlnL Crder/1rade ConflrmaLlon Sllps Cn/Cff 1he rlnL Crder/1rade ConflrmaLlon Cn/Cll enables/dlsables prlnLlng of Lhe order/Lrade sllps 8y defaulL 69 Lhe opLlon ls seL Lo `Cll 1he user can change Lhe Cn/Cff poslLlon by presslng Lhe space bar 1he currenL mode (Cn/Cff) ls dlsplayed for Lhls opLlon on Lhe SupplemenLary Menu screen lLself re open ldenLlfler '' ls dlsplayed for re open records (vl) 1lcker SelecLlon 1he Llcker selecLlon screen allows Lhe user Lo seL up Lhe securlLles LhaL should appear ln Lhe user's Llcker wlndow All Lhe securlLles avallable ln Lhe sysLem for a parLlcular markeL are dlsplayed lf a securlLy ls deleLed from Lhe sysLem lL ls also removed from Lhe Llcker selecLlon dlsplay 1he selecLlon of securlLles can be done for each markeL separaLely 1he user can selecL one or all securlLy Lype for dlsplay (vll) MarkeL MovemenL 1he purpose of Lhe 'MarkeL MovemenL' screen ls Lo provlde lnformaLlon Lo Lhe user regardlng Lhe movemenL of a securlLy for Lhe currenL day 1hls lnqulry glves Lhe snap shoL for a parLlcular securlLy for a Llme lnLerval as parameLerlsed by Lhe exchange (vlll) MosL AcLlve SecurlLles 1hls screen dlsplays Lhe deLalls of Lhe mosL acLlve securlLles based on Lhe LoLal Lraded value durlng Lhe day 1he number `n ls parameLerlsed by Lhe Lxchange 1he lnformaLlon provlded on Lhls screen ls noL dynamlcally updaLed 1he user however can geL Lhe laLesL lnformaLlon by refreshlng Lhe screen (lx) 8eprlnL Crder/1rade ConflrmaLlon Sllps AlLhough Lhe order and Lrade sllps for `conflrmaLlon `modlflcaLlon re[ecLlon and `cancellaLlon sllps can be prlnLed as and when a parLlcular operaLlon ls performed 1he user however can reprlnL Lhese sllps laLer durlng Lhe Lradlng day by uslng Lhls opLlon 1he user can selecL Lhe order or Lrade and Lhe Lype of sllps le conflrmaLlon modlflcaLlon cancellaLlon or re[ecLlon 1here ls faclllLy Lo selecL one or more operaLlons for prlnLlng Lhe sllps lor example one can selecL 'conflrmaLlon' as well as 'modlflcaLlon' aL a Llme AfLer Lhe user speclfles Lhe Lype of sllp Lo be prlnLed Lhe sLarL and end order/Lrade numbers are auLomaLlcally fllled 1he user has Lo speclfy Lhe range of order or Lrade numbers by approprlaLely selecLlng Lhe sLarL and Lhe end order/Lrade numbers lnlLlally Lhe opLlons have such values LhaL all Lhe order relaLed sllps can be prlnLed 1he sLarL and Lhe end order numbers conLaln order numb ers LhaL was enLered by Lhe user on Lhe currenL day Cn selecLlng rlnL opLlon all Lhe selecLed order/Lrade sllps are prlnLed and on selecLlng Lhe Cancel opLlon no sllps are prlnLed (x) 8ranch Crder value LlmlL SeLup 1he purpose of Lhls screen ls Lo enable corporaLe manager Lo seLup a llmlL on order enLry for each branch under Lhe Lradlng member flrm 1hls opLlon ln supplemenLary menu ls avallable Lo Lhe user only lf Lhe user ls a corporaLe manager Cn selecLlon Lhe 8ranch Crder value LlmlL SeLup s c reen appears 1o vlew Lhe llmlL for a parLlcular branch Lhe user has Lo selecL Lhe 8ranch lu and Lhe deLalls for Lhe branch le branch name Lhe llmlL seL and Lhe used up value are dlsplayed 1he values for Lhe branch order llmlL are dlsplayed ln 8s lakhs 70 1o change Lhe llmlL for a branch Lhe user has Lo selecL Lhe 'LlmlLed' opLlon and enLer Lhe new llmlL ln Lhe 'new LlmlL value' 1he new llmlLs are Lhen updaLed by Lhe sysLem 1he corporaLe manager can also auLhorlze a branch wlLh unllmlLed order enLry by cllcklng on 'unllmlLed' 1he user can also prlnL Lhe deLalls of a branch by selecLlng Lhe rlnL opLlon vlewlng and modlflcaLlon ls posslble durlng markeL hours A corporaLe manager can seL Lhe branch order value llmlL for any/all branches elLher before or durlng Lradlng hours Also Lhe corporaLe manager can vlew Lhe seL llmlL and Lhe used llmlL any Llme durlng Lhe Lradlng day Whenever Lhe corporaLe manager modlfles Lhe branch order llmlL of any of hls branches Lhe branch manager recelves a message Lo LhaL effecL aL hls Lrader worksLaLlon (xl) neL oslLlon and neL poslLlon 8ackup 1he user can lnLeracLlvely vlew hls neL poslLlon across securlLles 1he neL oslLlon screen dlsplays Symbol Serles 8uy value (ln lacs) 8uy CLy 8uy Average rlce Sell Average rlce Sell CLy Sell value (ln lacs) neL CLy and neL value (ln lacs) lL also dlsplays Lhe Crand 1oLal of 8uy value (ln lacs) 8uy CLy Sell CLy Sell value (ln lacs) neL value (ln lacs) and neL value Mark Lo MarkeL (ln lacs) neL poslLlon screen dlsplays Lhe neL Mark Lo markeL value scrlp wlse as well as LoLal neL mark Lo markeL value 1he user has Lhe opLlon for selecLlng markeL Lype as normal/8L1uL81/Cdd LoL/All 1he user can also selecL CllenL 1ype as CLl/8C/All 1he user ls provlded wlLh an opLlon Lo selecL Lhe cllenL code from Lhe drop down menu Lo vlew Lhe neL poslLlon of speclflc cllenL 1he user can refresh Lhe screen Lo updaLe Lhe neL oslLlon and can also prlnL Lhe deLalls of Lhe neL oslLlon screen aL any polnL of Llme neL poslLlon backup ls avallable from Lhe neL poslLlon screen 1he user can selecL Lhe flelds as Symbol Serles 8C/CLl and CLl A/c number on whlch Lhe ouLpuL would be fllLered 8y defaulL Lhe ouLpuL flle ls generaLed and sLored as neLposLxL 1he user can overwrlLe and speclfy any oLher flle name also 1he user has a opLlon of generaLlng Lhe ouLpuL flle ln any dlrecLory he wanLs Lo or on a floppy dlskeLLe71 SCuA8L Cll 1hls speclal funcLlonallLy has been added for Lhe user Lo Square of hls poslLlon 1hls can be done by cllcklng Lhe new opLlon Square Cff provlded ln Lhe screen 1he user flrsL needs Lo selecL one or more records from Lhe llsL box 1o selecL all Lhe records SelecL All buLLon ls provlded 1o clear all Lhe selecLed records Clear All buLLon ls provlded When user cllcks on Square off an offllne flle wlll be generaLed conLalnlng counLer orders whlch wlll square off Lhe poslLlon of LhaL parLlcular user 1he offllne flle generaLed wlll be sLored ln Lhe drlve from where Lhe exe ls relnflaLed 1he name of Lhe offllne flle generaLed wlll be SqrCffoslLlonLxL 1he poslLlon can be squared off only for normal MarkeL lf Lhe 8L1uL81 or CuuLC1 markeL ls selecLed Lhe Square Cff buLLon wlll geL dlsabled lf ALL ls selecLed from Lhe MarkeL Lype drop down llsL Lhen Lhe poslLlons wlll be squared off for open poslLlon of nC8MAL MarkeL only lf Lhe user selecLs 8C or CLl from Lhe CllenL 1ype drop down box Lhen Lhe poslLlon would be squared off only for Lhose correspondlng Cpen poslLlons ln case of CLl lf user selecLs a parLlcular AccounL number Lhen Lhe poslLlon would be squared off only for Lhose correspondlng Cpen poslLlons only 1he user ls glven an opLlon Lo generaLe elLher uA?/lCC (lCC ls defaulLed) order whlle generaLlng Lhe offllne flle72 (xll) Cnllne 8ackup Cn Llne 8ackup ls a faclllLy whlch Lhe user can lnvoke Lo Lake a backup of all order and Lrade relaLed lnformaLlon for Lhe user 1he lnformaLlon avallable ls for Lhe currenL day only llgure 312 shows screenshoL of onllne backup wlndow ln nLA1 CM llgure 312 Cnllne 8ackup wlndow ln nLA1 CM (xlll) Cne llne/1abular Sllps 1he Cne Llne or 1abular sllps ls used Lo selecL Lhe formaL for prlnLlng conflrmaLlon sllps 8y defaulL Lhe opLlon ls seL Lo Cne Llne 1he user can change Lhe formaL Lo 1abular sllp by presslng Lhe spacebar 1he currenL mode ls dlsplayed on Lhe SupplemenLary Menu screen (xlv) lndex lnqulry lndex lnqulry glves lnformaLlon on revlous Close Cpen Plgh Low and CurrenL lndex values of S Cnx nlfLy aL Lhe Llme of lnvoklng Lhls lnqulry screen 1hls screen dlsplays lnformaLlon of S Cnx nlfLy as of Lhe Llme Lhe screen was lnvoked on Lhe currenL Lradlng day 1he daLa dlsplayed ls as follows (a) 32 week Plgh (b) 32 week Low (c) Closlng lndex (d) Cpenlng lndex (e) Plgh lndex (f) Low lndex (g) CurrenL lndex (h) neL Change (l) Change73 AL Lhe end of day afLer markeL closure Lhe revlous Close fleld wlll dlsplay currenL days closlng lndex value 1he user requlres Lo refresh Lhe deLalls of Lhe screen by relnvoklng Lhe screen (xv) user Crder value LlmlL SeLup user order value llmlL ls Lhe cumulaLlve value of orders placed by Lhe user durlng Lhe day across all securlLles 1hls enables Lhe corporaLe manager Lo seL up dlfferenL llmlLs among Lhe users dependlng upon Lhe permlLLed user acLlvlLy ln slngle/mulLlple scrlps lor a new user Lhe user order value llmlL ls seL as zero by defaulL Lvery order enLry wlll be checked for user order value llmlL A user ls resLrlcLed Lo enLer orders greaLer Lhan Lhe order value llmlL speclfled by hls corporaLe manager ln case Lhe user order value llmlL ls exhausLed a message Crder numberrequesL re[ecLed used llmlL cannoL exceed Lhe user order value llmlL" ls dlsplayed on Lhe message wlndow screen lollowlng are Lhe maln feaLures of user order value llmlL funcLlonallLy (a) A corporaLe manager can seL up branch order value llmlL and user order value llmlL for all users A branch manager can also seL up Lhe user order value llmlL for Lhe users under hls branch 1he corporaLe manager can also query for order llmlLs of any user under Lhe Lradlng member flrm Whlle Lhe branch manager can vlew Lhe user order llmlLs of Lhe users under hls branch only (b) user order value llmlLs are dependenL on branch order value llmlL lL ls noL posslble for a corporaLe manager Lo seL only branch order value llmlL and noL asslgn any user order value llmlL lL ls mandaLory for Lhe corporaLe manager Lo conflgure user order value llmlL 1he branch manager may also seL up Lhe user order value llmlL for users under hls branch ( c ) lf a corporaLe manager seLs Lhe branch order value llmlL as 'unllmlLed' Lhen Lhe user order value llmlL can elLher be seL unllmlLed or a speclfled llmlL 1he cumulaLlve value of user order value llmlL should noL exceed Lhe correspondlng branch order value llmlL Also user order value llmlL cannoL be seL as unllmlLed lf branch order value llmlL ls seL as speclflc value ln case Lhe corporaLe manager Lrles Lo revlse Lhe branch order value llmlL Lo a value less Lhan Lhe user order value llmlL a message CumulaLlve user llmlL exceeded Lhe branch llmlL" ls dlsplayed on Lhe branch order value llmlL screen (d) When Lhe corporaLe manager seLs up Lhe user order value llmlL as speclfled/unllmlLed a message user order value llmlL for user number has been seL Lo 8s lakh/unllmlLed ls dlsplayed on Lhe message wlndow screen of Lhe corporaLe manager respecLlve 8ranch Manager and Lhe concerned user (e) 1he user order value llmlL can be revlsed durlng Lradlng hours (f) 1he corporaLe manager/branch manager can also prlnL Lhe user order value llmlL deLalls Lxample M/s Agre llnanclal Servlces a Lradlng member on Lhe nSL has a branch order value of 8s 700 lakh for hls Chennal branch and 8s 630 lakh for kolkaLa branch Chennal branch has Lwo users x and ? wlLh user order value llmlLs of 8s 230 lakh and 8s 300 lakh respecLlvely kolkaLa branch has one user Z wlLh user order value llmlL of 8s 330 lakh 1he member applles for a new user aL Chennal 74 WhaL ls Lhe maxlmum user order value LhaL can be seL for Lhe new user? 1he maxlmum user Crder value llmlL for Chennal ls 8s 700 (8s 230 + 8s 300) 8s130 lakh (xvl) SecurlLy wlse user Crder CuanLlLy LlmlL SecurlLy wlse user Crder CuanLlLy LlmlL 8ulk upload 1he Lradlng sysLem has a faclllLy for seLLlng up 8ranch Crder value LlmlL (8CvL) and user Crder value LlmlL (uCvL) 1he CorporaLe Manager can seL up 8CvL for each branch and uCvL for all Lhe users (dealers and 8Ms) under hlm 1he 8ranch Manager (8M) can seL Lhe uCvL of Lhe dealers ln hls branch Sum of Lhe uCvLs of all Lhe users under a parLlcular branch cannoL exceed 8CvL seL by Lhe corporaLe manager Whlle Lhls enables Lhe corporaLe manager and branch manager Lo resLrlcL Lhe LoLal value of order enLered by Lhe users lL ls noL posslble Lo resLrlcL buylng or selllng ln speclflc securlLles An addlLlonal faclllLy for seLLlng up SecurlLy wlse userwlse Crder CuanLlLy LlmlLs (SuCCL) for buy and/or sell has been provlded 1hls funcLlon wlll be avallable only Lo Lhe nLA1 users SallenL feaLures of Lhe funcLlonallLy are glven below (a) 1he corporaLe member ls allowed Lo seL Lhe SuCCL separaLely for buy and sell orders for each securlLy for all Lhe branch manager and uealers (excepL lnqulry only users) under hlm lncludlng hlmself (b) A 'vlew only' faclllLy ls glven Lo Lhe 8M for hls own llmlL and Lhe dealers under hlm ( c ) vlew only faclllLy ls glven Lo Lhe dealer for hls own llmlL (d) lor Lhe newly added user or securlLy Lhe SuCCLs record ls noL Lo be added by defaulL (le no SuCCL wlll be seL for new securlLy or user) (e) lL ls posslble Lo modlfy Lhe SuCCL anyLlme durlng Lradlng hours and lL should noL be seL less Lhan Lhe used llmlL for LhaL securlLy (f) 1he used llmlL fleld ls dlsplayed for buy and sell separaLely for each securlLy (g) Any acLlvlLy llke order modlflcaLlon or cancellaLlon ls reflecLed ln used llmlL flgure for Lhe respecLlve securlLy and respecLlve slde (h) 1hls llmlL ls appllcable for a symbol across all serles across all Lhe markeLs (l) 1he seL value ls noL less Lhan zero ([) ModlflcaLlon of seL llmlLs for a securlLy ls posslble mulLlple Llmes (k) SuCCL seLLlng opLlon ls glven ln supplemenLary menu (l) A bulk upload faclllLy Lo seL Lhe securlLy wlse buy sell llmlL Lhrough a csv flle ls provlded ln case of fallure Lo upload a parLlcular record/s fallure message wlll be wrlLLen ln Lhe lnpuL flle ln Lhe form of an error code 1he flle ls reusable (m) SuCCL bulk upload faclllLy ls noL avallable durlng Lhe markeL hours (n) AfLer Lhe llmlL ls seL successfully Lhe message wlll be senL Lo Lhe respecLlve corporaLe manager/ branch manager/dealer (o) lor a symbol boLh buy and sell quanLlLy can be seL Lo unllmlLed (p) 1he faclllLy Lo prlnL Lhe seL SuCCL llmlLs ls provlded (q) A faclllLy Lo llmlL Lradlng Lo Lhe securlLles seL up ln Lhe SuCCL ls provlded lf llmlL Lradlng opLlon ls seL for Lhe user Lhe user ls allowed Lo place orders only for symbols seL ln hls SuCCL llsL by Lhe corporaLe manager lL ls however posslble Lo enable Lhls faclllLy wlLhouL havlng any securlLy ln Lhe SuCCL llsL whlch prevenLs Lhe user from enLerlng any fresh orders73 (r) CorporaLe Manager ls glven a faclllLy Lo allow or dlsallow a user from enLerlng lndex orders 8y defaulL all dealers are allowed Lo place lndex orders lndex orders are noL valldaLed for SuCCL llmlLs 1he orders once enLered are updaLed ln Lhe used llmlLs (s) SeL llmlLs can be seL equal Lo or greaLer Lhan used llmlLs ( L ) lf a symbol ls added/seL ln SuCCL llsL durlng Lhe markeL hours prevlously used quanLlLles Llll LhaL Llme would be Laken lnLo accounL (u) lL ls posslble LhaL dealer ls resLrlcLed Lo enLer order ln parLlcular securlLy buL allowed Lo enLer lndex order and LhaL resLrlcLed securlLy ls a parL of nlfLy (v) lf Lhe order ls modlfled by corporaLe manager / branch manager for a respecLlve dealer Lhen Lhe used llmlL wlll be updaLed accordlngly buL ln Lhls case lL can exceed Lhe seL llmlL (w) SuCCL used llmlL ls noL valldaLed and updaLed for AucLlon orders 8ulk upload by corporaLe manager for seLLlng SuCvL for dealers ls allowed afLer recelvlng Lhe message ln Lhe Lrader work sLaLlon (1WS) afLer markeL close and ln mornlng Llll cuL off Llme seL by Lhe exchange before Lhe markeL opens 1he sLrucLure of lnpuL csv flle for bulk upload ls as follows userld AcLlon1ype Symbol 8uy SeL LlmlL Sell SeL LlmlL LrrorCode (xvll) Cffllne Crder LnLry A faclllLy 'Cffllne Crder LnLry' has been lncorporaLed ln Lhe Lradlng sofLware where Lhe user can generaLe order flle ln a speclflc formaL ouLslde Lhe Lradlng sysLem and upload Lhe flle ln Lhe sysLem by lnvoklng Lhls faclllLy 1he user has Lo speclfy Lhe exacL flle locaLlon LhaL can be a hard dlsk drlve or a floppy drlve 1he sLaLus of Lhe orders so uploaded ls recorded ln lasL Lwo flelds of Lhe same flle Cnce Lhe order processlng ls compleLe Lhe user can open Lhe same flle ln MSuCS edlLor lf Lhe sysLem asslgns an order number Lhe same ls wrlLLen agalnsL Lhe record ln case of any error(s) Lhe correspondlng error code ls wrlLLen agalnsL Lhe record Cffllne order enLry ls also avallable for 8L1uL81 markeL users can place bulk orders ln preopen wlLh book Lype as 'C' 1he user has Lo speclfy Lhe relevanL order flle name ln Lhe Cffllne Crder LnLry popup box and Lhen lnlLlaLe Lhe upload process 1he user can also lnLerrupL Lhe ln[ecLlon of Lhe orders lL should be noLed LhaL Lhe flle has Lo be ln Lhe formaL as speclfled by Lhe Lxchange 1he offllne order enLry faclllLy accepLs comma separaLed flle sLrucLure (flle saved as *csv where * ls Lhe flle name) Advanced Cffllne Crder LnLry A speclal feaLure Advanced Cffllne Crder LnLry has been lncorporaLed ln Lhe Lrader worksLaLlon for all Lypes of users ('CorporaLe Manager ' '8ranch Manager' and 'uealer') excepL 'lnqulry users' 1he user can creaLe an offllne order flle uslng Lhls feaLure 1hls flle can be used Lo place orders ln bulk 1he user has Lhe opLlon of addlng modlfylng or deleLlng a record ln Lhe creaLed flle 1he user can also creaLe 76 Lhe flle ln a speclflc formaL (as menLloned below) ouLslde Lhe Lradlng sysLem and upload Lhe flle ln Lhe sysLem by lnvoklng Lhls faclllLy (xvlll) Crder LlmlLs An Crder llmlL ls a faclllLy Lo enable Lhe user Lo speclfy maxlmum value per order and maxlmum quanLlLy per order LhaL can be enLered from Lhe Lrader worksLaLlon AL Lhe Llme of order enLry and order modlflcaLlon Lhls llmlL ls checked by Lhe sysLem Crder llmlLs are seL by lndlvldual users and are provlded as safeLy measure agalnsL any lnadverLenL error durlng daLa enLry whlle enLerlng orders lor a user logglng ln for Lhe flrsL Llme order llmlLs are speclfled as unllmlLed by defaulL ln case speclflc value/quanLlLy ls Lo be speclfled daLa has Lo be enLered ln Lhe respecLlve lnpuL flelds namely 'Crder value (ln lakh)' 'Crder CuanLlLy' ln case unllmlLed ls Lo be speclfled Lhe checkbox allows Lhe user Lo seL 'unllmlLed' as hls llmlL 1he order llmlLs can be modlfled durlng markeL hours When Lhe user modlfles Lhese llmlLs a message 'Max value/CLy for one order has been seL Lo 8sLakh/' ls dlsplayed on Lhe message wlndow screen When Lhe user seLs Lhe llmlL as unllmlLed a message 'Max value/CLy for one order has been seL Lo unllmlLed' ls dlsplayed on Lhe message wlndow screen Whlle modlfylng Lhe values lf elLher of Lhe lnpuL flelds ls lefL blank Lhe dealer geLs an error message elLher 'CuanLlLy LlmlL noL LnLered' or 'value LlmlL noL LnLered' respecLlvely ln case Lhe user Lrles Lo modlfy wlLhouL enLerlng any new values a message 'values noL changed' ls dlsplayed Whenever Lhe user places an order Lhe order values are valldaLed agalnsL Lhese values Lo conflne Lhe checklng Lo Lhe Lrader worksLaLlon ln case Lhe user enLers an order LhaL exceeds Lhe speclfled quanLlLy llmlL a message 'Crder quanLlLy enLered exceeds Lhe order llmlL quanLlLy' ls dlsplayed ln case Lhe user enLers an order whlch exceeds speclfled order value (order prlce x order quanLlLy) a message 'Crder value exceeds order value llmlL' ls dlsplayed 1he quanLlLy check ls always done prlor Lo order value check Cnly lf boLh values are noL exceeded Lhe order ls senL Lo Lhe sysLem for furLher processlng ln case of a markeL order lf Lhe order quanLlLy exceeds Lhe order quanLlLy llmlL Lhe checklng ls done aL Lhe Lrader worksLaLlon lLself as ln Lhe case of prlced orders lor order value check however Lhe check ls performed by Lhe PosL (xlx) MarkeL rlce proLecLlon funcLlonallLy 1hls funcLlonallLy glves an opLlon Lo a Lrader Lo llmlL Lhe rlsk of a markeL order wlLhln a preseL percenLage of Lhe LasL 1rade rlce (L1) 1he preseL MarkeL prlce proLecLlon percenLage ls by defaulL seL Lo 3 of Lhe L1 1he users can change Lhe preseL MarkeL prlce proLecLlon percenLage from Lhe Crder LlmlL Screen whlch can be lnvoked from Lhe SupplemenLary Menu 1he seL percenLage wlll be appllcable Llll Lhe nLrelLdr LxL ls relnflaLed AL Lhe Llme of order enLry Lhe user can check Lhe cursor ls ln Lhe prlce fleld ln case of a buy order Lhe prlce value shown ls Laken as Lhe defaulL prlce whlch ls greaLer Lhan L1 by a preseL percenLage ln case of a sell order Lhe defaulL value wlll be lesser Lhan Lhe L1 by a pre seL percenLage 1he Llme condlLlon ln boLh cases wlll auLomaLlcally change Lo lCC 1he user has Lhe opLlon Lo change any of Lhe flelds Slnce Lhe calculaLlons are based on L1 lf broadcasL for Lhe securlLy ls noL recelved Lhe defaulL value wlll be MA8kL177 (xx) Crder ALLrlbuLe SelecLlon 1he order aLLrlbuLe selecLlon enables user Lo seL defaulL parameLers for Lwo flelds 8C/CLl and CusLodlal arLlclpanL ld flelds ln Lhe order enLry screens 1he selecLlon screen provldes a faclllLy whereby users can selecL or deselecL requlred opLlons 1he 8C/CLl and cusLodlal parLlclpanL lu opLlons as selecLed by Lhe user ls avallable ln Lhe order enLry screen ln case Lhe user deselecLs all opLlons for 8C/CLl Lhe followlng error message ls dlsplayed LlLher 8C or CLl musL be selecLed" lf a member seLs Lhe defaulL opLlon ln Lhe 8C/CLl fleld as '8C' Lhen each Llme Lhe order enLry screen ls lnvoked '8C' wlll be dlsplayed and 'CLl' wlll noL be avallable Lo Lhe user for order enLry lf a member selecLs '8C' and 'CLl' Lhen each Llme Lhe order enLry screen ls lnvoked '8C' and 'CLl' wlll be avallable Lo Lhe user for order enLry Slmllarly lf a member selecLs 'nCl1' ln Lhe cusLodlal parLlclpanL fleld only 'nCl1' wlll be dlsplayed on lnvoklng Lhe order enLry screen lf a member selecLs broker ld as defaulL opLlon ln Lhe cusLodlal parLlclpanL fleld Lhen only Lhe broker ld wlll be dlsplayed ln Lhe order enLry screen 8y defaulL Lhls screen has all Lhe opLlons marked for dlsplay ln Lhe order enLry screen CpLlons can be changed durlng Lradlng hours Powever lf a user exlLs Lhe nLA1 appllcaLlon and logs ln agaln Lhe requlred parameLers wlll have Lo be selecLed agaln for order enLry 1he order enLry screen ls defaulLed aL 8ook 1ype" fleld 1he member ls provlded wlLh Lhe faclllLy where he can choose Lhe order enLry screen defaulL Lo be 8ook 1ype" or CuanLlLy" 8y defaulL Lhls screen has 8ook 1ype" opLlon marked CpLlons can be changed durlng Lradlng hours lf Lhe member selecLs '8ook 1ype' ln 8ook/CuanLlLy fleld Lhe defaulL cursor wlll be placed aL 8ook 1ype" ln order enLry screen/order modlflcaLlon screen lf Lhe member selecLs 'CuanLlLy' ln 8ook/CuanLlLy fleld Lhe defaulL cursor wlll be placed aL CuanLlLy" ln Lhe order enLry screen excepL lf Lhe markeL waLch ls blank ln Lhls case Lhe defaulL cursor wlll be placed aL 8ook 1ype whlle ln Lhe order modlflcaLlon screen Lhe defaulL cursor wlll be placed aL CuanLlLy" 1hls parameLer selecLed by member wlll remaln even lf Lhe member exlLs Lhe nLA1 appllcaLlon and unLll Lhe member relnflaLes Lhe nLA1 exe 1he users have been provlded wlLh a faclllLy Lo seL up Lhe lasL enLered CllenL accounL number arLlclpanL remarks flelds ln Lhe order enLry screens as Lhe defaulL values 1hese values wlll be Laken as defaulL Llll Lhe Llme Lhe flelds ln Lhe order enLry screens are noL alLered or Lhe nLA1 fronL end ls noL closed Cn seLLlng Lhe checkboxes Lhe values enLered ln Lhe prevlous order wlll be Laken as defaulL ln Lhe relevanL flelds 1hese flelds wlll conLlnue Lo have Lhe defaulL values Llll any one of Lhe flelds ls Loggled or a dlfferenL order ls placed Lach of Lhese Lhree flelds can be Laken as defaulL lndlvldually or ln any deslred comblnaLlon An opLlon has also been provlded Lo warn Lhe user lf Lhe accounL number belng enLered for Lhe cllenL ls noL presenL ln Lhe cllenL masLer flle A checkbox has been provlded ln Lhe Crder ALLrlbuLe SelecLlon screen Lo enable or dlsable Lhls faclllLy Cnce Lhe user recelves a warnlng he has Lhe opLlon of enLerlng Lhe cllenL accounL number and deLalls ln Lhe cllenL masLer and resumes order enLry or sklp Lhls ln case of offllne order enLry Lhe warnlng ls for each order ln Lhe lnpuL flle 1he user has Lhe 78 opLlon of sLopplng Lhe offllne flle by cllcklng on Lhe Cffllne order enLry screen and cllcklng on Lhe SLop buLLon llgure 313 shows screenshoL of order aLLrlbuLe wlndow llgure 313 Crder ALLrlbuLe wlndow ln nLA1 CM Change screen (xxl) CllenL MasLer MalnLenance 1hls faclllLy allows Lhe user Lo malnLaln llsL of cllenL ln Lrader worksLaLlon Along wlLh cllenL code oLher lnformaLlon llke CllenL name An no arLlclpanL Code can be malnLaln ln cllenL masLer 1he user can add modlfy upload or deleLe cllenLs uurlng order enLry when Lhe user selecLs Lhe cll opLlon and press Lhe down arrow key ln Lhe accounL fleld a drop down llsL of cllenLs wlll be enabled 1he user can selecL a parLlcular record by Lyplng Lhe flrsL characLer of accounL number Cn presslng LnLer key Lhe accounL number of LhaL record wlll be defaulLed ln Lhe AccounL no fleld Also lf parLlclpanL exlsLs for Lhe selecLed accounL number Lhe arLlclpanL lu geLs populaLed ln Lhe parLlclpanL fleld of Lhe order enLry screen (xxll) lndex 1radlng 1he purpose of lndex 1radlng ls Lo provlde users wlLh a faclllLy of buylng and selllng of lndexes ln Lerms of securlLles LhaL comprlses Lhe 79 lndex 1he users have Lo speclfy Lhe amounL and oLher lnpuLs LhaL are senL Lo Lhe hosL and Lhe hosL generaLes Lhe orders 1he lndex 1radlng enables Lhe users for buylng or selllng an lndex 8askeL uLLlng orders ln securlLles ln proporLlon LhaL comprlses Lhe chosen lndex slmulaLes Lhe buylng and selllng of lndex baskeL lormula used Lo calculaLe no of shares of each securlLy ls no of Shares of a securlLy ln lndex AmounL * lssued CaplLal for Lhe securlLy * lree lloaL lacLor CurrenL MarkeL CaplLallzaLlon of Lhe lndex CurrenL MarkeL CaplLallzaLlon of Lhe lndex SummaLlon LasL 1raded rlce (revlous close lf noL Lraded) * no of lssued shares 1he no of shares are rounded off Lo Lhe nearesL lnLeger lf Lhe lndex baskeL conLalns any securlLy whose regular loL ls noL one Lhen Lhe flle wlll need Lo be correcLed by Lhe user Lo accommodaLe shares ln Lradable loLs (xxlll) 8everse 8askeL on 1raded CuanLlLy 1he purpose of 8everse 8askeL 1radlng ls Lo provlde Lhe users wlLh an offllne flle for reverslng Lhe Lrades LhaL have Laken place for a baskeL order 1hls flle wlll conLaln orders for dlfferenL securlLles of Lhe selecLed baskeL flle 1he Crders wlll be creaLed accordlng Lo Lhe volume of Lrade LhaL has Laken place for LhaL baskeL 1hls feaLure can also be used Lo monlLor Lhe currenL sLaLus of Lhe baskeL flle as Lhe laLesL sLaLus of Lhe orders are dlsplayed ln Lhe llsL box 1he funcLlonallLy of creaLlng reverse baskeL offllne order flle based on orders aL Lhe Llme of creaLlng Lhe baskeL wlll conLlnue Lo be avallable 1he new funcLlonallLy ls anoLher alLernaLlve Lo creaLe Lhe reverse flle based on Lhe Lrades execuLed Llll Lhe polnL of Llme user can lnvoke Lhe funcLlonallLy by selecLlng lL from Lhe supplemenLary menu Cn selecLlng Lhe relevanL baskeL flle Lhe deLalls of LhaL flle are loaded ln Lhe llsL box 1he baskeL flle names ln Lhe combo box are user deflned flle names (whlch can be creaLed or edlLed from 8askeL 1radlng Screen whlch ls an exlsLlng funcLlonallLy) All user deflned baskeL flle names are auLomaLlcally loaded ln Lo Lhe Combo box 1he user can selecL Lhe baskeL of hls cholce lL ls advlsable Lo creaLe each baskeL wlLh a dlfferenL name and clean up Lhe dlrecLorles regularly and noL Lamper wlLh Lhe orlglnal baskeL flle once lL has been loaded as lL may glve erroneous resulLs Cn presslng Lhe 8everse buLLon Lhe reverse baskeL flle would be generaLed ln Lhe 818u8ASkL1 folder ln Lhe logln drlve 1he flle would have Lhe same name as Lhe baskeL flle preflxed wlLh a 8Lv_ lf a flle wlLh Lhe glven name already exlsLs Lhen lL asks for overwrlLlng Lhe old flle 1he user can menLlon Crder's duraLlon (lCC or day) by selecLlng from a check box (xxlv) ulsplay CM 1lcker 1he ulsplay CM 1lcker ls used Lo enable or dlsable CM Llcker (xxv) ulsplay lC 1lcker 1he ulsplay lC 1lcker ls used Lo enable or dlsable lC Llcker80 (xxvl) 1rade ConflrmaLlon 8ell 1he 1rade conflrmaLlon 8ell ls used Lo enable or dlsable Lhe bell sound aL Lrade conflrmaLlon (xxvll) MulLlple 1rade CancellaLlon An addlLlonal faclllLy 'MulLlple 1rade CancellaLlon' ls provlded Lo Lhe user Lo cancel all Lhe Lrades done by hlm based on an order number
(xxvlll) uebarred CllenL MalnLenance 1hls faclllLy allows Lo ma lnLaln a llsL of uebarred CllenLs 1he user ls provlded opLlon Lo add modlfy save upload or deleLe debarred cllenLs uurlng order enLry lf a user Lrles Lo place an order for any debarred cllenL added ln Lhe uebarred CllenL MasLer Lhen an error message 1he accounL ls debarred from Lradlng" wlll be dlsplayed on Lhe order enLry screen (xxlx) 8eseL user lu 1hls wlll faclllLaLe Lhe members Lo LermlnaLe Lhe acLlve sesslon for users under Lhe Lradlng member 1he faclllLy has been provlded Lo all corporaLe managers and branch managers A branch manager can LermlnaLe Lhe acLlve sesslon for all Lhe users of LhaL branch excepL for self AcLlve sesslon of Lhe branch manager can be LermlnaLed by Lhe corporaLe manager 1he sesslon of Lhe corporaLe manager can be LermlnaLed only by Lhe Lxchange (xxx) Cffllne llle Converslon 1he feaLure Cffllne llle Converslon has been lncorporaLed ln Lhe Lradlng sofLware 1he user can use Lhls funcLlonallLy Lo converL a flle wlLh a predeflned formaL lnLo an ouLpuL flle of Cffllne flle formaL 1he user can upload Lhls converLed flle uslng Cffllne Crder LnLry funcLlonallLy or Advance Cffllne Crder LnLry funcLlonallLy Whlle uslng Lhe Cffllne llle Converslon luncLlonallLy user has Lo glve Lhe compleLe lnpuL flle name (eg CL x ampleLxL) Lhe ouLpuL flle wlll be generaLed aL Lhe same locaLlon as of lnpuL flle wlLh Lhe name as fllename_conv" (eg CLxample_convLxL) 1he Cffllne llle Converslon ls avallable only for normal MarkeL under 8L orders 1he Cffllne llle Converslon faclllLy wlll accepL comma separaLed flle as lnpuL 1hls laclllLy ls noL avallable for Lhe lnqulry user ln case of any error(s) Lhe correspondlng error code ls wrlLLen agalnsL Lhe record ln Lhe ouLpuL flle and opup Lrror ln llle Converslon" ls dlsplayed when Cffllne llle Converslon ls compleLed (xxxl) rlnL 8havcopy Cn/Cff rlnL 8havcopy Cn/Cff" ls used Lo enable or dlsable Lhe prlnLlng Lhe bhavcopy lnLerlm bhavcopy and lndex bhavcopy reporLs 8y defaulL Lhe opLlon wlll be seL Lo 'Lnable' 1o change Lhe Lnable/ulsable sLaLus presses Lhe Spacebar 1he currenL sLaLus ls lmmedlaLely dlsplayed on Lhe supplemenLary menu screen (xxxll) 8eseL assword 1hls screen enables CorporaLe Manager Lo reseL Lhe password and Lo enable Lhe users of Lhelr Lradlng member who goL dlsabled by enLerlng wrong passwords for more Lhan 6 Llmes81 (xxxlll) AbouL 1he AbouL wlndow dlsplays Lhe sofLware relaLed verslon number deLalls and copyrlghL lnformaLlon 311 Crder ManagemenL Crder ManagemenL conslsLs of enLerlng orders order modlflcaLlon order cancellaLlon and order maLchlng 3111 LnLerlng Crders 1he Lradlng member can enLer orders ln Lhe normal markeL odd loL 8L1uL81 and aucLlon markeL A user can place orders ln any of Lhe above menLloned markeLs by lnvoklng Lhe respecLlve order enLry screens AfLer dolng so Lhe sysLem auLomaLlcally plcks up lnformaLlon from Lhe lasL lnvoked screen (eg MarkeL WaLch/M8/CC/SC and SecurlLy LlsL) When Lhe user lnvokes Lhe order enLry screen Lhe flelds LhaL are Laken as defaulL are Symbol Serles and 8ook 1ype ln case of oLher flelds Lhe sysLem Lakes Lhe followlng defaulLs CL y 8egular loL quanLlLy avallable aL besL prlce on counLer slde rlce rlce of besL counLer order ro 1radlng member lu of Lhe user Crder uuraLlon uay ulsclosed quanLlLy lully ulsclosed arLlclpanL lu 1radlng member lu of Lhe user AcLlve asslve Crder When any order enLers Lhe Lradlng sysLem lL ls an acLlve order lL Lrles Lo flnd a maLch on Lhe oLher slde of Lhe books lf lL flnds a maLch a Lrade ls generaLed lf lL does noL flnd a maLch Lhe order becomes a passlve order and goes and slLs ln Lhe order book Crder 8ooks As and when valld orders are enLered or recelved by Lhe Lradlng sysLem Lhey are flrsL numbered Llme sLamped and Lhen scanned for a poLenLlal maLch 1hls means LhaL each order has a dlsLlncLlve order number and a unlque Llme sLamp on lL lf a maLch ls noL found Lhen Lhe orders are sLored ln Lhe books as per Lhe prlce/Llme prlorlLy rlce prlorlLy means LhaL lf Lwo orders are enLered lnLo Lhe sysLem Lhe order havlng Lhe besL prlce geLs Lhe hlgher prlorlLy 1lme prlorlLy means lf Lwo orders havlng Lhe same prlce ls enLered Lhe order LhaL ls enLered flrsL geLs Lhe hlgher prlorlLy 8esL prlce for a sell order ls Lhe lowesL prlce and for a buy order lL ls Lhe hlghesL prlce 1he dlfferenL order books ln Lhe nLA1 sysLem are as deLalled below reopen 8ook An order durlng reopen sesslon has Lo be a reopen (C) order All Lhe reopen orders are sLacked ln sysLem Llll Lhe reopen phase AL Lhe end of reopen phase Lhe maLchlng of reopen orders Lakes place aL Lhe llnal Cpenlng rlce 8y defaulL Lhe reopen (C) book appears ln Lhe order enLry screen when Lhe normal MarkeL ls ln 82 reopen and Lhe securlLy ls ellglble for reopen Sesslon Crder enLry ln preopen book Lype ls allowed only durlng markeL sLaLus ls ln preopen 8egular LoL 8ook An order LhaL has no speclal condlLlon assoclaLed wlLh lL ls a 8egular LoL order When a dealer places Lhls order Lhe sysLem looks for a correspondlng 8egular LoL order exlsLlng ln LhaL markeL (asslve orders) lf lL does noL flnd a maLch aL Lhe Llme lL enLers Lhe sysLem Lhe order ls sLacked ln Lhe 8egular LoL book as a passlve order 8y defaulL Lhe 8egular LoL book appears ln Lhe order enLry screen ln Lhe normal markeL 8uyback orders can be placed Lhrough Lhe 8egular LoL (8L) book ln Lhe normal MarkeL 1he member can place a buyback order by speclfylng '8u?8ACkC8u' ln Lhe CllenL AccounL fleld ln Lhe order enLry screen Such company buyback orders wlll be ldenLlfled ln M8 screen by an '*' (asLerlsk) lndlcaLor agalnsL such orders Speclal 1erms 8ook Crders whlch have a speclal Lerm aLLrlbuLe aLLached Lo lL are known as speclal Lerms orders When a speclal Lerm order enLers Lhe sysLem lL scans Lhe orders exlsLlng ln Lhe 8egular LoL book as well as Speclal 1erms 8ook CurrenLly Lhls faclllLy ls noL avallable ln Lhe Lradlng sysLem SLop Loss 8ook SLop Loss (SL) orders are released lnLo Lhe markeL when Lhe lasL Lraded prlce for LhaL securlLy ln Lhe normal markeL reaches or surpasses Lhe Lrlgger prlce 8efore Lrlggerlng Lhe order does noL parLlclpaLe ln maLchlng and Lhe order cannoL geL Lraded unLrlggered sLop loss orders are sLacked ln Lhe sLop loss book 1he sLop loss orders can be elLher a markeL order or a llmlL prlce order lor buy SL orders Lhe Lrlgger prlce has Lo be less Lhan or equal Lo Lhe llmlL prlce Slmllarly for sell SL orders Lhe Lrlgger prlce has Lo be greaLer Lhan or equal Lo Lhe llmlL prlce Cdd LoL 8ook 1he Cdd LoL book can be selecLed ln Lhe order enLry screen ln order Lo Lrade ln Lhe Cdd LoL markeL Crder maLchlng ln Lhls markeL Lakes place beLween Lwo orders on Lhe basls of quanLlLy and prlce 1o enLer orders ln Lhe odd loL markeL selecL Lhe book Lype as CL 8L1uL81 Crder 8ook 8L1uL81 markeL orders can be enLered lnLo Lhe sysLem by selecLlng Lhe 8L1uL81 Crder book 1hese orders scan only Lhe 8L1uL81 Crder book for poLenLlal maLches lf no sulLable maLch can be found Lhe order ls sLored ln Lhe book as a passlve order 1o enLer orders ln Lhe 8L1uL81 markeL selecL Lhe book Lype as u AucLlon Crder 8ook AucLlon order book sLores orders enLered by Lhe Lradlng members Lo parLlclpaLe ln Lhe Lxchange lnlLlaLed aucLlons AucLlon orders can be lnlLlaLor orders compeLlLor orders and sollclLor orders Symbol Serles SecurlLles can be Laken as defaulL values from Lhe order enLry screen from any of Lhe lnqulry screens such as M8 CC 1 AL Ml and SC ln case Lhe securlLy ls noL seL up ln Lhe MarkeL WaLch screen Lhe SecurlLy LlsL can also be used Lo Lake Lhe codes as defaulL values Crder enLry ln a securlLy ls noL posslble lf LhaL securlLy ls suspended from Lradlng Lg lf a securlLy ls suspended ln Lhe normal markeL a message SecurlLy ls83 suspended ln Lhe normal markeL" ls dlsplayed on Lhe order enLry screen 1he label 'Suspended' ls also dlsplayed ln Lhe markeL waLch screen for Lhe seLup securlLy Crder enLry ls also noL posslble ln case Lhe securlLy ls noL ellglble Lo Lrade ln a parLlcular markeL Lg lf a securlLy ls noL ellglble Lo Lrade ln Lhe normal markeL a message SecurlLy ls noL allowed Lo Lrade ln normal markeL" ls dlsplayed on Lhe order enLry screen ln case Lhe user Lypes Lhe symbol serles lncorrecLly a message lnvalld symbol serles" ls dlsplayed on Lhe screen CuanLlLy When Lhe buy/sell order enLry screen ls lnvoked Lhe regular loL slze avallable aL Lhe besL prlce on Lhe counLer slde geLs defaulLed ln Lhe order enLry screen ln case aucLlon book ls selecLed for dlsplay Lhe quanLlLy has Lo be speclflcally menLloned by Lhe user CuanLlLy menLloned should be ln mulLlples of regular loL slze for LhaL securlLy CuanLlLy lreeze All orders wlLh very large quanLlLles wlll recelve quanLlLy alerL aL member Lermlnal CurrenLly lf member enLers any order exceedlng Lhe lowesL of Lhe quanLlLy glven below resulLs ln an alerL whlch wlll read as Crder enLered exceeds alerL quanLlLy llmlL Conflrm avallablllLy of adequaLe caplLal Lo proceed" and only afLer Lhe member cllcks Lhe buLLon '?es' Lhe order wlll be furLher processed for execuLlon CuanLlLy lreeze parameLers (a) 03 of Lhe lssue slze of Lhe securlLy or (b) value of Lhe order ls around 8s 23 crores or ( c ) a global alerL quanLlLy llmlL of more Lhan 23000 lrrespecLlve of Lhe lssue slze of Lhe securlLy whlchever ls less rlce Along wlLh Lhe regular loL quanLlLy Lhe besL prlce on Lhe counLerslde ls also Laken as defaulL value ln Lhe order enLry screen A user has Lhe opLlon Lo elLher enLer Lhe order aL Lhe defaulL prlce or overwrlLe lL wlLh any oLher deslred prlce lf a user menLlons a prlce lL should be ln mulLlples of Lhe Llck slze for LhaL parLlcular securlLy and wlLhln Lhe day's mlnlmum/maxlmum prlce range oLherwlse Lhe order ls noL accepLed by Lhe sysLem and an order re[ecLlon message/conflrmaLlon sllp ls generaLed lor a no prlce band scrlps(scrlp) lf a prlce ouLslde Lhe CperaLlonal 8ange ls enLered Lhe order resulLs ln a prlce freeze and ls noL accepLed as a valld order Llll Lhe Llme Lhe Lxchange approves lL All aucLlon orders requlre Lhe user Lo menLlon a prlce ln case Lhe user enLers an order wlLh a 'MarkeL' prlce Lhe order Lakes Lhe lasL Lraded prlce ln Lhe respecLlve markeL as Lhe markeL prlce provlded no passlve order exlsLs on Lhe same slde or Lhe counLer slde ln LhaL securlLy and ln LhaL markeL Cn Lhe oLher hand lf sulLable orders exlsL on Lhe counLer slde Lhen Lhe order Lakes Lhe prlce of Lhe counLer order and a Lrade ls generaLed lf an order exlsLs on Lhe same slde buL no orders exlsLs on Lhe counLer slde Lhen Lhe order Lakes Lhe prlce of Lhe besL order on LhaL slde and ls sLacked lmmedlaLely below lL lf Lhe securlLy has never been Lraded Lhen Lhe markeL order Lakes Lhe value of Lhe base prlce and slLs ln Lhe books as a passlve order 84 AnoLher opLlon provlded Lo users ln Lhe reopen phase of Lhe normal markeL ls 'A1C' or Lhe 'AL Cpen rlce' concepL 'MarkeL' orders enLered ln Lhe preopen are Lermed as 'A1C' 8ased on Lhe openlng algorlLhm Lhe sysLem compuLes a poLenLlal openlng prlce Cnce Lhe markeL ls open for Lradlng Lhe A1C orders Lake Lhese prlces ln case of sLop loss orders a user has Lhe flexlblllLy of speclfylng a llmlL prlce along wlLh Lhe Lrlgger prlce 1hls llmlL prlce can be selecLed as equal Lo Lhe Lrlgger prlce ln Lhe prlce fleld so as Lo leave lL wlLh Lhe word 'rlce' AlLernaLlvely a user can speclfy a llmlL prlce as 'MarkeL' prlce ClrculL 8reakers 1he Lxchange has lmplemenLed lndexbased markeLwlde clrculL breakers ln compulsory rolllng seLLlemenL wlLh effecL from !uly 02 2001 ln addlLlon Lo Lhe clrculL breakers prlce bands are also appllcable on lndlvldual securlLles lndexbased MarkeLwlde ClrculL 8reakers 1he lndexbased markeLwlde clrculL breaker sysLem applles aL 3 sLages of Lhe lndex movemenL elLher way vlz aL 10 13 and 20 1hese clrculL breakers when Lrlggered brlng abouL a coordlnaLed Lradlng halL ln all equlLy and equlLy derlvaLlve markeLs naLlonwlde 1he markeL wlde clrculL breakers are Lrlggered by movemenL of elLher Lhe 8SL Sensex or Lhe S Cnx nlfLy whlchever ls breached earller (a) ln case of a 10 movemenL of elLher of Lhese lndlces Lhere would be a onehour markeL halL lf Lhe movemenL Lakes place before 100 pm ln case Lhe movemenL Lakes place aL or afLer 100 pm buL before 230 pm Lhere would be Lradlng halL for Z hour ln case movemenL Lakes place aL or afLer 230 pm Lhere wlll be no Lradlng halL aL Lhe 10 level and markeL shall conLlnue Lradlng (b) ln case of a 13 movemenL of elLher lndex Lhere would be a Lwohour halL lf Lhe movemenL Lakes place before 1 pm lf Lhe 13 Lrlgger ls reached on or afLer 100 pm buL before 200 pm Lhere shall be a onehour halL lf Lhe 13 Lrlgger ls reached on or afLer 200 pm Lhe Lradlng shall halL for remalnder of Lhe day (c) ln case of a 20 movemenL of Lhe lndex Lradlng shall be halLed for Lhe remalnder of Lhe day 1hese percenLages are LranslaLed lnLo absoluLe polnLs of lndex varlaLlons on a quarLerly basls AL Lhe end of each quarLer Lhese absoluLe polnLs of lndex varlaLlons are revlsed for Lhe appllcablllLy for Lhe nexL quarLer 1he absoluLe polnLs are calculaLed based on closlng level of lndex on Lhe lasL day of Lhe Lradlng ln a quarLer and rounded off Lo Lhe nearesL 10 polnLs ln case of S Cnx nlfLy rlce 8ands ually prlce bands are appllcable on securlLles as below (a) ually prlce bands of 2 (elLher way) on securlLles as speclfled by Lhe Lxchange (b) ually prlce bands of 3 (elLher way) on securlLles as speclfled by Lhe Lxchange83 ( c ) ually prlce bands of 10 (elLher way) on securlLles as speclfled by Lhe Lxchange (d) no prlce bands are appllcable on scrlps on whlch derlvaLlve producLs are avallable or scrlps lncluded ln lndlces on whlch derlvaLlve producLs are avallable ln order Lo prevenL members from enLerlng orders aL nongenulne prlces ln such securlLles Lhe Lxchange has flxed operaLlng range of 20 for such securlLles (e) rlce bands of 20 (elLher way) on all remalnlng scrlps (lncludlng debenLures preference shares eLc) 1he prlce bands for Lhe securlLles ln Lhe LlmlLed hyslcal MarkeL are Lhe same as Lhose appllcable for Lhe securlLles ln Lhe normal MarkeL lor aucLlon markeL Lhe prlce bands of 20 are appllcable Crder 1ypes and CondlLlons 1he sysLem allows Lhe Lradlng members Lo enLer orders wlLh varlous condlLlons aLLached Lo Lhem as per Lhelr requlremenLs 1hese condlLlons are broadly dlvlded lnLo 1lme CondlLlons CuanLlLy CondlLlons rlce CondlLlons and CLher CondlLlons Several comblnaLlons of Lhe above are allowed Lhereby provldlng enormous flexlblllLy Lo Lhe users 1he order Lypes and condlLlons are summarlsed below (l) 1lme CondlLlons (a) uA? All orders enLered lnLo Lhe sysLem are currenLly consldered as uay orders only (b) lCC An lmmedlaLe or Cancel (lCC) order allows Lhe user Lo buy or sell a securlLy as soon as Lhe order ls released lnLo Lhe sysLem falllng whlch Lhe order ls cancelled from Lhe sysLem arLlal maLch ls posslble for Lhe order and Lhe unmaLched porLlon of Lhe order ls cancelled lmmedlaLely (ll) CuanLlLy CondlLlons uC An order wlLh a ulsclosed CuanLlLy (uC) allows Lhe user Lo dlsclose only a porLlon of Lhe order quanLlLy Lo Lhe markeL lor eg lf Lhe order quanLlLy ls 10000 and Lhe dlsclosed quanLlLy ls 2000 Lhen only 2000 ls released Lo Lhe markeL AfLer Lhls quanLlLy ls fully maLched a subsequenL quanLlLy of 2000 ls dlsclosed 1hus LoLally flve dlsclosures wlLh Lhe same order number are shown one afLer Lhe oLher ln Lhe markeL (lll) rlce CondlLlons (a) MarkeL MarkeL orders are orders for whlch prlce ls speclfled as Mk1 aL Lhe Llme Lhe order ls enLered lor such orders Lhe sysLem deLermlnes Lhe prlce (b) SLopLoss 1hls faclllLy allows Lhe user Lo release an order lnLo Lhe sysLem afLer Lhe markeL prlce of Lhe securlLy reaches or crosses a Lhreshold prlce called Lrlgger prlce Lxample lf for sLop loss buy order Lhe Lrlgger ls 8s9300 Lhe llmlL prlce ls 8s9300 and Lhe markeL (lasL Lraded) prlce ls 8s9000 Lhen Lhls order ls released lnLo Lhe sysLem once Lhe markeL prlce reaches or 86 exceeds 8s9300 1hls order ls added Lo Lhe regular loL book wlLh Llme of Lrlggerlng as Lhe Llme sLamp as a llmlL order of 8s9300 All sLop loss orders are kepL ln a separaLe book (sLop loss book) ln Lhe sysLem unLll Lhey are Lrlggered ( c ) 1rlgger rlce rlce aL whlch an order geLs Lrlggered from Lhe sLop loss book (d) LlmlL rlce rlce of Lhe orders afLer Lrlggerlng from sLop loss book (v)CLher CondlLlons (a) roprleLary (8C) / CllenL (CLl) A user can enLer orders on hls own accounL or on behalf of cllenLs 8y defaulL Lhe sysLem assumes LhaL Lhe user ls enLerlng orders on Lhe Lradlng member's own accounL 1he cllenL accounL fleld ls an alphanumerlc fleld lL ls mandaLory Lo enLer Lhe cllenL accounL number ln Lhe fleld provlded ln case Lhe user enLers orders on behalf of cllenLs 1he sysLem wlll asslgn a code 'Cll' Lo such an order 1he user cannoL speclfy Lhe Lradlng member code ln Lhe cllenL accounL fleld (b) arLlclpanL Code ln case of ro" order by defaulL Lhe sysLem dlsplays Lhe Lradlng member lu of Lhe user ln Lhe parLlclpanL fleld ln case of Cll order lf arLlclpanL lu" exlsL ln cllenL masLer malnLenance Lhe same wlll appear ln parLlclpanL flled else Lradlng member lu wlll be reflecLed Cnly a valld parLlclpanL code can be enLered ln case Lhe parLlclpanL ls suspended a message Lo Lhls effecL ls dlsplayed Lo Lhe user on Lhe order enLry screen 3112 Crder ModlflcaLlon All orders can be modlfled ln Lhe sysLem Llll Lhe Llme Lhey do noL geL fully Lraded and only durlng markeL hours Cnce an order ls modlfled Lhe branch order value llmlL for Lhe branch geLs ad[usLed auLomaLlcally lollowlng ls Lhe corporaLe hlerarchy for performlng order modlflcaLlon funcLlonallLy (a) A dealer can modlfy only Lhe orders enLered by hlm (b) A branch manager can modlfy hls own orders or orders of any dealer under hls branch ( c ) A corporaLe manager can modlfy hls own orders or orders of all dealers and branch managers of Lhe Lradlng member flrm 1he corporaLe manager/branch manager however cannoL modlfy order deLalls such LhaL lL exceeds Lhe branch order value llmlL seL for Lhe day Crder modlflcaLlon cannoL be performed by/for a Lradlng member who ls suspended or deacLlvaLed by Lhe Lxchange for any reason 3113 Crder CancellaLlon Crder cancellaLlon funcLlonallLy can be performed only for orders whlch have noL been fully or parLlally Lraded (for Lhe unLraded parL of parLlally Lraded orders only) and only durlng markeL hours and ln preopen perlod Slngle Crder CancellaLlon Slngle order cancellaLlon can be done durlng Lradlng hours elLher by selecLlng Lhe order from Lhe ouLsLandlng order screen or from Lhe funcLlon key provlded Crder 87 cancellaLlon funcLlonallLy ls avallable for all book Lypes 8uL Lhe user ls noL allowed Lo cancel aucLlon lnlLlaLlon and compeLlLor orders ln aucLlon markeL Culck Crder CancellaLlon Culck Crder CancellaLlon (Cancel All) ls an exLenslon of Slngle Crder CancellaLlon enabllng a user Lo cancel mulLlple ouLsLandlng orders ln varlous Lradlng books sub[ecL Lo Lhe corporaLe hlerarchy 1he dlfferenL fllLers avallable for cancelllng orders by uslng qulck order cancellaLlon faclllLy are symbol serles book Lype branch user 8C/CLl cllenL accounL number and buy/sell Culck order cancellaLlon can be performed by lnvoklng Lhe funcLlon key provlded and cannoL be done from Lhe ouLsLandlng orders screen lf Lhe crlLerlon ls noL found Lo be correcL by a Lradlng member Lhen an error message ls dlsplayed and Lhe focus ls seL on Lhe lncorrecL fleld Lo enable Lhe user Lo correcL lL lf Lhe selecLlon crlLerlon ls correcL Lhen a message appears on Lhe qulck order cancellaLlon screen sLaLlng Lhe number of buy and sell orders Lo be cancelled Culck order cancellaLlon can be done only durlng markeL hours Crder CancellaLlon for ulsabled Member 1he Lxchange suspends a member from Lradlng due Lo varlous reasons ln case a member ls suspended from Lradlng by Lhe Lxchange all pendlng orders ln all books of Lhe member are lmmedlaLely cancelled by Lhe sysLem A message Crder number cancelled due Lo suspenslon" ls dlsplayed aL Lhe message wlndow screen aL Lhe Lrader worksLaLlon lnqulry screens such as M8 MarkeL WaLch and Lrader speclflc screens such as CuLsLandlng Crders AcLlvlLy Log eLc geL updaLed accordlngly 3114 Crder MaLchlng 1he buy and sell orders are maLched on 8ook 1ype Symbol Serles CuanLlLy and rlce reopen MaLchlng rlorlLy 1he openlng prlce ls deLermlned based on Lhe prlnclple of demand supply mechanlsm 1he equlllbrlum prlce ls Lhe prlce aL whlch Lhe maxlmum volume ls execuLable ln case more Lhan one prlce meeLs Lhe sald crlLerla Lhe equlllbrlum prlce ls Lhe prlce aL whlch Lhere ls mlnlmum unmaLched order quanLlLy ln case more Lhan one prlce has same mlnlmum order unmaLched quanLlLy Lhe equlllbrlum prlce ls Lhe prlce closesL Lo Lhe prevlous day's closlng prlce ln case Lhe prevlous day's closlng prlce ls Lhe mldvalue of palr of prlces whlch are closesL Lo lL Lhen Lhe prevlous day's closlng prlce lLself wlll be Laken as Lhe equlllbrlum prlce ln case of corporaLe acLlon prevlous day's closlng prlce ls ad[usLed Lo Lhe closlng prlce or Lhe base prlce 8oLh llmlL and markeL orders are reckoned for compuLaLlon of equlllbrlum prlce 1he equlllbrlum prlce deLermlned ln preopen sesslon ls consldered as open prlce for Lhe day ln case lf only markeL orders exlsLs boLh ln Lhe buy and sell slde Lhen order ls maLched aL prevlous days close prlce or ad[usLed close prlce / base prlce revlous day's close or ad[usLed close prlce / base prlce ls Lhe openlng prlce ln case lf no prlce ls dlscovered ln preopen sesslon Lhe prlce of flrsL Lrade ln Lhe normal markeL ls Lhe open prlce MaLchlng rlorlLy88 1he besL sell order ls Lhe order wlLh Lhe lowesL prlce and a besL buy order ls Lhe order wlLh Lhe hlghesL prlce 1he unmaLched orders are queued ln Lhe sysLem by Lhe followlng prlorlLy (a) 8y rlce A buy order wlLh a hlgher prlce geLs a hlgher prlorlLy and slmllarly a sell order wlLh a lower prlce geLs a hlgher prlorlLy Lg Conslder Lhe followlng buy orders 1) 100 shares [ 8s 33 aL Llme 930 am 2) 300 shares [ 8s 3303 aL Llme 943 am 1he second order prlce ls greaLer Lhan Lhe flrsL order prlce and Lherefore ls Lhe besL buy order (b) 8y 1lme lf Lhere ls more Lhan one order aL Lhe same prlce Lhe order enLered earller geLs a hlgher prlorlLy Lg conslder Lhe followlng sell orders 1) 200 shares [ 8s 7273 aL Llme 930 am 2) 300 shares [ 8s 7273 aL Llme 933 am 8oLh orders have Lhe same prlce buL Lhey were enLered ln Lhe sysLem aL dlfferenL Llme 1he flrsL order was enLered before Lhe second order and Lherefore ls Lhe besL sell order As and when valld orders are enLered or recelved by Lhe sysLem Lhey are flrsL numbered Llme sLamped and Lhen scanned for a poLenLlal maLch 1hls means LhaL each order has a dlsLlncLlve order number and a unlque Llme sLamp on lL lf a maLch ls noL found Lhen Lhe orders are sLored ln Lhe books as per Lhe prlce/Llme prlorlLy An acLlve buy order maLches wlLh Lhe besL passlve sell order lf Lhe prlce of Lhe passlve sell order ls less Lhan or equal Lo Lhe prlce of Lhe acLlve buy order Slmllarly an acLlve sell order maLches wlLh Lhe besL passlve buy order lf Lhe prlce of Lhe passlve buy order ls greaLer Lhan or equal Lo Lhe prlce of Lhe acLlve sell order 8egular LoL MaLchlng lf Lhe comblned quanLlLy of one or more maLchlng orders on Lhe opposlLe slde of Lhe regular loL book ls equal Lo or more Lhan Lhe quanLlLy of acLlve order Lhe acLlve order ls compleLely Lraded lf Lhe comblned quanLlLy of one or more maLchlng orders on Lhe opposlLe slde of Lhe regular loL book ls equal Lo or less Lhan Lhe quanLlLy of acLlve order Lhe acLlve order ls parLlally Lraded lf afLer Lradlng any quanLlLy ls lefL unLraded Lhe order ls added Lo Lhe regular loL book ln Lhe prlce/Llme prlorlLy 1he orders wlLh Lhe lCC aLLrlbuLe Lry Lo maLch maxlmum posslble quanLlLy afLer Lhey are enLered Any remalnlng quanLlLy ls cancelled 1he orders wlLh uC aLLrlbuLe dlsclose only a parL of Lhe LoLal order quanLlLy Lo Lhe markeL89 An acLlve order wlLh dlsclosed condlLlon Lrles Lo maxlmlse Lhe quanLlLy as posslble regardless of Lhe dlsclosed quanLlLy le a slngle Lrade Lakes place for a quanLlLy more Lhan Lhe dlsclosed quanLlLy lf an acLlve order wlLh Lhe dlsclosed quanLlLy cannoL Lrade lLs LoLal quanLlLy lL ls added Lo Lhe regular loL book ln Lhe prlce/Llme prlorlLy 1he dlsclosed order quanLlLy ls deLermlned as follows a) lf Lhe remalnlng order quanLlLy ls less Lhan or equal Lo Lhe orlglnal dlsclosed quanLlLy Lhe dlsclosed order quanLlLy ls seL as equal Lo remalnlng order quanLlLy b) lf Lhe remalnlng order quanLlLy ls more Lhan Lhe orlglnal dlsclosed quanLlLy Lhe dlsclosed order quanLlLy ls seL Lo Lhe orlglnal dlsclosed quanLlLy Cnce an order wlLh Lhe dlsclosed quanLlLy has become a passlve order lL Lrades only ln unlLs of dlsclosed quanLlLy or less Powever lf Lhere ls no oLher compeLlng order wlLh Lhe same prlce a slngle Lrade of as much quanLlLy as posslble Lakes place beLween Lhe Lwo orders When Lhe enLlre dlsclosed order quanLlLy ls fully Lraded Lhe dlsclosed quanLlLy geLs replenlshed and Lhls conLlnues Llll Lhe enLlre order quanLlLy ls fully Lraded Lach Llme Lhe dlsclosed quanLlLy ls replenlshed Lhe order ls sLamped wlLh Lhe currenL Lradlng Llme and added Lo Lhe regular order book as fresh order SLop Loss MaLchlng All sLop loss orders enLered lnLo Lhe sysLem are sLored ln Lhe sLop loss book 1hese orders can conLaln Lwo prlces (a) 1rlgger rlce lL ls Lhe prlce aL whlch Lhe order geLs Lrlggered from Lhe sLop loss book (b) LlmlL rlce lL ls Lhe prlce for orders afLer Lhe orders geL Lrlggered from Lhe sLop loss book lf Lhe llmlL prlce ls noL speclfled Lhe Lrlgger prlce ls Laken as Lhe llmlL prlce for Lhe order 1he sLop loss orders are prlorlLlsed ln Lhe sLop loss book wlLh Lhe mosL llkely order Lo Lrlgger flrsL and Lhe leasL llkely Lo Lrlgger lasL 1he prlorlLy ls same as LhaL of Lhe regular loL book 1he sLop loss condlLlon ls meL under Lhe followlng clrcumsLances (a) Sell Crder A sell order ln Lhe sLop loss book geLs Lrlggered when Lhe lasL Lraded prlce ln Lhe normal markeL reaches or falls below Lhe Lrlgger prlce of Lhe order (b) 8uy Crder A buy order ln Lhe sLop loss book geLs Lrlggered when Lhe lasL Lraded prlce ln Lhe normal markeL reaches or exceeds Lhe Lrlgger prlce of Lhe order When a sLop loss order wlLh lCC condlLlon enLers Lhe sysLem Lhe order ls released ln Lhe markeL afLer lL ls Lrlggered Cnce Lrlggered Lhe order scans Lhe counLer order book for a sulLable maLch Lo resulL ln a Lrade or else ls cancelled by Lhe sysLem 8L1uL81 Crder MaLchlng 90 1he rules for maLchlng Lhe 8L1uL81 orders are slmllar Lo Lhe 8egular LoL book excepL LhaL 8L1uL81 order maLchlng Lakes place only for orders ln Lhe 8L1uL81 order book Cdd LoL Crder MaLchlng Cdd LoL maLchlng Lakes place only for orders ln Cdd LoL book 1here are no parLlal Lrades for an Cdd LoL order le each maLch ls an exacL maLch where Lhe quanLlLy of Lhe passlve order ls equal Lo LhaL of Lhe acLlve order AucLlon MaLchlng All aucLlon orders are enLered lnLo Lhe aucLlon order book 1he rules for maLchlng of aucLlons are slmllar Lo LhaL of Lhe regular loL book excepL for Lhe followlng polnLs (a) AucLlon order maLchlng Lakes place aL Lhe end of Lhe sollclLor perlod for Lhe aucLlon (b) AucLlon maLchlng Lakes place only across orders belonglng Lo Lhe same aucLlon ( c ) All aucLlon Lrades Lake place aL Lhe aucLlon prlce valldaLlon Check Whlle maLchlng orders Lhe sysLem performs Lhe valldaLlon check lf Lhe parLlclpanL of any of Lhe orders ls Suspended Lhe Lrade does noL go Lhrough 312 1rade ManagemenL A Lrade ls an acLlvlLy ln whlch a buy and a sell order maLch wlLh each oLher MaLchlng of Lwo orders ls done auLomaLlcally by Lhe sysLem Whenever a Lrade Lakes place Lhe sysLem sends a Lrade conflrmaLlon message Lo each of Lhe users lnvolved ln Lhe Lrade 1he Lrade conflrmaLlon sllp geLs prlnLed aL Lhe Lrader worksLaLlon of Lhe user wlLh a unlque Lrade number 1he sysLem also broadcasLs a message Lo Lhe enLlre markeL Lhrough Lhe Llcker wlndow dlsplaylng Lhe deLalls of Lhe Lrade 1hls secLlon descrlbes LraderelaLed acLlvlLles llke vlewlng Lhe Lrades Lrade cancellaLlon eLc 8efore Lhe Lrade ls effecLed Lhe sysLem performs checks wlLh respecL Lo Lhe followlng parameLers (a) 1he securlLy ln whlch Lhe Lrade ls Lo be effecLed ls noL suspended from operaLlons (b) 1radlng members lnvolved ln Lhe poLenLlal Lrade are noL suspended from operaLlons Cnce Lhe Lrade for an order enLered ls conflrmed by Lhe sysLem a message ls senL Lo Lhe Lrader worksLaLlon 1he sysLem generaLes a 1rade ConflrmaLlon Sllp LhaL ls prlnLed on Lhe prlnLer of Lhe Lrader worksLaLlon 3121 1rade CancellaLlon 1he user can use Lrade cancellaLlon screen for cancelllng Lrades done durlng Lhe day lf Lhe user ls a corporaLe manager of a Lradlng member flrm he can requesL for L rade cancellaLlon for Lhe Lrades of any dealer of Lhe Lradlng members flrm and lf he 91 ls a branch manager of a branch Lhen he can requesL for Lrade cancellaLlon for Lhe Lrades for any dealer of Lhe branch of Lhe Lradlng member flrm 1he user can requesL for Lrade cancellaLlon elLher from Lhe prevlous Lrades screen or by uslng Lhe funcLlon key provlded ln Lhe worksLaLlon 1he Lrade cancellaLlon requesL ls senL Lo Lhe Lxchange for approval and message Lo LhaL effecL ls dlsplayed ln Lhe message wlndow 1he counLerparLy Lo Lhe Lrade also recelves Lhe message 1he counLerparLy Lhen has Lo make slmllar requesL on Lhe same Lradlng day Cnce boLh Lhe parLles Lo Lrade send Lhe Lrade cancellaLlon requesL Lhe Lxchange elLher approves or re[ecLs lL 1he message Lo LhaL effecL ls dlsplayed ln Lhe message wlndow When a requesL for Lhe Lrade cancellaLlon ls approved by Lhe Lxchange Lhe parLles Lo Lrade recelve a sysLem message conflrmlng Lhe Lrade cancellaLlon and Lhe Lrade cancellaLlon sllp ls prlnLed aL Lhelr respecLlve Lrader worksLaLlons lf Lhe Lxchange re[ecLs Lhe Lrade cancellaLlon requesL Lhe Lrade cancellaLlon re[ecLlon sllp ls prlnLed aL Lhelr respecLlve Lrader worksLaLlons lf counLer parLy Lo Lhe Lrade does noL enLer a Lrade cancellaLlon requesL Lhe Lxchange re[ecLs Lhe Lrade cancellaLlon requesL 313 AucLlon AucLlons are lnlLlaLed by Lhe Lxchange on behalf of Lradlng members for seLLlemenL relaLed reasons 1he maln reasons are shorLages bad dellverles and ob[ecLlons 1here are Lhree Lypes of parLlclpanLs ln Lhe aucLlon markeL (a) lnlLlaLor 1he parLy who lnlLlaLes Lhe aucLlon process ls called an lnlLlaLor (b) CompeLlLor 1he parLy who enLers on Lhe same slde as of Lhe lnlLlaLor ls called a compeLlLor ( c ) SollclLor 1he parLy who enLers on Lhe opposlLe slde as of Lhe lnlLlaLor ls called a sollclLor 1he Lradlng members can parLlclpaLe ln Lhe Lxchange lnlLlaLed aucLlons by enLerlng orders as a sollclLor eg lf Lhe Lxchange conducLs a buyln aucLlon Lhe Lradlng members enLerlng sell orders are called sollclLors When Lhe aucLlon sLarLs Lhe compeLlLor perlod for LhaL aucLlon also sLarLs CompeLlLor perlod ls Lhe perlod durlng whlch compeLlLor order enLrles are allowed CompeLlLor orders are Lhe orders whlch compeLe wlLh Lhe lnlLlaLor's order le lf Lhe lnlLlaLor's order ls a buy order Lhen all Lhe buy orders for LhaL aucLlon oLher Lhan Lhe lnlLlaLor's order are compeLlLor orders lf Lhe lnlLlaLor order ls a sell order Lhen all Lhe sell orders for LhaL aucLlon oLher Lhan Lhe lnlLlaLors order are compeLlLor orders AfLer Lhe compeLlLor perlod ends Lhe sollclLor perlod for LhaL aucLlon sLarLs SollclLor perlod ls Lhe perlod durlng whlch sollclLor order enLrles are allowed SollclLor orders are Lhe orders whlch are opposlLe Lo Lhe lnlLlaLor order le lf Lhe lnlLlaLor order ls a buy order Lhen all Lhe sell orders for LhaL aucLlon are sollclLor orders and lf Lhe lnlLlaLor order ls a sell order Lhen all Lhe buy orders for LhaL aucLlon are sollclLor orders AfLer Lhe sollclLor perlod order maLchlng Lakes place 1he sysLem calculaLes Lradlng prlce for Lhe aucLlon and all posslble Lrades for Lhe aucLlon are generaLed aL Lhe calculaLed Lradlng prlce AfLer Lhls Lhe aucLlon ls sald Lo be compleLe CompeLlLor perlod and sollclLor perlod for any aucLlon are seL by Lhe Lxchange92 3131 LnLerlng AucLlon Crders AucLlon order enLry allows Lhe user Lo enLer orders lnLo aucLlons LhaL are currenLly runnlng 1o vlew Lhe lnformaLlon abouL currenLly runnlng aucLlons 'AucLlon lnqulry' screen has Lo be lnvoked lurLher one can vlew ones own ouLsLandlng orders for any aucLlon by lnvoklng 'CuLsLandlng Crder lnqulry' for aucLlon markeL All aucLlon orders are valld for Lhe Lradlng day only 1he user can do aucLlon order enLry by enLerlng 'Au' ln Lhe book Lype of Lhe order enLry screen Symbol and Serles LhaL ls currenLly selecLed ln any of Lhe markeL lnformaLlon wlndows (le MW) provldes Lhe defaulLs ln Lhe aucLlon order enLry screen lf AucLlon CuLsLandlng Crders ls up for an aucLlon LhaL ls elLher ln a compeLlLor or sollclLor perlod Lhen Lhe aucLlon number has Lo be enLered All flelds ln Lhe aucLlon order enLry screen excepL aucLlon number and seLLlemenL days are same as normal markeL order enLry screen 1he screen also dlsplays compeLlLor perlod and sollclLor perlod 1he defaulLs LhaL are provlded on Lhe aucLlon lnqulry screen are symbol serles aucLlon number seLLlemenL days and quanLlLy (avallable for aucLlon) 1he user can edlL Lhe defaulL values lf requlred 1he flelds ln Lhe aucLlon order enLry screen LhaL has Lo be enLered are 8C/CLl selecLlon accounL number (noL mandaLory) parLlclpanL and remarks SollclLor perlod for an aucLlon sLarLs as soon as Lhe aucLlon sLarLs 1he duraLlon of Lhe sollclLor perlod ls seL by Lhe Lxchange 1he sysLem accepLs Lhe sollclLor orders ln any currenLly runnlng aucLlon only lf Lhe sollclLor perlod for LhaL aucLlon ls ln progress CurrenLly Lhe Lradlng members cannoL lnlLlaLe aucLlons ln any securlLy 1hey can only parLlclpaLe as sollclLors ln aucLlons lnlLlaLed by Lhe Lxchange ln Lxchange lnlLlaLed aucLlons Lhe compeLlLor perlod ls seL Lo zero and Lherefore only sollclLor perlod ls avallable (l) LnLerlng SollclLor Crder 1o enLer a sollclLor order aucLlon order enLry screen has Lo be lnvoked and Lhe aucLlon number or symbol serles ln AuC no (aucLlon number) fleld has Lo be enLered 1he AuC no and symbol serles comblnaLlon ls valldaLed and lf an error ls encounLered Lhen an approprlaLe error message ls dlsplayed ln Lhe message wlndow and Lhe focus ls seL on Lhe AuC no When Lhe order deLalls are found Lo be correcL Lhe sysLem asslgns a unlque order number Lo Lhe order and sends an order conflrmaLlon message Lo Lhe Lrader worksLaLlon lf Lhe sollclLor perlod for LhaL aucLlon ls over Lhe order ls noL accepLed AucLlon number for each securlLy ls dlsplayed ln Lhe AucLlon lnqulry screen (ll) valldaLlon of AucLlon Crders lollowlng valldaLlon checks are performed ln addlLlon Lo Lhe rouLlne order enLry valldaLlon checks Lo verlfy lnlLlaLor orders (a) lf Lhe aucLlon markeL ls noL open for Lradlng Lhe user ls noL allowed Lo enLer an aucLlon order (b) lf a Lradlng member or a parLlclpanL ls suspended Lhen no aucLlons can be enLered for Lhe Lradlng member or for Lhe parLlclpanL ( c ) lf Lhe securlLy ls noL allowed Lo Lrade ln Lhe aucLlon markeL or lf Lhe securlLy ls suspended Lhe orders for LhaL securlLy are noL allowed (d) lf Lhe quanLlLy enLered exceeds Warnlng CuanLlLy ercenLage Lhe sysLem asks Lhe user for conflrmaLlon of Lhe order (e) Any order wlLh a prlce ouLslde Lhe uay Mln/Max range ls noL allowed 93 lollowlng valldaLlon checks are performed Lo verlfy Lhe compeLlLor and Lhe sollclLor orders (a) lf a compeLlLor order ls enLered Lhen a check ls made lf Lhe aucLlon ln whlch order enLry ls deslred ls ln Lhe compeLlLor perlod (b) lf a sollclLor order ls enLered Lhen a check ls made lf Lhe aucLlon ln whlch order enLry ls deslred ls elLher ln compeLlLor perlod or sollclLor perlod ( c ) 1he 1radlng Member cannoL enLer order for a securlLy ln whlch lnlLlaLor order ls enLered agalnsL hlm (d) AucLlon order enLry ln aucLlons whlch are yeL ln a pendlng sLaLe or whlch are cancelled ls prohlblLed 3132 AucLlon Crder ModlflcaLlon 1he user ls noL allowed Lo modlfy any aucLlon orders 3133 AucLlon Crder CancellaLlon 1he user can cancel any sollc lLor order placed by hlm ln any aucLlon provlded Lhe sollclLor perlod for LhaL aucLlon ls noL over 1he order cancellaLlon procedure ls slmllar Lo LhaL of normal markeL 1he user can also use qulck order cancellaLlon key Lo cancel hls ouLsLandlng aucLlon orders 3134 AucLlon Crder MaLchlng When Lhe sollclLor perlod for an aucLlon ls over aucLlon order maLchlng sLarLs for LhaL aucLlon uurlng Lhls process Lhe sysLem calculaLes Lhe Lradlng prlce for Lhe aucLlon based on Lhe lnlLlaLor order and Lhe orders enLered durlng Lhe compeLlLor and Lhe sollclLor perlod CurrenLly for Lxchange lnlLlaLed aucLlons Lhe maLchlng Lakes place aL Lhe respecLlve sollclLor order prlces Lxample AucLlon ls held ln x?Z for 3000 shares 1he closlng prlce of x?Z on LhaL day was 8s 133 1he lasL Lraded prlce of x?Z on LhaL day was 8s 130 1he prlce of x?Z lasL lrlday was 8s 131 1he prevlous day's close prlce of x?Z was 8s 160 WhaL ls Lhe maxlmum allowable prlce aL whlch Lhe member can puL a sell order ln Lhe aucLlon for x?Z? (1he prlce band appllcable for aucLlon markeL ls +/ 20) Maxlmum prlce appllcable ln aucLlonrevlous day's close prlce*(100+prlce band)
8s 160*120 8s 192 Mlnlmum prlce appllcable ln aucLlonrevlous day's close prlce*(100prlce band)94 314 LlmlLed hyslcal MarkeL ursuanL Lo Lhe dlrecLlve of SL8l Lo provlde an exlL rouLe for small lnvesLors holdlng physlcal shares ln securlLles mandaLed for compulsory demaLerlallsed seLLlemenL Lhe Lxchange has provlded a faclllLy for such Lradlng ln physlcal shares noL exceedlng 300 shares 1hls markeL segmenL ls referred Lo as LlmlLed hyslcal MarkeL (small wlndow) 1he LlmlLed hyslcal MarkeL was lnLroduced on !une 7 1999 3141 SallenL leaLures of LlmlLed hyslcal MarkeL (a) 1radlng ls conducLed ln Lhe Cdd LoL markeL (markeL Lype 'C') wlLh 8ook 1ype 'CL' and serles '81' (b) Crder quanLlLles should noL exceed 300 shares ( c ) 1he base prlce and prlce bands appllcable ln Lhe LlmlLed hyslcal MarkeL are same as Lhose appllcable for Lhe correspondlng normal MarkeL on LhaL day (d) 1radlng hours are Lhe same as LhaL of Lhe normal markeL (e) SeLLlemenL for all Lrades ls done on a LradeforLrade basls and dellvery obllgaLlons arlse ouL of each Lrade (f) Crders geL maLched when boLh Lhe prlce and Lhe quanLlLy maLch ln Lhe buy and sell order Crders wlLh Lhe same prlce and quanLlLy maLch on Llme prlorlLy le orders whlch have come lnLo Lhe sysLem before wlll geL maLched flrsL (g) 1radlng Members are requlred Lo ensure LhaL shares are duly reglsLered ln Lhe name of Lhe lnvesLor(s) before enLerlng orders on Lhelr behalf on a Lrade daLe 313 8lock 1radlng Sesslon 1he Lxchange has lnLroduced a separaLe Lradlng sesslon for Lhe block Lrades from november 14 2003 ln Lhls sesslon Lradlng ls conducLed ln Lhe Cdd LoL markeL (markeL Lype 'C') wlLh 8ook 1ype 'CL' and serles '8L' lL ls a 33 mlnuLe markeL le Lhe Lradlng wlndow shall normally remaln open from 913 hours Lo 930 hours 1here ls no preopen and posL close ln Lhe block Lrade sesslon lor a block Lrade order should be of a mlnlmum quanLlLy of 300000 shares or mlnlmum value of 8s 3 crore whlch ever ls lower Crders geL maLched when boLh Lhe prlce and Lhe quanLlLy maLch for Lhe buy and sell order Crders wlLh Lhe same prlce and quanLlLy are maLched on Llme prlorlLy le orders whlch have come lnLo Lhe sysLem before wlll geL maLched flrsL 1he securlLles base prlce alerL quanLlLy appllcable ln Lhe block Lrade sesslon are same as Lhose appllcable for Lhe correspondlng normal MarkeL on LhaL day As per SL8l requlremenL member ls requlred Lo puL orders aL a prlce noL exceedlng (+/) 1 from Lhe prevlous close prlce/rullng markeL prlce as appllcable of normal markeL Accordlngly every order prlc e ls valldaLed for (+/ ) 1 on Lhe rullng L1 ln normal markeL and any order away from Lhls wlll be re[ecLed by Lhe sysLem CurrenLly markeL order ls noL allowed for 8L serles Crder wlLh speclal Lerms such as SLop Loss ulsclosed CuanLlLy ls noL avallable ln Lhls sesslon93 316 8eLall uebL MarkeL (8uM) 1radlng ln Lhe 8eLall uebL MarkeL Lakes place ln Lhe same manner ln whlch Lhe Lradlng Lakes place ln Lhe equlLles (CaplLal MarkeL) segmenL 1he 8L1uL81 MarkeL faclllLy on Lhe nLA1 sysLem of CaplLal MarkeL SegmenL ls used for enLerlng LransacLlons ln 8uM sesslon 3161 Members ellglble for Lradlng ln 8uM segmenL 1radlng members who are reglsLered members of nSL ln Lhe CaplLal MarkeL segmenL or Wholesale uebL MarkeL segmenL are allowed Lo Lrade ln 8eLall uebL MarkeL (8uM) sub[ecL Lo fulfllllng Lhe caplLal adequacy norms 3162 1radlng arameLers 1he Lradlng parameLers for 8uM segmenL are as below lace value 8s 100/ ermlLLed LoL Slze 10 1lck Slze 8s 001 CperaLlng 8ange +/ 3 MkL 1ype lndlcaLor u (8L1uL81) 8ook 1ype 8u 3163 MarkeL 1lmlngs and MarkeL Polldays 1radlng ln 8uM segmenL Lakes place on all days of Lhe week excepL SaLurdays and Sundays and holldays declared by Lhe Lxchange ln advance 1he markeL Llmlngs and Lhe holldays on Lhe 8uM segmenL are Lhe same as Lhose on Lhe LqulLles segmenL 1he Lxchange however can close Lhe markeL on days oLher Lhan Lhe above schedule holldays or may open Lhe markeL on days orlglnally declared as holldays 1he Lxchange may also exLend advance or reduce Lradlng hours when lL deems flL and necessary 3164 1radlng SysLem 1he 8L1uL81 MarkeL faclllLy on Lhe nLA1 sysLem of CaplLal MarkeL SegmenL ls used for enLerlng LransacLlons ln 8uM sesslon 1he Lradlng sysLem feaLures and user navlgaLlon for 8L1uL81 MarkeL are descrlbed below lurLher deLalls are avallable on Lhe onllne help faclllLy of nLA1 sysLem (a) SeLLlng up SecurlLles ln MarkeL WaLch lor seLLlng up securlLles ln Lhe MarkeL WaLch screen Lhe user can enLer Lhe requlred deLalls ln Symbol Serles and MarkeL 1ype flelds (b) Crder LnLry 8uy/ Sell orders can be enLered ln 8L1uL81 MarkeL by selecLlng '8u' ln Lhe 8ook 1ype fleld96 ( c ) CuanLlLy Crder quanLlLy should be ln mulLlples of MarkeL LoL CuanLlLy condlLlons such as Ml ACn and uC are noL allowed (d) rlce Members can enLer elLher markeL orders or llmlL prlce orders Crder prlce for llmlL prlce orders should be ln mulLlples of Llck slze (e) 8C/CLl ln Lhe 8C/CLl fleld only '8C' and 'CLl' orders are allowed (f) 1lme CondlLlons Members can speclfy Llme condlLlons as 'uay' or 'lCC' (g) arLlclpanL Code A valld arLlclpanL Code can be enLered ln Lhls fleld CLher opLlons allowed are 'C' 'C' 'nCl1' lnS1 and Lhe Lradlng member's own ld Crders ln book Lype n1 and SL are noL allowed (h) Crder CancellaLlon / ModlflcaLlon Crder cancellaLlon and modlflcaLlon ls allowed for orders enLered ln Lhe 8L1uL81 MarkeL 8oLh Slngle and Culck Crder CancellaLlon funcLlons are avallable Culck CancellaLlon can also be done for all securlLles ln Lhe 8L1uL81 MarkeL by selecLlng Lhe 8ook 1ype as '8u' and oLher parameLers as relevanL (l) M8 Member can query order lnformaLlon for Lhe 8L1uL81 MarkeL ln M8 by selecLlng '8L1uL81' as book Lype ln Lhe selecLlon screen Crders are sLacked accordlng Lo prlce ln M8 1he hlgh low lasL Lrade prlce percenLage change and average Lrade prlce flgures are calculaLed wlLh respecL Lo Lrades ln 8L1uL81 MarkeL ([) MarkeL lnqulry SecurlLy sLaLlsLlcs for 8L1uL81 markeL can be vlewed by selecLlng '8L1uL81' as markeL Lype (k) CuLsLandlng Crders/AcLlvlLy log/ revlous 1rade CuLsLandlng order/ AcLlvlLy log/ revlous 1rade lnformaLlon ln a parLlcular securlLy can be vlewed for 8L1uL81 MarkeL by selecLlng Lhe book Lype '8L1uL81' ln Lhe respecLlve selecLlon screens (l) Crder and 1rade ConflrmaLlon Sllps 1he order conflrmaLlon sllp for orders enLered ln 8L1uL81 MarkeL dlsplays '8u' as 8ook 1ype fleld Slmllarly Lrade conflrmaLlon sllp generaLed for 8L1uL81 MarkeL Lrades show 'u' ln Lhe MarkeL 1ype fleld (m) neL oslL lon 1he neL oslLlon screen dlsplays consolldaLed sLaLlsLlcs for all markeLs as well as separaLely for each markeL (n) MarkeL MovemenL MarkeL MovemenL sLaLlsLlcs for a securlLy can be vlewed by selecLlng markeL Lype as '8L1uL81' (o) Cnllne 8ackup ln Lhe Cnllne 8ackup funcLlon a faclllLy ls provlded Lo selecL order/Lrades based on markeL Lype AlLernaLely members can Lake a backup for all markeLs by selecLlng 'All' ln Lhe MarkeL 1ype fleld (p) lull Message ulsplay ln lull Message ulsplay messages can be fllLered on Symbol and Serles 1he opLlon Lo fllLer messages for a markeL Lype ls presenLly noL avallable (q) Cffllne Crder LnLry 1hls funcLlon ls avallable for 8L1uL81 MarkeL 1he sLrucLure for Lhe lnpuL flle ls glven ln Lhe onllne help (r) 8ranch/user Crder value LlmlL 8ranch/user Crder LlmlL ls appllcable for a parLlcular 8ranch/user for orders across all MarkeLs (s) SecurlLles Crder CuanLlLy LlmlL SecurlLles Crder CuanLlLy LlmlL ls appllcable for a parLlcular securlLy across all MarkeLs (L) Crder LlmlLs Crder llmlLs seL by a user are appllcable for a slngle order across all MarkeLs (u) 1lcker SelecLlon A faclllLy ls provlded for fllLerlng securlLles ln Lhe Llcker for 8L1uL81 markeL97 (v) 8eporLs 1rades reporL generaLed for members le 1rades uone Crder Log and Cpen Crders reporL dlsplays records ln ascendlng order of securlLy name WlLhln a securlLy records are dlsplayed by MarkeL 1ype (w) 8hav Copy SecurlLy sLaLlsLlcs perLalnlng Lo 8L1uL81 MarkeL Lrades are shown separaLely ln Lhe MarkeL SLaLlsLlcs reporL 3163 1radlng Cycle 1radlng ln 8eLall uebL MarkeL ls permlLLed under 8olllng SeLLlemenL where ln each Lradlng day ls consldered as a Lradlng perlod and Lrades execuLed durlng Lhe day are seLLled based on Lhe neL obllgaLlons for Lhe day SeLLlemenL ls on a 1+2 basls le on Lhe 2 nd worklng day lor arrlvlng aL Lhe seLLlemenL day all lnLervenlng holldays whlch lnclude bank holldays nSL holldays SaLurdays and Sundays are excluded 1yplcally Lrades Laklng place on Monday are seLLled on Wednesday 1uesdays Lrades seLLled on 1hursday and so on 317 1radlng lnformaLlon downloaded Lo Members 1he Lxchange downloads cerLaln Lradlng relaLed reporLs and flles Lo Lhe Lradlng member on a regular basls lollowlng ls Lhe llsL of reporLs and flles downloaded Lo Lhe members (l) Cnllne 8ackup 1he flles are 1radeLxL and CrderLxL or flle wlLh user deflned name Member can Lake onllne backup of orders and Lrades for Lhe currenL Lradlng day only 1he backup can be Laken durlng markeL hours and Llll approxlmaLely 1 hour afLer Lhe markeL close Llme (ll) 1rader messages ln lull message dlsplay lull message area conLalns members own order and Lrade lnformaLlon across all securlLles lL ls avallable for currenL Lradlng day only An opLlon Lo save as a LexL flle ls also provlded 1he Lradlng members are requlred Lo keep copy of full message area for a perlod as per nSL regulaLlons 8efer Lo secLlon lull Message ulsplay screen (lll) 8hav copy 8hav copy ls downloaded ln nsecmLdrreporLs dlrecLory on a dally basls lL ls downloaded Lwo Llmes afLer markeL close llrsL bhav copy (lnLerlm bhav copy) downloaded approxlmaLely 20 mlnuLes afLer Lhe markeL close Llme 1he second bhav copy (flnal bhav copy) downloaded 20 mlnuLes afLer Lhe posL close markeL 1he lnLerlm bhav copy ls overwrlLLen by flnal bhav copy users are advlsed Lo check for message Lo Lhls effecL 1he flles downloaded are ddmmxxxxms and ddmmxxxxmd where xxxx ls Lhe user ld 1he ms exLenslon flle ls formaLLed LxL flle whereas Lhe md exLenslon flle has bhav copy records ln csv (comma separaLed value) formaL Cnly Lhe lasL seven bhav copy flles are sLored ln Lhe reporLs dlrecLory When bhav copy ls broadcasL Lhe sysLem checks for Lhe number of bhav copy flles lf lL ls seven Lhe sysLem deleLes Lhe earllesL recelved flle and sLores Lhe currenL day's flle (lv) SecurlLy lnformaLlon 1he Lxchange downloads on a dally basls Lhe followlng flles for Lhe members Lo updaLe Lhelr local daLabase for nLA1 fronL end 1hese flles are requlred Lo be unzlpped and uploaded ln Lhelr respecLlve Lradlng sofLware by Lhe members on a dally basls98 Sr llle name ConLenL 1 securlLyzlp securlLyLxL 2 parLlclpanLzlp parLlclpanLLxL 3 lreelloaLLxL lreelloaLLxL (v) Clrculars Clrculars as and when lssued by nSL are avallable Lo members on Lhe webslLe (vl) Crder/1rade sllps 1he order/Lrade sllps are ConflrmaLlon/ModlflcaLlon/ CancellaLlon/8e[ecLlon sllps 1he Lrade and order sllps are generaLed onllne 1he Lrade conflrmaLlon ls generaLed when a Lrade ls execuLed and order sllp when a member places an order 1he opLlon aL Lhe supplemenLary menu 'rlnL 1rade and Crder conflrmaLlon' should be seL 'Cn' Members can also Lake prlnL of conflrmaLlon sllps aL Lhe end of Lhe day from Lhe reprlnL opLlon ln Lhe supplemenLary menu 1he Lradlng members are requlred Lo keep copy of Lhe Lrade conflrmaLlon sllp for a perlod as per nSL regulaLlons (vll) 8eporLs Cnce Lhe markeL closes Lhe deLalls of Lradlng acLlvlLles done by Lhe user are generaLed as Lrade reporLs 1hey are downloaded on Lhe worksLaLlon of CorporaLe/8ranch manager uownloaded reporLs are sLored aL Lhe worksLaLlon as well as senL Lo Lhe prlnLer 1hls allows Lhe user Lo reprlnL any reporL any Llme 1he reporLs LhaL are avallable Lo Lhe Lradlng member are MarkeL SLaLlsLlcs and MarkeL lndlces (vlll) MarkeL SLaLlsLlcs 1he purpose of Lhls reporL ls Lo show Lhe markeL sLaLlsLlcs of LhaL Lradlng day 1hls reporL glves deLalls relaLed Lo all Lhe securlLles Lraded on LhaL day for all markeLs (lx) MarkeL lndlces A separaLe MarkeL lndlces 8eporL ls also dlssemlnaLed Lo members whlch conLalns deLalls regardlng Lhe Cpen Plgh Low Close revlous Close and change over Lhe revlous Close of S Cnx nlfLy S Cnx uefLy Cnx nlfLy !unlor S Cnx300 Cnx Mldcap Cnx l1 8ank nlfLy Cnx 100 and nlfLy Mldcap 30 Cnx 8ealLy Cnx MnC Cnx lMCC Cnx Lnergy Cnx lnfra Cnx harma Cnx Su 8ank Cnx SL and Cnx Servlce and lndla vlx (x) 1rade verlflcaLlon A faclllLy Lo verlfy Lrades ls avallable on Lhe nSL webslLe uslng Lhls faclllLy an lnvesLor who has recelved a conLracL noLe from a Lradlng member of Lhe Lxchange can check wheLher Lhe Lrade has been execuLed on Lhe Lxchange 1hls faclllLy ls avallable on Lhe nSL webslLe for Lhe CaplLal MarkeL segmenL lC (uerlvaLlves) segmenL and 8eLall uebL MarkeL segmenL 318 lnLerneL 8roklng SL8l CommlLLee approved Lhe use of lnLerneL as an Crder 8ouLlng SysLem (C8S) for communlcaLlng cllenLs orders Lo Lhe Lxchanges Lhrough brokers C8S enables lnvesLors Lo place orders wlLh hls broker and have conLrol over Lhe lnformaLlon and quoLes and Lo hlL Lhe quoLe on an onllne basls Cnce Lhe broker's sysLem recelves Lhe order lL checks Lhe auLhenLlclLy of Lhe cllenL elecLronlcally and Lhen rouLes Lhe order Lo Lhe approprlaLe Lxchange for execuLlon Cn execuLlon of Lhe order lL ls conflrmed on real Llme basls lnvesLor recelves reporLs on margln requlremenL paymenLs and dellvery obllgaLlons Lhrough Lhe sysLem Pls ledger and porLfollo accounL geL updaLed onllne99 nSL was Lhe flrsL sLock exchange ln lndla Lo launch lnLerneL Lradlng ln early lebruary 2000 lL provldes webbased access Lo lnvesLors Lo Lrade dlrecLly on Lhe Lxchange 1he orders orlglnaLlng from Lhe Cs of Lhe lnvesLors are rouLed Lhrough Lhe lnLerneL Lo Lhe Lradlng Lermlnals of Lhe deslgnaLed brokers wlLh whom Lhey are connecLed and furLher Lo Lhe Lxchange for Lrade execuLlon Soon afLer Lhese orders geL maLched and resulL lnLo Lrades Lhe lnvesLors geL conflrmaLlon abouL Lhem on Lhelr Cs Lhrough Lhe same lnLerneL rouLe 319 ColocaLlon 1he Lerm ''colocaLlon/proxlmlLy hosLlng servlces'' means space power LelecommunlcaLlons and oLher anclllary producLs and servlces made avallable Lo markeL parLlclpanLs for Lhe purpose of enabllng Lhem Lo poslLlon Lhelr compuLer sysLems/servers ln close proxlmlLy Lo Lhe LransacLlon execuLlon faclllLy (aL Lhe Lxchange) Lxchanges lnLernaLlonally are lnLroduclng colocaLlon servlces Lo supporL hlgh frequency Lradlng uslng AlgorlLhmlc 1radlng (ALCC) and ulrecL MarkeL Access (uMA) ln keeplng wlLh Lhe global Lrends and malnLalnlng hlgh servlce excellence nSL sLarLed colocaLlon faclllLy ln !an 2010 1he sLaLeofLhear L colocaLlon faclllLy aL nSL provldes one of Lhe mosL modern daLacenLer faclllLles 320 Wlreless AppllcaLlon roLocol (WA) SL8l has also approved Lradlng Lhrough wlreless medlum on WA laLform nSL l1 launched Lhe Wlreless AppllcaLlon roLocol (WA) ln november 2000 1hls provldes access Lo lLs order book Lhrough Lhe hand held devlces whlch use WA Lechnology 1hls serves prlmarlly reLall lnvesLors who are moblle and wanL Lo Lrade from any place when Lhe markeL prlces for sLocks aL Lhelr cholce are aLLracLlve Cnly SL8l reglsLered members who have been granLed permlsslon by Lhe Lxchange for provldlng lnLerneL based Lradlng servlces can lnLroduce Lhe servlce afLer obLalnlng permlsslon from Lhe Lxchange100 CPA1L8 4 CLLA8lnC SL11LLMLn1 Anu 8lSk MAnACLMLn1 41 lnLroducLlon AfLer a Lrade ls execuLed lL needs Lo be seLLled 1he clearlng and seLLlemenL mechanlsm ln lndlan securlLles markeL has wlLnessed slgnlflcanL changes and several lnnovaLlons durlng Lhe lasL decade 1hese lnclude use of Lhe sLaLeofarL lnformaLlon Lechnology emergence of clearlng corporaLlons Lo assume counLerparLy rlsk shorLer seLLlemenL cycle demaLerlallzaLlon elecLronlc Lransfer of securlLles and flne Luned rlsk managemenL sysLem 1lll !anuary 2002 Lhe sLock exchanges ln lndla were followlng a sysLem of accounL perlod seLLlemenL for cash markeL LransacLlons An accounL perlod seLLlemenL ls a seLLlemenL where Lhe Lrades perLalnlng Lo a perlod sLreLchlng over more Lhan one day are seLLled lor example Lrades for Lhe perlod Monday Lo lrlday are seLLled LogeLher 1he obllgaLlons for Lhe accounL perlod are seLLled on a neL basls lnsLead of Lhe accounL perlod seLLlemenL 1+2 rolllng seLLlemenL was lnLroduced for all securlLles 8olllng seLLlemenL refers Lo Lhe seLLllng of Lrades aL a sLandard flxed perlod of days afLer Lhe execuLlon occurred ln a rolllng seLLlemenL each Lradlng da y ls consldered as a Lradlng perlod and Lrades execuLed durlng Lhe day are seLLled based on Lhe neL obllgaLlons for Lhe day 42 key Lermlnologles used ln Clearlng and SeLLlemenL rocess ayln day ls Lhe day when Lhe Lradlng members/brokers are requlred Lo make paymenL of funds or dellvery of securlLles Lo Lhe clearlng corporaLlon of Lhe Lxchange for all LransacLlons Lraded by or Lhrough Lhem ln Lhe respecLlve seLLlemenL perlod (a) SecurlLles ayln 1he process of dellverlng securlLles Lo Lhe clearlng corporaLlon Lo effecL seLLlemenL of a sale LransacLlon (b) lunds ayln 1he process of Lransfer of funds Lo Lhe clearlng corporaLlon Lo pay for purchase LransacLlons ayouL day ls Lhe day when Lhe clearlng corporaLlon of Lhe sLock exchange Lransfers funds and securlLles Lo Lhe broker/Lradlng member who have recelvable obllgaLlon (a) SecurlLles ayouL 1he process of recelvlng securlLles from Lhe clearlng corporaLlon Lo compleLe Lhe securlLles seLLlemenL of a purchase LransacLlon (b) lunds ayouL 1he process of Lransfers of funds from Lhe clearlng corporaLlon Lo compleLe Lhe funds seLLlemenL of a sale LransacLlon101 43 1ransacLlon Cycle llgure 41 1ransacLlon cycle SLeps ln 1ransacLlon Cycle (a) A person holdlng asseLs (securlLles/funds) elLher Lo meeL hls llquldlLy needs or Lo reshuffle hls holdlngs ln response Lo changes ln hls percepLlon abouL rlsk and reLurn of Lhe asseLs decldes Lo buy or sell Lhe securlLles (b) Pe selecLs a broker and lnsLrucLs hlm Lo place buy/sell order on an exchange ( c ) 1he order ls converLed Lo a Lrade as soon as lL flnds a maLchlng sell/buy order (d) AL Lhe end of Lhe Lrade cycle Lhe Lrades are neLLed Lo deLermlne Lhe obllgaLlons of Lhe Lradlng members Lo dellver securlLles/funds as per seLLlemenL schedule (e) 8uyer (seller) dellvers funds (securlLles) and recelves securlLles (funds) and acqulres ownershlp of Lhe securlLles A securlLles LransacLlon cycle ls presenLed ln llgure 41 Clearlng of 1rades ueclslon Lo 1rade SeLLlemenL of 1rades laclng Crder 1ransacLlon Cycle 1rade LxecuLlon lunds/ SecurlLles102 44 SeLLlemenL Agencles 1he roles of several enLlLles lnvolved ln Lhe process of clearlng and seLLllng Lhe Lrades execuLed on Lxchanges are explalned below (l) Clearlng CorporaLlon (nSCCL) 1he nSCCL ls responslble for posLLrade acLlvlLles of a sLock exchange Clearlng and seLLlemenL of Lrades and rlsk managemenL are lLs cenLral funcLlons lL clears all Lrades deLermlnes obllgaLlons of members arranges for payln of funds/securlLles recelves funds / securlLles processes for shorLages ln funds/securlLles arranges for payouL of funds/securlLles Lo members guaranLees seLLlemenL and collecLs and malnLalns marglns / collaLeral base caplLal / oLher funds (ll) Clearlng Members 1hey are responslble for seLLllng Lhelr obllgaLlons as deLermlned by Lhe nSCCL 1hey have Lo make avallable funds and/or securlLles ln Lhe deslgnaLed accounLs wlLh clearlng bank/deposlLory parLlclpanL as Lhe case may be Lo meeL Lhelr obllgaLlons on Lhe seLLlemenL day ln Lhe caplLal markeL segmenL all Lradlng members of Lhe Lxchange are requlred Lo become Lhe Clearlng Member of Lhe Clearlng CorporaLlon (lll) CusLodlans A cusLodlan ls an enLlLy who ls responslble for safeguardlng Lhe documenLary evldence of Lhe LlLle Lo properLy llke share cerLlflcaLes eLc 1he LlLle Lo Lhe cusLodlan's properLy remalns vesLed wlLh Lhe orlglnal holder or ln Lhelr nomlnee(s) or cusLodlan LrusLee as Lhe case may be ln nSCCL cusLodlan ls a clearlng member buL noL a Lradlng member 1he cusLodlan seLLles Lrades asslgned by Lradlng members 1he cusLodlan ls requlred Lo conflrm wheLher lL ls golng Lo seLLle a parLlcular Lrade or noL lf lL ls conflrmed Lhe nSCCL asslgns LhaL obllgaLlon Lo LhaL cusLodlan and Lhe cusLodlan ls requlred Lo seLLle lL on Lhe seLLlemenL day lf Lhe cusLodlan re[ecLs Lhe Lrade Lhe obllgaLlon ls asslgned back Lo Lhe Lradlng / clearlng member (lv) Clearlng 8anks Clearlng banks are a key llnk beLween Lhe clearlng members and nSCCL for funds seLLlemenL Lvery clearlng member ls requlred Lo open a dedlcaLed seLLlemenL accounL wlLh one of Lhe clearlng banks 8ased on hls obllgaLlon as deLermlned Lhrough clearlng Lhe clearlng member makes funds avallable ln Lhe clearlng accounL for Lhe payln and recelves funds ln case of a payouL MulLlple clearlng banks provlde advanLages of compeLlLlve forces faclllLaLe lnLroducLlon of new producLs vlz worklng caplLal fundlng anywhere banklng faclllLles Lhe opLlon Lo members Lo seLLle funds Lhrough a bank whlch provldes Lhe maxlmum servlces sulLable Lo Lhe member luncLlons of Clearlng 8anks 1he clearlng banks are requlred Lo provlde Lhe followlng servlces as a slngle wlndow Lo all clearlng members of naLlonal SecurlLles Clearlng CorporaLlon LLd as also Lo Lhe clearlng corporaLlon (a) 8ranch neLwork ln clLles LhaL cover bulk of Lhe Lradlng cum clearlng members103 (b) Plgh level auLomaLlon lncludlng 8eal Llme gross seLLlemenL (81CS) 8 and elecLronlc funds Lransfer (Ll1) faclllLles ( c ) laclllLles llke (l) dedlcaLed branch faclllLles (ll) sofLware Lo lnLerface wlLh Lhe clearlng corporaLlon (lll) access Lo accounLs lnformaLlon on a real Llme basls (d) valueadded servlces Lo members such as freeofcosL funds Lransfer across cenLers eLc (e) rovldlng worklng caplLal funds (f) SLock lendlng faclllLles le lendlng of a securlLy by Lhe reglsLered owner Lo an auLhorlzed Lhlrd parLy for a flxed or open perlod of Llme for an agreed conslderaLlon secured by collaLeral 1he demand Lo borrow securlLles comes malnly from markeL makers Lo cover shorL poslLlons or Lake arblLrage opporLunlLles (g) Servlces as ueposlLory arLlclpanLs (an agenL of Lhe deposlLory Lhrough whlch lL lnLerfaces wlLh Lhe lnvesLor) (h) CLher CaplLal MarkeL relaLed faclllLles (l) All oLher banklng faclllLles llke lssulng bank guaranLees / credlL faclllLles eLc (v) ueposlLorles A deposlLory ls an enLlLy where Lhe securlLles of an lnvesLor are held ln elecLronlc form 1he person who holds a demaL accounL ls a beneflclary owner ln case of a [olnL accounL Lhe accounL holders are beneflclary holders of LhaL [olnL accounL ueposlLorles help ln Lhe seLLlemenL of Lhe demaLerlallsed securlLles Lach cusLodlan/clearlng member ls requlred Lo malnLaln a clearlng pool accounL wlLh Lhe deposlLorles Pe ls requlred Lo make avallable Lhe requlred securlLles ln Lhe deslgnaLed accounL on seLLlemenL day 1he deposlLory runs an elecLronlc flle Lo Lransfer Lhe securlLles from accounLs of Lhe cusLodlans/clearlng member Lo LhaL of nSCCL As per Lhe schedule of allocaLlon of securlLles deLermlned by Lhe nSCCL Lhe deposlLorles Lransfer Lhe securlLles on Lhe payouL day from Lhe accounL of Lhe nSCCL Lo Lhose of members/cusLodlans 43 Clearlng and SeLLlemenL rocess Whlle nSL provldes a plaLform for Lradlng Lo lLs Lradlng members Lhe naLlonal SecurlLles Clearlng CorporaLlon LLd (nSCCL) deLermlnes Lhe funds/securlLles obllgaLlons of Lhe Lradlng members and ensures LhaL Lradlng members meeL Lhelr obllgaLlons nSCCL becomes Lhe legal counLerparLy Lo Lhe neL seLLlemenL obllgaLlons of every member 1hls prlnclple ls called `novaLlon and nSCCL ls obllgaLed Lo meeL all seLLlemenL obllgaLlons regardless of member defaulLs wlLhouL any dlscreLlon Cnce a member falls on any obllgaLlons nSCCL lmmedlaLely cuLs off Lradlng and lnlLlaLes recovery 431 Clearlng rocess ueLermlnaLlon of CbllgaLlon nSCCL deLermlnes whaL counLerparLles owe and whaL counLerparLles are due Lo recelve on Lhe seLLlemenL daLe 1he nSCCL
8 8eal 1lme Cross SeLLlemenL (81CS) ls Lhe concepL deslgned Lo achleve sound rlsk managemenL ln Lhe seLLlemenL of lnLerbank paymenLs 1ransacLlons are seLLled across accounLs held aL Lhe CenLral 8ank on a conLlnuous gross basls where seLLlemenL ls lmmedlaLe flnal and lrrevocable104 lnLerposes lLself as a cenLral counLerparLy beLween Lhe counLerparLles Lo Lrades and neLs Lhe poslLlons so LhaL a member has securlLy wlse neL obllgaLlon Lo recelve or dellver a securlLy and has Lo elLher pay or recelve funds AL Lhe end of each Lradlng day concluded or lockedln Lrades are recelved from nSL by nSCCL nSCCL deLermlnes Lhe cumulaLlve obllgaLlons of each member and elecLronlcally Lransfers Lhe daLa Lo Clearlng Members (CMs) 1hls lmplles LhaL all Lrades concluded durlng a parLlcular Lradlng perlod are seLLled LogeLher A mulLllaLeral neLLlng procedure ls adopLed Lo deLermlne Lhe neL seLLlemenL obllgaLlons (dellvery / recelpL poslLlons) of CMs nSCCL Lhen allocaLes or asslgns dellvery of securlLles lnLer se Lhe members Lo arrlve aL Lhe dellvery and recelpL obllgaLlon of funds and securlLles by each member 432 SeLLlemenL rocess 1he seLLlemenL process beglns as soon as member's obllgaLlons are deLermlned Lhrough Lhe clearlng process 1he clearlng banks and deposlLorles provlde Lhe necessary lnLerface beLween Lhe cusLodlans/clearlng members (who clear for Lhe Lradlng members or Lhelr own LransacLlons) for seLLlemenL of funds/securlLles obllgaLlons of Lradlng members 1he clearlng corporaLlon provldes a ma[or llnk beLween Lhe clearlng banks clearlng members and Lhe deposlLorles 1hls llnk ensures acLual movemenL of funds and securlLles on Lhe prescrlbed payln and payouL day 1he core processes lnvolved ln Lhe seLLlemenL process are (l) ayln of lunds and SecurlLles 1he members brlng ln Lhelr funds/securlLles Lo Lhe nSCCL 1hey make avallable requlred securlLles ln deslgnaLed accounLs wlLh Lhe deposlLorles by Lhe prescrlbed payln Llme 1he deposlLorles move Lhe securlLles avallable ln Lhe accounLs of members Lo Lhe accounL of Lhe nSCCL Llkewls e members wlLh funds obllgaLlons make avallable requlred funds ln Lhe deslgnaLed accounLs wlLh clearlng banks by Lhe prescrlbed payln Llme 1he nSCCL sends elecLronlc lnsLrucLlons Lo Lhe clearlng banks Lo deblL member's accounLs Lo Lhe exLenL of paymenL obllgaLlons 1he banks process Lhese lnsLrucLlons deblL accounLs of members and credlL accounLs of Lhe nSCCL (ll) ayouL of lunds and SecurlLles AfLer processlng for shorLages of funds/securlLles and arranglng for movemenL of funds from surplus banks Lo deflclL banks Lhrough 88l clearlng Lhe nSCCL sends elecLronlc lnsLrucLlons Lo Lhe deposlLorles/clearlng banks Lo release payouL of securlLles/funds 1he deposlLorles and clearlng banks deblL accounLs of nSCCL and credlL seLLlemenL accounLs of members SeLLlemenL ls compleLe upon release of payouL of funds and securlLles Lo cusLodlans/members SeLLlemenL ls deemed Lo be compleLe upon declaraLlon and release of payouL of funds and securlLles LxcepLlons may arlse because of shorL dellvery of securlLles by CMs bad dellverles or company ob[ecLlons on Lhe payouL day (1he deLalled explanaLlon of securlLles and funds seLLlemenL follows ln Lhe laLer secLlon) nSCCL ldenLlfles shorL dellverles (dlscussed laLer) and conducLs a buylngln aucLlon o n L h e day afLer Lhe payouL day Lhrough Lhe nSL Lradlng sysLem 1he dellverlng CM ls deblLed by an amounL equlvalenL Lo Lhe securlLles noL dellvered and valued aL a valuaLlon prlce (Lhe closlng prlce as announced by nSL on Lhe day prevlous Lo Lhe day of Lhe valuaLlon) lf Lhe buyln aucLlon prlce ls more Lhan Lhe valuaLlon prlce Lhe CM ls requlred Lo make good Lhe dlfference All shorLages noL 103 boughLln are deemed closed ouL aL Lhe hlghesL prlce beLween Lhe flrsL day of Lhe Lradlng perlod Llll Lhe day of squarlng off or closlng prlce on Lhe aucLlon day plus 20 whlchever ls hlgher 1hls amounL ls credlLed Lo Lhe recelvlng members accounL on Lhe aucLlon payouL day 1he seLLlemenL process for LransacLlons ln securlLles ln Lhe CM segmenL of nSL ls presenLed ln Lhe llgure 42 llgure 42 SeLLlemenL rocess ln CM segmenL of nSL LxplanaLlon (1) 1rade deLalls from Lxchange Lo nSCCL (realLlme and end of day Lrade flle) (2) nSCCL noLlfles Lhe consummaLed Lrade deLalls Lo CMs/cusLodlans who afflrm back 8ased on Lhe afflrmaLlon nSCCL applles mulLllaLeral neLLlng and deLermlnes obllgaLlons (3) uownload of obllgaLlon and payln advlce of funds/securlLles (4) lnsLrucLlons Lo clearlng banks Lo make funds avallable by payln Llme (3) lnsLrucLlons Lo deposlLorles Lo make securlLles avallable by paylnLlme (6) ayln of securlLles (nSCCL advlses deposlLory Lo deblL pool accounL of cusLodlans/CMs and credlL lLs accounL and deposlLory does lL) (7) ayln of funds (nSCCL advlses Clearlng 8anks Lo deblL accounL of cusLodlans/CMs and credlL lLs accounL and clearlng bank does lL) (8) ayouL of securlLles (nSCCL advlses deposlLory Lo credlL pool accounL of cusLodlans/CMs and deblL lLs accounL and deposlLory does lL) (9) ayouL of funds (nSCCL advlses Clearlng 8anks Lo credlL accounL of cusLodlans/CMs and deblL lLs accounL and clearlng bank does lL) nSL nSCCL CusLodlans/CMs ueposlLorles Clearlng 8anks 1 8 6 7 9 10 3 2 3 4 11106 (10) ueposlLory lnforms cusLodlans/CMs Lhrough us (11) Clearlng 8anks lnform cusLodlans/CMs 433 SeLLlemenL Cycle SeLLlemenL cycles for securlLles ln demaLerlallsed and physlcal mode ls explalned below SeLLlemenL Cycle lor uemaLerlallsed SecurlLles (l) normal MarkeL 1he Lrades execuLed each Lradlng day are consldered as a Lradlng perlod and Lrades execuLed durlng Lhe day are seLLled based on Lhe neL obllgaLlons for Lhe day AL nSL Lrades ln rolllng seLLlemenL are seLLled on a 1+2 basls le on Lhe 2 nd worklng day 1yplcally Lrades Laklng place on Monday are seLLled on Wednesday 1uesdays Lrades seLLled on 1hursday and so on A Labular represenLaLlon of Lhe seLLlemenL cycle for rolllng seLLlemenL ls glven below ln 1able 41 1able 41 SeLLlemenL Cycle normal MarkeL AcLlvlLy uay 1radlng 8olllng SeLLlemenL 1radlng 1 Clearlng CusLodlal ConflrmaLlon 1+1 worklng days uellvery CeneraLlon 1+1 worklng days SeLLlemenL SecurlLles and lunds payln 1+2 worklng days SecurlLles and lunds payouL 1+2 worklng days valuaLlon of shorLages based on closlng prlces (aL 1+1 closlng prlces) 1+2 worklng days osL SeLLlemenL AucLlon 1 +2 worklng days AucLlon seLLlemenL 1+3 worklng days 8ad uellvery 8eporLlng 1+4 worklng days 8ecLlfled bad dellvery payln and payouL 1+6 worklng days 8ebad dellvery reporLlng and plckup 1+8 worklng days Close ouL of rebad dellvery and funds payln payouL 1+9 worklng days (ll) lnLer lnsLlLuLlonal ueals 1radlng ln Lhls markeL segmenL ls avallable for lnsLlLuLlonal lnvesLors only ln order Lo ensure LhaL Lhe overall lll llmlLs are noL vlolaLed selllng ln Lhls segmenL ls resLrlcLed Lo lll cllenLs 8uylng ls resLrlcLed Lo lnsLlLuLlonal cllenLs Members are requlred Lo enLer Lhe cusLodlan parLlclpanL code aL Lhe Llme of order enLry and Lo ensure LhaL Lhe selllng/buylng resLrlcLlons are sLrlcLly adhered Lo A sale order enLered by Lradlng members on behalf of non lll cllenLs or a buy order enLered by Lradlng members on behalf of non lnsLlLuLlonal (lll ll 8anks MuLual lunds lnsurance Companles) cllenLs ls deemed Lo be lnvalld 1he member enLerlng Lhe lnvalld order ls furLher llable for dlsclpllnary acLlon whlch may lnclude penalLles penal acLlon wlLhdrawal of Lradlng faclllLles suspenslon eLc 107 ueals execuLed ln Lhls segmenL are cleared on a 1+2 rolllng basls SeLLlemenL of all LransacLlons ls compulsorlly ln demaL mode only 1he seLLlemenL cyc le for Lhls segmenL ls shown below ln 1able 42 1able 42 SeLLlemenL Cycle lnLer lnsLlLuLlonal ueals AcLlvlLy uay 1radlng 8olllng SeLLlemenL 1radlng 1 Clearlng CusLodlal ConflrmaLlon 1+1 worklng days uellvery CeneraLlon 1+1 worklng days SeLLlemenL SecurlLles and lunds payln 1+2 worklng days SecurlLles and lunds payouL 1+2 worklng days valuaLlon of shorLages based on closlng prlces aL 1+1 closlng prlces osL SeLLlemenL Close ouL 1+2 worklng days SeLLlemenL Cycle lor hyslcal SecurlLles LlmlLed hyslcal MarkeL lor llmlLed physlcal markeLs seLLlemenL for Lrades ls done on a LradeforLrade basls and dellvery obllgaLlons arlse ouL of each Lrade SallenL feaLures of LlmlLed hyslcal MarkeL seLLlemenL are (a) uellvery of shares ln sLreeL name and markeL dellvery (cllenLs holdlng physlcal shares purchased from Lhe secondary markeL) ls LreaLed as bad dellvery 1he shares sLandlng ln Lhe name of lndlvlduals/Pul only would consLlLuLe good dellvery 1he selllng/dellverlng member musL necessarlly be Lhe lnLroduclng member (b) Any dellvery of shares whlch bears Lhe lasL Lransfer daLe on or afLer Lhe lnLroducLlon of Lhe securlLy for Lradlng ln Lhe L markeL ls consLrued as bad dellvery ( c ) Any dellvery ln excess of 300 shares ls marked as shorL and such dellverles are compulsorlly closedouL (d) ShorLages lf any are compulsorlly closedouL aL 20 over Lhe acLual Lraded prlce unrecLlfled bad dellvery and rebad dellvery are compulsorlly closedouL aL 20 over Lhe acLual Lraded prlce (e) All dellverles are compulsorlly requlred Lo be aLLesLed by Lhe lnLroduclng/ dellverlng member (f) 1he buyer musL compulsorlly send Lhe securlLles for Lransfer and demaLerlallsaLlon laLesL wlLhln 3 monLhs from Lhe daLe of payouL (g) Company ob[ecLlons arlslng ouL of such Lradlng and seLLlemenL ln Lhls markeL are reporLed ln Lhe same manner as ls currenLly belng done for normal markeL segmenL SecurlLles however would be accepLed as valld company ob[ecLlon only lf Lhe securlLles are lodged for Lransfer wlLhln 3 monLhs from Lhe daLe of payouL108 1he seLLlemenL cycle for Lhls segmenL ls same as for Lhe rolllng seLLlemenL as shown ln 1able 43 below 1able 43 SeLLlemenL Cycle hyslcal SecurlLles AcLlvlLy uay 1radlng 8olllng SeLLlemenL 1radlng 1 Clearlng CusLodlal ConflrmaLlon 1+1 worklng days uellvery CeneraLlon 1+1 worklng days SeLLlemenL SecurlLles and lunds payln 1+2 worklng days SecurlLles and lunds payouL 1+2 worklng days osL SeLLlemenL Asslgnlng of shorLages for close ouL 1 +2 worklng days 8eporLlng and plckup of bad dellvery 1+4 worklng days Close ouL of shorLages 1 +4worklng days 8eplacemenL of bad dellvery 1+6 worklng days 8eporLlng of rebad and plckup 1+8 worklng days Close ouL of rebad dellvery 1+9 worklng days 46 SecurlLles and lunds SeLLlemenL SeLLlemenL ls done from Lwo aspecL SecurlLles seLLlemenL and lunds seLLlemenL (llgure 43) 1hese are dlscussed below
llgure 43 1ypes of seLLlemenL 461 SecurlLles SeLLlemenL (a) 1he securlLles obllgaLlons of members are downloaded Lo members/cusLodlans by nSCCL afLer Lhe end of Lhe Lradlng day (b) 1he members / cusLodlans dellver Lhe securlLles Lo Lhe clearlng corporaLlon on Lhe payln day ln case of physlcal seLLlemenL and make avallable Lhe requlred securlLles ln Lhe pool accounLs wlLh Lhe deposlLory parLlclpanLs ln case of demaLerlallsed securlLles ( c ) Members are requlred Lo open accounLs wlLh deposlLory parLlclpanLs of boLh Lhe deposlLorles nSuL and CuSL uellverlng members are requlred Lo dellver all documenLs Lo Lhe clearlng corporaLlon (ln case of physlcal seLLlemenL) beLween 930 am and 1030 am on Lhe seLLlemenL day 8ecelvlng members are alloLLed speclflc Llme sloLs on seLLlemenL day Lo collecL Lhe documenLs from Lhe clearlng corporaLlon aL Mumbal ln case of demaLerlallsed seLLlemenL Lhe members recelve Lhelr obllgaLlon by SeLLlemenL SecurlLles SeLLlemenL lunds SeLLlemenL109 230 pm on 1 + 1 day 1he members need Lo arrange for Lhe securlLles as per Lhelr obllgaLlons and glve lnsLrucLlons by 1030 am on Lhe payln day (d) ln case of nSuL Lhe members need Lo glve lnsLrucLlons Lo move Lhe securlLles Lo Lhe seLLlemenL accounL of nSCCL whereas ln case of CuSL payln ls done based on seLLlemenL lu Lhrough ln whlch members are requlred Lo provlde separaLe balances for each seLLlemenL (e) 1he members need Lo ensure LhaL Lhe seLLlemenL number and Lype are correcLly enLered Lo avold any defaulLs (f) ursuanL Lo SL8l dlrecLlve 9 nSCCL has lnLroduced a seLLlemenL sysLem for dlrecL dellvery of securlLles Lo Lhe lnvesLors accounLs wlLh effecL from Aprll 2 2001 1hls faclllLy ls known as ulrecL ayouL Lo lnvesLors whlch ls explalned below ulrecL ayouL Lo lnvesLors nSCCL has lnLroduced Lhe faclllLy of dlrecL payouL (le dlrecL dellvery of securlLles) Lo cllenLs accounL on boLh Lhe deposlLorles lL ascerLalns from each clearlng member Lhe beneflclary accounL deLalls of Lhelr respecLlve cllenLs who are due Lo recelve pay ouL of securlLles 8ased on Lhe lnformaLlon recelved from members Lhe clearlng corporaLlon sends payouL lnsLrucLlons Lo Lhe deposlLorles so LhaL Lhe cllenL recelves Lhe pay ouL of securlLles dlrecLly Lo Lhelr accounLs on Lhe payouL day 1he cllenL recelves payouL Lo Lhe exLenL of lnsLrucLlons recelved from Lhe respecLlve clearlng members 1o Lhe exLenL of lnsLrucLlon noL recelved Lhe securlLles are credlLed Lo Lhe CM pool accounL of Lhe member lollowlng are Lhe sallenL feaLures of 'ulrecL ayouL' Lo lnvesLors (a) Clearlng members are requlred Lo provlde a flle Lo nSCCL for effecLlng pay ouL Lo lnvesLors accounLs for a parLlcular seLLlemenL Lype seLLlemenL number and dellvery Lype 1he flle ls Lo be provlded as per Lhe sLrucLure speclfled by nSCCL (b) 1he Llme llmlL for submlsslon of flles ls up Lo 930am on Lhe pay ouL day ( c ) 1he flles are uploaded by nSCCL ln lLs sysLem and reLurned wlLh Lhe lndlcaLlon of Lhe success/re[ecLlon of Lhe flle and Lhe records 1hls ls purely a valldaLlon of Lhe correcLness of Lhe flle and record formaLs (d) Clearlng members should provlde deLalls of beneflclary accounL of Lhe cllenLs of Lhe Lradlng members ln any one of Lhe deposlLorles (e) CredlL Lo Lhe accounLs of varlous consLlLuenLs (le cllenL accounL and CM ool / CM Clearlng accounL) would be ln Lhe same order as speclfled by Lhe clearlng member ln Lhe flle glven Lo nSCCL (f) lf for any cllenL accounL record Lhe quanLlLy requesLed for dlrecL payouL ls more Lhan Lhe balance avallable for pay ouL Lo Lhe clearlng member ln LhaL deposlLory Lhe quanLlLy avallable ln LhaL deposlLory ls dlrecLly credlLed Lo members seLLlemenL accounL ln LhaL deposlLory lf Lhe member recelves enLlre shares ln nSuL Lhe same wlll be Lransferred Lo members pool accounL ln nSuL (g) ln Lhe followlng slLuaLlons Lhe pay ouL ls credlLed Lo CM ool / Clearlng accounL of Lhe clearlng members
9 vlde lLs clrcular SMu8/ollcy/Clr03/2001 daLed lebruary 1 2001110 Where Lhe clearlng members fall Lo provlde Lhe deLalls of Lhe beneflclary accounL or where Lhe credlL Lo Lhe beneflclary accounLs of Lhe cllenLs fall or any accounL whaLsoever 1he remalnlng quanLlLy recelved from oLher deposlLory as pay ouL ls credlLed Lo Lhe CM ool / Clearlng accounL of Lhe clearlng member wlLh Lhe respecLlve deposlLorles (h) lf Lhe members cllenL has noL pald Lhe dues Lo Lhe member for Lhe sald securlLles or for any oLher reason Lhe member has valld [usLlflcaLlon noL Lo release Lhe payouL of a cllenL dlrecL ln such a slLuaLlon Lhe member may noL be glvlng Lhe beneflclary accounL deLalls of such cllenLs ln Lhe flle ln case Lhe lnvesLor has pald Lhe dues for dellvery of securlLles and Lhere ls no valld [usLlflcaLlon for noL releaslng payouL dlrecLly Lo Lhe cllenL Lhe member has Lo provlde Lhe deLalls of lLs cllenLs beneflclary accounL so LhaL dlrecL credlL can be glven Lo Lhe cllenL roblems perLalnlng Lo SecurlLles SeLLlemenL 8roadly Lhere exlsL Lhree Lypes of seLLlemenL problems perLalnlng Lo securlLles seLLlemenL (l) ShorL uellverles A shorL dellvery/falled dellvery Lakes place when a broker a cusLodlan or Lhe clearlng corporaLlon dellvers fewer securlLles Lhan whaL were conLracLed for elLher Lo anoLher broker a cusLodlan or Lhe clearlng corporaLlon Cn Lhe securlLles payln day clearlng member communlcaLe Lo Lhe clearlng corporaLlon abouL Lhe securlLles LhaL he wlll be able Lo dellver and Lhose securlLles whlch he wlll noL be able Lo dellver Also lnforms an amounL equlvalenL Lo Lhe securlLles noL dellvered by hlm valued aL Lhe valuaLlon prlce (Lhe closlng prlce on Lhe day prevlous Lo Lhe day of valuaLlon) 1hls ls called valuaLlon deblL A valuaLlon deblL ls also conducLed for bad dellvery by clearlng members 1hls problem can arlse ln case of boLh physlcal and demaLerlallzed seLLlemenL (valuaLlon deblL ls explalned ln Lhe laLer secLlon) (ll) 8ad uellverles 8ad dellverles (dellverles whlch are prlma facle defecLlve) are requlred Lo be reporLed Lo Lhe clearlng corporaLlon wlLhln Lwo days from Lhe recelpL of documenLs 1he dellverlng member ls requlred Lo recLlfy Lhese wlLhln Lwo days unrecLlfled bad dellverles are asslgned Lo aucLlon on Lhe nexL day 1hls problem can arlse only ln case of physlcal seLLlemenL (lll) Company Cb[ecLlons Company ob[ecLlons arlse when documenLs for securlLles Lransfer are reLurned due Lo slgnaLure mlsmaLch or for any oLher reason 1he orlglnal selllng CM ls normally responslble for recLlfylng/replaclng defecLlve documenLs Lo Lhe recelvlng CM as per prenoLlfled schedule 1he CM on whom company ob[ecLlon ls lodged has an opporLunlLy Lo wlLhdraw Lhe ob[ecLlon lf Lhe ob[ecLlon ls noL valld or Lhe documenLs are lncompleLe (le noL as requlred under Culdellne no100 or 109 of SL8l Cood/8ad dellvery guldellnes) wlLhln 7 days of lodglng Lhe complalnL agalnsL hlm lf Lhe CM ls unable Lo recLlfy/replace defecLlve documenLs on or before 21 days nSCCL conducLs a buylngln aucLlon for Lhe nonrecLlfled parL of defecLlve documenL on Lhe nexL aucLlon day Lhrough Lhe Lradlng sysLem of nSL All ob[ecLlons whlch are noL boughLln are deemed closed ouL on Lhe aucLlon day aL Lhe closlng prlce on Lhe aucLlon day plus 20 1hls amounL ls credlLed Lo Lhe recelvlng members accounL on Lhe aucLlon payouL day 111 462 lunds SeLLlemenL CurrenLly nSCCL (Lhe clearlng corporaLlon) offers seLLlemenL of funds Lhrough Lhe clearlng banks appolnLed by lL Lvery clearlng member ls requlred Lo malnLaln and operaLe a clearlng accounL wlLh any one of Lhe empanelled clearlng banks aL Lhe deslgnaLed clearlng bank branches 1he clearlng accounL ls Lo be used excluslvely for clearlng seLLlemenL operaLlons Clearlng AccounL Lvery clearlng member ls requlred Lo malnLaln and operaLe a clearlng accounL wlLh any one of Lhe empanelled clearlng banks aL Lhe deslgnaLed clearlng bank branches 1he clearlng accounL ls Lo be used excluslvely for clearlng operaLlons le for seLLllng funds and oLher obllgaLlons Lo Lhe clearlng corporaLlon lncludlng paymenLs of marglns and penal charges Clearlng members are requlred Lo auLhorlse Lhe clearlng bank Lo access Lhelr clearlng accounL for deblLlng and credlLlng Lhelr accounLs reporLlng of balances and oLher lnformaLlon as may be requlred by nSCCL from Llme Lo Llme as per Lhe speclfled formaL 1he clearlng bank wlll deblL/ credlL Lhe clearlng accounL of clearlng members as per lnsLrucLlons recelved from Lhe clearlng corporaLlon A clearlng member can deposlL funds lnLo Lhls accounL ln any form buL can wlLhdraw funds from Lhls accounL only ln selfname Change ln Clearlng 8ank ln case a clearlng member wlshes Lo shlfL a clearlng accounL from one deslgnaLed clearlng bank Lo anoLher Lhe procedure ls as follows (a) 1he CM clearlng member whlle requesLlng Lhe clearlng corporaLlon for a change ln Lhe clearlng bank accounL should elLher (l) lurnlsh Lhe no ob[ecLlon cerLlflcaLe (nCC) recelved by Lhe member from Lhe exlsLlng clearlng bank for shlfLlng of accounL or (ll) ln case no response was recelved by Lhe clearlng member from Lhe exlsLlng clearlng bank ln respecL of Lhe nCC requesL even afLer a mlnlmum walLlng perlod of a forLnlghL a declaraLlon Lo Lhe above effecL along wlLh an acknowledged copy of Lhe nCC requesL made by Lhe member Lo Lhe exlsLlng clearlng bank (b) 1he clearlng corporaLlon would Lhereon lssue a leLLer of lnLroducLlon Lo Lhe oLher deslgnaLed clearlng bank (c) Cn openlng Lhe accounL wlLh Lhe oLher deslgnaLed clearlng bank Lhe clearlng member should submlL Lo Lhe clearlng corporaLlon Lhe accounL parLlculars lssued by Lhe bank and also Lhe acknowledged copy of Lhe leLLer lssued by Lhe clearlng member Lo Lhe clearlng bank (d) 1he clearlng corporaLlon should Lhereon communlcaLe Lhe daLe from whlch Lhe new clearlng accounL wlll be operaLlonal and also Lhe daLe afLer whlch Lhe exlsLlng clearlng accounL may be closed by Lhe clearlng member SeLLlemenL of lunds (a) Members are lnformed of Lhelr funds obllgaLlon for varlous seLLlemenLs Lhrough Lhe dally clearlng daLa download 1he dally funds sLaLemenL 112 glves daLewlse deLalls of each deblL/ credlL LransacLlon ln Lhe member's clearlng accounL whereas Lhe summary sLaLemenL summarlses Lhe same lnformaLlon for a qulck reference (b) 1he member accounL may be deblLed for varlous Lypes of LransacLlons on a dally basls 1he member ls requlred Lo ensure LhaL adequaLe funds are avallable ln Lhe clearlng accounL Lowards all obllgaLlons on Lhe scheduled daLe and Llme 1he member can refer Lo hls varlous obllgaLlon sLaLemenLs and provlde for funds accordlngly (c ) 1o ensure Llmely fulflllmenL of funds obllgaLlo ns members may avall of Lhe faclllLy of sLandlng lnsLrucLlons Lo Lransfer Lhe requlslLe amounL from some oLher accounL Lo Lhe clearlng accounL or a Lemporary overdrafL faclllLy from Lhe bank ln case Lhe member has avalled such a faclllLy Lhe member may furnlsh deLalls of hls obllgaLlon Lo Lhe bank Lo ensure Llmely Lransfer of funds Lowards Lhe same Lo avold lnconvenlence (d) 1he member wlLh a funds payln obllgaLlon ls requlred Lo have clear funds ln hls accounL on or before 1100 am on Lhe scheduled payln day (e) 1he payouL of funds ls credlLed Lo Lhe clearlng accounL of Lhe members on or afLer 130 pm on Lhe scheduled payouL day lunds shorLages ln case Lhere ls a funds shorLage of a parLlcular speclflc value Lradlng ls noL permlLLed and securlLles payouL ls wlLhheld as per Lhe norms ln place from Llme Lo Llme enal Charges enalLles are charged Lo members for (a) lallure Lo fulflll Lhelr funds obllgaLlons (b) lallure Lo fulflll Lhelr securlLles dellverable obllgaLlons ( c ) Cross Lxposure 1urnover vlolaLlons (d) Margln ShorLages (e) SecurlLy ueposlL ShorLages (f) CLher vlolaLlons ln respecL of cllenL code modlflcaLlons nonconflrmaLlon of cusLodlal Lrades company ob[ecLlons reporLed agalnsL Lhe members eLc 47 ShorLages Pandllng Cn Lhe securlLles payln day nSCCL ldenLlfles shorL dellverles and Lhe respecLlve clearlng member ls deblLed by an amounL equlvalenL Lo Lhe securlLles noL dellvered by hlm and valued aL a valuaLlon prlce 1hls ls called a valuaLlon deblL A valuaLlon deblL ls also conducLed for bad dellvery by clearlng members nSCCL conducLs a buylngln aucLlon for securlLy shorLages on Lhe day afLer Lhe payouL day Lhrough Lhe nSL Lradlng sysLem lf Lhe buyln aucLlon prlce ls more Lhan Lhe valuaLlon prlce Lhe member ls requlred Lo make good Lhe dlfference113 471 valuaLlon rlces rlces aL whlch valuaLlon deblLs are conducLed called valuaLlon rlces and are calculaLed as below (l) valuaLlon rlce for fallure Lo dellver for 8egular MarkeL and LlmlLed hyslcal MarkeL ueals 1he valuaLlon prlce for securlLles whlch were noL dellvered on Lhe seLLlemenL day for securlLles ls Lhe closlng prlce of such securlLles on Lhe lmmedlaLe Lradlng day precedlng Lhe payln day for Lhe securlLles (ll) valuaLlon rlce for 8ad uellvery for 8egular MarkeL and Lhe LlmlLed hyslcal MarkeL ueals 1he valuaLlon prlce for securlLles whlch consLlLuLe bad dellverles ls Lhe closlng prlce of such securlLles on Lhe lmmedlaLe Lradlng day precedlng Lhe bad dellvery recLlflcaLlon day for Lhe securlLles 472 CloseouL rocedures All shorLages noL boughLln are deemed closed ouL aL Lhe hlghesL prlce beLween Lhe flrsL day of Lhe Lradlng perlod Llll Lhe day of squarlng off or closlng prlce on Lhe aucLlon day plus 10/20 (as Lhe case may be) 1hls amounL ls credlLed Lo Lhe recelvlng members accounL on Lhe aucLlon payouL day 1he close ouL procedure ls done ln Lhe followlng manner for dlfferenL markeLs and varles from case Lo case (l) lor 8egular MarkeL (a) ln Lhe case of fallure Lo glve dellvery AL Lhe hlghesL prlce prevalllng ln Lhe nSL from Lhe flrsL day of Lhe relevanL Lradlng perlod Llll Lhe day of closlng ouL or 20 above Lhe closlng prlce on Lhe aucLlon day whlchever ls hlgher ln cases of securlLles havlng corporaLe acLlons all cases of shorL dellvery of cum LransacLlons whlch cannoL be aucLloned on cum basls or where Lhe cum basls aucLlon pay ouL ls afLer Lhe book closure/record daLe would be compulsory closed ouL lor compulsory close ouL Lhe followlng formula ls appllcable (l) Plgher of 10 above Lhe closlng prlce of Lhe securlLy ln normal MarkeL on Lhe aucLlon day (ll) 1he hlghesL Lraded prlce from flrsL Lradlng day of Lhe seLLlemenL Llll Lhe aucLlon day (b) ln Lhe case of non recLlflcaLlon/replacemenL for bad dellvery A L L h e hlghesL prlce prevalllng ln Lhe nSL from Lhe flrsL day of Lhe relevanL Lradlng perlod Llll Lhe day of Lhe closlng ouL or 20 above Lhe offlclal closlng prlce on Lhe aucLlon day whlchever ls hlgher ( c ) ln Lhe case of non recLlflcaLlon/replacemenL for ob[ecLlon cases AL 20 above Lhe offlclal closlng prlce on Lhe aucLlon day (ll) lor LlmlLed hyslcal MarkeL ueals (a) ln Lhe case of fallure Lo glve dellvery AL 20 over Lhe acLual Lrade prlce (b) ln Lhe case of non recLlflcaLlon/replacemenL for bad dellvery AL 10 over Lhe acLual Lrade prlce 114 ( c ) ln Lhe case of non recLlflcaLlon/replacemenL for ob[ecLlon cases AL 20 above Lhe offlclal closlng prlce ln regular markeL on Lhe aucLlon day (lll) AucLlon MarkeL (a) ln Lhe case of aucLlon non dellvery When Lhe aucLlon seller falls Lo dellver ln parL or full on aucLlon payln day Lhe deal ls squared up aL Lhe hlghesL prlce prevalllng ln Lhe nSL from Lhe flrsL day of Lhe relevanL Lradlng perlod Llll Lhe day of closlng ouL or 20 over Lhe offlclal closlng prlce on Lhe close ouL day whlchever ls hlgher and ls charged Lo Lhe aucLlon seller unless oLherwlse speclfled (b) ln Lhe case of an aucLlon bad dellvery An aucLlon dellvery reporLed as bad dellvery ls squared up aL Lhe hlghesL prlce prevalllng ln Lhe nSL from Lhe flrsL day of Lhe relevanL Lradlng perlod Llll Lhe day of closlng ouL or 10 over Lhe offlclal closlng prlce on Lhe close ouL day whlchever ls hlgher and wlll be charged Lo Lhe aucLlon seller unless oLherwlse speclfled (lv) 8ecLlfled/8eplaced bad dellverles reporLed as bad dellvery (8ebad dellvery) (a) lor 8egular MarkeL ueals AL Lhe hlghesL prlce prevalllng ln Lhe nSL from Lhe flrsL day of Lhe relevanL Lradlng perlod Llll Lhe day of Lhe closlng ouL or 10 above Lhe offlclal closlng prlce on Lhe aucLlon day whlchever ls hlgher (b) lor LlmlLed hyslcal ueals 8ecLlfled / replaced shares reporLed as bad dellvery (8ebad dellvery) ls squared up aL 10 over Lhe acLual Lrade prlce (v) Company ob[ecLlon cases reporLed as bad dellvery 8ecLlfled /replaced company ob[ecLlon reporLed as bad dellvery ls squared up aL 10 above Lhe offlclal closlng prlce on Lhe aucLlon day (vl) C lose ouL prlce for deleLed securlLy SecurlLy for whlch Lradlng has been dlsconLlnued on Lhe Lxchange (herelnafLer referred Lo as deleLed securlLy) c lose ouL shall be Lhe lasL 26 weeks average Lrade prlce on Lhe exchange wlLh a close ouL mark up of 20 (vll) ueleLed securlLy on accounL of paymenL of addlLlonal call money ln Lhe case of securlLles for whlch Lradlng has been dlsconLlnued on Lhe Lxchange on accounL of paymenL of addlLlonal call money (deleLed securlLy) Lhe securlLy where Lhe respecLlve call money has been pald (new securlLy) wlll be consldered Lo arrlve aL Lhe closlng prlce Company ob[ecLlons recelved ln Lhe deleLed securlLy wlll be requlred Lo be reporLed ln Lhe new securlLy symbol / serles ln case Lhe new securlLy ls noL avallable for Lhe reason of such securlLy noL belng lnLroduced for Lradlng on Lhe Lxchange/Lradlng 113 belng dlsconLlnued on Lhe Lxchange company ob[ecLlons wlll be requlred Lo be reporLed ln Lhe deleLed securlLy and closlng prlce for such deleLed securlLy wlll be aL 20 over Lhe offlclal closlng prlce on Lhe lasL Lraded day of Lhe deleLed securlLy on Lhe Lxchange (vlll) ueleLed securlLy on accounL of paymenL of redempLlon ln Lhe case of securlLles for whlch Lradlng has been dlsconLlnued on Lhe Lxchange on accounL of redempLlon (deleLed securlLy) Lhe securlLy (wlLh Lhe new face value afLer redempLlon) lnLroduced for Lradlng by Lhe Lxchange (new securlLy) wlll be consldered Lo arrlve aL Lhe closlng prlce Company ob[ecLlons recelved ln Lhe deleLed securlLy wlll be requlred Lo be reporLed ln Lhe new securlLy symbol / serles and members wlll be enLlLled Lo clalm redempLlon amounL as corporaLe beneflL ln case Lhe new securlLy ls noL avallable for Lhe reason of such securlLy noL belng lnLroduced for Lradlng on Lhe Lxchange / Lradlng belng dlsconLlnued on Lhe Lxchange on accounL of full redempLlon company ob[ecLlons wlll be requlred Lo be reporLed ln L he deleLed securlLy and closlng prlce for such deleLed securlLy wlll be aL 20 over Lhe offlclal closlng prlce on Lhe lasL Lraded day of Lhe deleLed securlLy on Lhe Lxchange (lx) ueleLed securlLy on accounL of merger / amalgamaLlon / hlve off / scheme of resLrucLurlng ln Lhe case of securlLles for whlch Lradlng has been dlsconLlnued on Lhe Lxchange on accounL of merger / amalgamaLlon/ scheme of resLrucLurlng (deleLed securlLy) Lhe securlLy wlLh whlch Lhe deleLed securlLy ls merged / amalgamaLed / hlved off / resLrucLured lnLo (new securlLy) wlll be consldered Lo arrlve aL Lhe closlng prlce Closlng prlce for such deleLed securlLy wlll be Lhe offlclal closlng prlce of Lhe new securlLy on Lhe aucLlon day prevalenL on Lhe Lxchange ln case where Lhe prlce of Lhe new securlLy ls noL avallable for Lhe reason of such securlLy noL belng Lraded on Lhe Lxchange Lhe closlng prlce for such deleLed securlLy wlll be aL 20 over Lhe offlclal closlng prlce on Lhe lasL Lraded day of deleLed securlLy on Lhe Lxchange ln case where more Lhan one securlLy (addlLlonal securlLles) ls belng glven by Lhe company ln lleu of Lhe deleLed securlLy Lhe clalm of company ob[ecLlon lodged for such deleLed securlLy shall be seLLled as follows (a) lf such addlLlonal securlLles are Lraded on Lhe Lxchange ln Lhe raLlo ln whlch Lhey have been lssued by Lhe company (b) lf any one or more of Lhese addlLlonal securlLles are noL Lraded on any SLock Lxchange no clalm shall arlse for such securlLy noL Lraded (c) lf any one or more of Lhese addlLlonal securlLles are noL Lraded on Lhe Lxchange buL Lraded on some oLher SLock Lxchanges Lhe relevanL closlng prlce of such securlLles shall be Lhe closlng prlce on Lhe 8eglonal Lxchange Lo be noLlfled by nSCCL (x) Close ouL prlce for bonds (a) ln case of fallure Lo glve dellvery non recLlflcaLlon/replacemenL of bad dellvery recLlfled/replaced bad dellvery subsequenLly reporLed as re116 bad aucLlon nondellvery and aucLlon dellvery reporLed as bad dellvery closlng ouL prlce wlll be Lhe hlghesL raLe prevalllng on Lhe Lxchange from Lhe flrsL day of Lhe relevanL Lradlng perlod Llll Lhe day of closlng ouL or 3 over Lhe offlclal closlng prlce on Lhe aucLlon day whlchever ls hlgher (b) ln case of non recLlflcaLlon / replacemenL of company ob[ecLlon and recLlfled/replaced company ob[ecLlons reporLed as bad dellvery closlng prlce wlll be 3 over Lhe offlclal closlng prlce on Lhe aucLlon day 48 8lsks ln SeLLlemenL 1he followlng Lwo klnds of rlsks are lnherenL ln a seLLlemenL sysLem (l) CounLerparLy 8lsk 1hls arlses lf parLles do noL dlscharge Lhelr obllgaLlons fully when due or aL any Llme LhereafLer 1hls has Lwo componenLs namely replacemenL cosL rlsk prlor Lo seLLlemenL and prlnclpal rlsk durlng seLLlemenL (a) 1he replacemenL cosL rlsk arlses from Lhe fallure of one of Lhe parLles Lo LransacLlon Whlle Lhe nondefaulLlng parLy Lrles Lo replace Lhe orlglnal LransacLlon aL currenL prlces he loses Lhe proflL LhaL has accrued on Lhe LransacLlon beLween Lhe daLe of orlglnal LransacLlon and daLe of replacemenL LransacLlon 1he seller/buyer of Lhe securlLy loses Lhls unreallsed proflL lf Lhe currenL prlce ls below/above Lhe LransacLlon prlce 8oLh parLles encounLer Lhls rlsk as prlces are uncerLaln lL has been reduced by reduclng Llme gap beLween LransacLlon and seLLlemenL and by legally blndlng neLLlng sysLems (b) 1he prlnclpal rlsk arlses lf a parLy dlscharges hls obllgaLlons buL Lhe counLerparLy defaulLs 1he seller/buyer of Lhe securlLy suffers Lhls rlsk when he dellvers/makes paymenL buL does noL recelve paymenL/dellvery 1hls rlsk can be ellmlnaLed by dellvery vs paymenL mechanlsm whlch ensures dellvery only agalnsL paymenL 1hls has been reduced by havlng a cenLral counLerparLy (nSCCL) whlch becomes Lhe buyer Lo every seller and Lhe seller Lo every buyer A varlanL of counLerparLy rlsk ls llquldlLy rlsk whlch arlses lf one of Lhe parLles Lo LransacLlon does noL seLLle on Lhe seLLlemenL daLe buL laLer 1he seller/buyer who does noL recelve paymenL/dellvery when due may have Lo borrow funds/securlLles Lo compleLe hls paymenL/dellvery obllgaLlons AnoLher varlanL ls Lhe Lhlrd parLy rlsk whlch arlses lf Lhe parLles Lo Lrade are permlLLed or requlred Lo use Lhe servlces of a Lhlrd parLy whlch falls Lo perform lor example Lhe fallure of a clearlng bank whlch helps ln paymenL can dlsrupL seLLlemenL 1hls rlsk ls reduced by allowlng parLles Lo have accounLs wlLh mulLlple banks Slmllarly Lhe users of cusLodlal servlces face rlsk lf Lhe concerned cusLodlan becomes lnsolvenL acLs negllgenLly eLc (ll) SysLem 8lsk 1hls comprlses of operaLlonal legal and sysLemlc rlsks 1he operaLlonal rlsk arlses from posslble operaLlonal fallures such as errors fraud ouLages eLc 1he legal rlsk arlses lf Lhe laws or regulaLlons do noL supporL enforcemenL of seLLlemenL obllgaLlons or are uncerLaln SysLemlc rlsk arlses when fallure of one of Lhe parLles Lo dlscharge hls obllgaLlons leads Lo fallure by oLher 117 parLles 1he domlno effecL of successlve fallures can cause a fallure of Lhe seLLlemenL sysLem 1hese rlsks have been conLalned by enforcemenL of an elaboraLe marglnlng and caplLal adequacy sLandards Lo secure markeL lnLegrlLy seLLlemenL guaranLee funds Lo provlde counLerparLy guaranLee legal backlng for seLLlemenL acLlvlLles and buslness conLlnulLy plan eLc 49 8lsk ManagemenL A sound rlsk managemenL sysLem ls lnLegral Lo/prerequlslLe for an efflclenL clearlng and seLLlemenL sysLem 1he naLlonal SecurlLles Clearlng CorporaLlon LLd (nSCCL) a wholly owned subsldlary of nSL was lncorporaLed ln AugusL 1993 and commenced clearlng operaLlons ln Aprll 1996 nSCCL ensures LhaL Lradlng members' obllgaLlons are commensuraLe wlLh Lhelr neL worLh and has puL ln place a comprehenslve rlsk managemenL sysLem whlch ls consLanLly monlLored and upgraded Lo preempL markeL fallures 1he rlsk conLalnmenL measures are dlscussed below 491 CaplLal Adequacy 8equlremenLs 1he Lradlng members are requlred Lo provlde llquld asseLs whlch adequaLely cover varlous marglns mlnlmum caplLal requlremenLs Llquld asseLs of Lhe member lnclude Lhelr lnlLlal membershlp deposlLs lncludlng Lhe securlLy deposlLs Members may provlde addlLlonal collaLeral deposlL Lowards llquld asseLs over and above Lhelr mlnlmum membershlp deposlL requlremenLs (see Lable 44) 1he accepLable forms of caplLal Lowards llquld asseLs and Lhe appllcable halrcuLs are llsLed below (l) Cash LqulvalenLs C a s h bank flxed deposlLs wlLh approved cusLodlans bank guaranLees from approved banks and governmenL securlLles wlLh 10 halrcuL unlLs of llquld muLual funds or governmenL securlLles muLual funds wlLh 10 halrcuL (ll) CLher Llquld asseLs (a) Llquld (Croup l) LqulLy Shares ln demaL form as speclfled by nSCCL from Llme Lo Llme deposlLed wlLh approved cusLodlans PalrcuLs applled are equlvalenL Lo Lhe va8 margln for Lhe respecLlve securlLles (b) MuLual fund unlLs oLher Lhan Lhose llsLed under cash equlvalenLs declded by nSCCL from Llme Lo Llme PalrcuL equlvalenL Lo Lhe va8 margln for Lhe unlLs compuLed uslng Lhe Lraded prlce lf avallable or else uslng Lhe nAv of Lhe unlL LreaLlng lL as a llquld securlLy118 1able 44 CaplLal Adequacy norms for Membershlp on nSL (8s ln lakh)
1 no addlLlonal neLworLh ls requlred for self clearlng members A neLworLh of 8s 300 Lakh however ls requlred for 1MCM and CM 2 3 AddlLlonal 8s 23 Lakh ls requlred for clearlng membershlps (SCM 1MCM) ln addlLlon Lhe clearlng member ls requlred Lo brlng ln llSu of 8s 2 Lakh and CSu of 8s 8 Lakh per Lradlng member he underLakes Lo clear and seLLle (lll) AddlLlonal CaplLal Members may provlde addlLlonal margln/collaLeral deposlL (addlLlonal caplLal) Lo nSCCL over and above Lhelr mlnlmum deposlL requlremenLs Lowards marglns and/ or oLher obllgaLlons Clearlng members can submlL such deposlLs ln any one form or comblnaLlon of Lhe followlng forms (a) Cash (b) llxed deposlL recelpLs wlLh approved cusLodlans ( c ) 8ank guaranLee from approved banks (d) Approved securlLles ln demaL form deposlLed wlLh approved cusLodlans 492 Marglns Marglns form a key parL of Lhe rlsk managemenL sysLem ln Lhe sLock markeLs Lhere ls always an uncerLalnLy ln Lhe movemenL of share prlces 1hls uncerLalnLy leads Lo rlsk whlch ls addressed by marglnlng sysLem of sLock markeLs LeL us undersLand Lhe concepL of marglns wlLh Lhe help of a followlng example Lxample Suppose an lnvesLor purchases 1000 shares of 'xyz' company aL 8s100/ on !anuary 1 2008 lnvesLor has Lo glve Lhe purchase amounL of 8s100000/ (1000 x 100) Lo hls broker on or before !anuary 2 2008 8roker ln Lurn has Lo glve Lhls money Lo sLock exchange on !anuary 3 2008 1here ls always a small chance LhaL Lhe lnvesLor may noL be able Lo brlng Lhe requlred money by requlred daLe As an advance for buylng Lhe shares lnvesLor ls requlred Lo pay a porLlon of Lhe LoLal amounL of 8s100000/ Lo Lhe broker aL Lhe Llme of placlng Lhe buy order SLock exchange ln Lurn collecLs slmllar amounL from Lhe broker upon execuLlon of Lhe order 1hls lnlLlal Loken paymenL ls called margln lL ls lmporLanL Lo remember LhaL for every buyer Lhere ls a seller and lf Lhe buyer does noL brlng Lhe money seller may noL geL hls / her money and vlce versa 1herefore margln ls levled on Lhe seller also Lo ensure LhaL he/she glves Lhe 100 shares sold Lo Lhe broker who ln Lurn glves lL Lo Lhe sLock exchange ln Lhe above example assume LhaL margln was 13 1haL ls lnvesLor has Lo glve 8s13000/(13 of 8s100000/) Lo Lhe broker before buylng now suppose LhaL lnvesLor boughL Lhe shares aL 11 am on !anuary 1 2008 Assume LhaL by Lhe end of Lhe day prlce of Lhe share falls by 8s23/ 1haL ls LoLal value of Lhe shares has come down Lo 8s73000/ 1haL ls buyer has suffered a noLlonal loss of 8s23000/ arLlculars CM and lC segmenL CM WuM and lC segmenL neL worLh 1 100 200 lnLeresL free securlLy deposlL (llSu) 2 123 273 CollaLeral securlLy deposlL (CSu) 3 23 23 Annual subscrlpLlon 1 2119 ln our example buyer has pald 8s13000/ as margln buL Lhe noLlonal loss because of fall ln prlce ls 8s23000/ 1haL ls noLlonal loss ls more Lhan Lhe margln glven ln such a slLuaLlon Lhe buyer may noL wanL Lo pay 8s100000/ for Lhe shares whose value has come down Lo 8s73000/ Slmllarly lf Lhe prlce has gone up by 8s23/ Lhe seller may noL wanL Lo glve Lhe shares aL 8s100000/ 1o ensure LhaL boLh buyers and sellers fulflll Lhelr obllgaLlons lrrespecLlve of prlce movemenLs noLlonal losses are also need Lo be collecLed rlces of shares keep on movlng every day Marglns ensure LhaL buyers brlng money and sellers brlng shares Lo compleLe Lhelr obllgaLlons even Lhough Lhe prlces have moved down or up lmposlLlon of Marglns lor lmposlLlon of marglns Lhe sLocks are caLegorlzed on basls of Lhelr Lradlng frequency and lmpacL cosL 1 0 (see Lable 43) 1he crlLerla for caLegorlzaLlon of sLocks for lmposlLlon of marglns ls menLloned below (a) 1he securlLles are classlfled lnLo Lhree groups based on Lhelr llquldlLy 1he sLocks whlch have Lraded aLleasL 80 of Lhe days for Lhe prevlous slx monLhs consLlLuLe Croup l (Llquld SecurlLles) and Croup ll (Less Llquld SecurlLles) CuL of Lhe scrlps ldenLlfled above Lhe scrlps havlng mean lmpacL cosL of less Lhan or equal Lo 1 are caLegorlzed under Croup l and Lhe scrlps where Lhe lmpacL cosL ls more Lhan 1 are caLegorlzed under Croup ll 1he remalnlng sLocks are classlfled lnLo Croup lll (llllquld SecurlLles) (b) 1he lmpacL cosL ls calculaLed on Lhe 13Lh of each monLh on a rolllng basls conslderlng Lhe order book snapshoLs of Lhe prevlous slx monLhs Cn Lhe basls of Lhe lmpacL cosL so calculaLed Lhe scrlps are moved from one group Lo anoLher group from Lhe 1sL of Lhe nexL monLh 1able 43 lmposlLlon of Marglns Croup 1radlng frequency (over Lhe prevlous slx monLhs*) lmpacL CosL (over Lhe prevlous slx monLhs*) Llquld SecurlLles (Croup l) AL leasL 80 of Lhe days Less Lhan or equal Lo 1
Less Llquld SecurlLles (Croup ll) AL leasL 80 of Lhe days More Lhan 1 llllquld SecurlLles (Croup lll) Less Lhan 80 of Lhe days n/A * lor securlLles LhaL have been llsLed for less Lhan 6 monLhs Lhe Lradlng frequency and Lhe lmpacL cosL ls compuLed uslng Lhe hlsLory of Lhe scrlp CaLegorlsaLlon of newly LlsLed SecurlLles (a) lor Lhe flrsL monLh and Llll Lhe Llme of monLhly revlew a newly llsLed securlLy ls caLegorlsed ln LhaL group where Lhe markeL caplLallzaLlon of Lhe newly llsLed securlLy exceeds or equals Lhe markeL caplLallzaLlon of 80
10 lmpacL cosL represenLs Lhe cosL of execuLlng a LransacLlon ln a glven sLock for a speclflc predeflned order slze aL any glven polnL of Llme120 of Lhe securlLles ln LhaL parLlcular group SubsequenLly afLer one monLh whenever Lhe nexL monLhly revlew ls carrled ouL Lhe acLual Lradlng frequency and lmpacL cosL of Lhe securlLy ls compuLed Lo deLermlne Lhe llquldlLy caLegorlzaLlon of Lhe securlLy (b) ln case any corporaLe acLlon resulLs ln a change ln lSln Lhen Lhe securlLles bearlng Lhe new lSln ls LreaLed as newly llsLed securlLy for group caLegorlzaLlon 1ypes of Marglns ually marglns payable by Lhe Lradlng members ln Lhe Cash markeL conslsLs of Lhe followlng (l) value aL 8lsk (va8) margln (ll) Mark Lo MarkeL Margln (lll) LxLreme Loss Margln 1he marglns are compuLed aL cllenL level A member enLerlng an order needs Lo enLer Lhe cllenL code 8ased on Lhls lnformaLlon margln ls compuLed aL Lhe cllenL level whlch wlll be payable by Lhe Lradlng members on upfronL basls LeL us see ln deLalls whaL ls meanL by Lhese marglns value aL 8lsk Margln va8 ls a slngle number whlch encapsulaLes whole lnformaLlon abouL Lhe rlsk ln a porLfollo lL measures poLenLlal loss from an unllkely adverse evenL ln a normal markeL envlronmenL lL lnvolves uslng hlsLorlcal daLa on markeL prlces and raLes Lhe currenL porLfollo poslLlons and models (eg opLlon models bond models) for prlclng Lhose poslLlons 1hese lnpuLs are Lhen comblned ln dlfferenL ways dependlng on Lhe meLhod Lo derlve an esLlmaLe of a parLlcular percenLlle of Lhe loss dlsLrlbuLlon Lyplcally Lhe 99 Lh percenLlle loss CompuLaLlon of va8 Margln va8 Margln ls a margln lnLended Lo cover Lhe largesL loss LhaL can be encounLered on 99 of Lhe days (99 value aL 8lsk) lor llquld securlLles Lhe margln covers oneday losses whlle for llllquld securlLles lL covers Lhreeday losses so as Lo allow Lhe clearlng corporaLlon Lo llquldaLe Lhe poslLlon over Lhree days 1hls leads Lo a scallng facLor of square rooL of Lhree for llllquld securlLles lor llquld securlLles Lhe va8 marglns are based only on Lhe volaLlllLy of Lhe securlLy whlle for oLher securlLles Lhe volaLlllLy of Lhe markeL lndex ls also used ln Lhe compuLaLlon (see Lable 46) Some ueflnlLlons CompuLaLlon of Lhe va8 margln requlres Lhe followlng deflnlLlons (a) SecurlLy slgma lL means Lhe volaLlllLy of Lhe securlLy compuLed as aL Lhe end of Lhe prevlous Lradlng day 1he compuLaLlon uses Lhe exponenLlally welghLed movlng average meLhod applled Lo dally reLurns ln Lhe same manner as ln Lhe derlvaL lves markeL (b) SecurlLy va8 lL means Lhe hlgher of 73 or 33 securlLy slgmas (c) lndex slgma lL means Lhe dally volaLlllLy of Lhe markeL lndex (S Cnx nlfLy or 8SL Sensex) compuLed as aL Lhe end of Lhe prevlous Lradlng day 1he compuLaLlon uses Lhe exponenLlally welghLed movlng average meLhod applled Lo dally reLurns ln Lhe same manner as ln Lhe derlvaLlves markeL 121 (d) lndex va8 lL means Lhe hlgher of 3 or 3 lndex slgmas 1he hlgher of Lhe Sensex va8 or nlfLy va8 would be used for Lhls purpose 1able 46 va8 Marglns for ulfferenL Croups of SecurlLles All securlLles are classlfled lnLo Lhree groups for Lhe purpose of va8 margln as dlscussed above lor Lhe securlLles llsLed ln Croup l scrlp wlse dally volaLlllLy calculaLed uslng Lhe exponenLlally welghLed movlng average meLhodology applled Lo dally reLurns 1he scrlp wlse dally va8 would be 33 Llmes Lhe volaLlllLy so calculaLed sub[ecL Lo a mlnlmum of 73 lor Lhe securlLles llsLed ln Croup ll Lhe va8 margln ls hlgher of scrlp va8 (33 slgma) or Lhree Llmes Lhe lndex va8 and lL shall be scaled up by rooL 3 (v 3 ) lor Lhe securlLles llsLed ln Croup lll Lhe va8 margln would be equal Lo flve Llmes Lhe lndex va8 and scaled up by v 3 upfronL margln raLes (va8 margln + LxLreme Loss Margln) appllcable for all securlLles ln 1rade for 1rade Survelllance (1l1S) shall be 100 va8 margln raLe for a securlLy consLlLuLes Lhe followlng (a) value aL 8lsk (va8) based margln whlch ls arrlved aL based on Lhe meLhods sLaLed above 1he lndex va8 for Lhe purpose would be Lhe hlgher of Lhe dally lndex va8 based on S Cnx nll1? or 8SL SLnSLx 1he lndex va8 would be sub[ecL Lo a mlnlmum of 3 (b) SecurlLy Speclflc Margln nSCCL may sLlpulaLe securlLy speclflc marglns for Lhe securlLles from Llme Lo Llme 1he va8 margln raLe compuLed as menLloned above wlll be charged on Lhe neL ouLsLandlng poslLlon (buy valuesell) of Lhe respecLlve cllenLs on Lhe respecLlve securlLles across all open seLLlemenLs 1here would be no neLLlng off of poslLlons across dlfferenL seLLlemenLs 1he neL poslLlon aL a cllenL level for a member are arrlved aL and LhereafLer lL ls grossed across all Lhe cllenLs lncludlng proprleLary poslLlon Lo arrlve aL Lhe gross open poslLlon lor example ln case of a member lf cllenL A has a buy poslLlon of 1000 ln a securlLy and cllenL 8 has a sell poslLlon of 1000 ln Lhe same securlLy Lhe neL poslLlon of Lhe member ln Lhe securlLy would be Laken as 2000 1he buy poslLlon of cllenL A and sell poslLlon of cllenL 8 ln Lhe same securlLy would noL be neLLed lL would be summed up Lo arrlve aL Lhe member's open poslLlon for Lhe purpose of margln calculaLlon CollecLlon of va8 Margln 1he va8 margln ls collecLed on an upfronL basls by ad[usLlng agalnsL Lhe LoLal llquld asseLs of Lhe member aL Lhe Llme of Lrade 1he va8 LlquldlLy CaLegorlzaLlon Cneuay va8 Scallng facLor for llllquldlLy va8 Margln Llquld SecurlLles (Croup l) SecurlLy va8 100 SecurlLy va8 Less Llquld SecurlLles (Croup ll) Plgher of SecurlLy va8 and Lhree Llmes lndex va8 173 (square rooL of 300) Plgher of 173 Llmes SecurlLy va8 and 320 Llmes lndex va8 llllquld SecurlLles (Croup lll) llve Llmes lndex va8 173 (square rooL of 300) 866 Llmes lndex va8122 margln ls collecLed on Lhe gross open poslLlon of Lhe member 1he gross open poslLlon for Lhls purpose would mean Lhe gross of all neL poslLlons across all Lhe cllenLs of a member lncludlng lLs proprleLary poslLlon lor Lhls purpose Lhere would be no neLLlng of poslLlons across dlfferenL seLLlemenLs upfronL margln raLes (va8 margln + LxLreme Loss Margln) appllcable for all securlLles ln 1rade for 1rade Survelllance (1l1S) shall be 100 1he lnLraday vA8 flles ls generaLed based on Lhe prlces aL 1100 am 1230 pm 200 pm and 330 pm everyday Such lnLraday vA8 flles are used for marglnlng of lnLraday member poslLlons ln addlLlon Lo Lhe above a vA8 flle aL end of day and begln of day ls provlded and Lhe same ls appllcable on Lhe poslLlons for nexL Lradlng day MarkLoMarkeL Margln Mark Lo markeL loss ls calculaLed by marklng each LransacLlon ln securlLy Lo Lhe closlng prlce of Lhe securlLy aL Lhe end of Lradlng ln case Lhe securlLy has noL been Lraded on a parLlcular day Lhe laLesL avallable closlng prlce aL Lhe nSL ls Lo be consldered as Lhe closlng prlce ln case Lhe neL ouLsLandlng poslLlon ln any securlLy ls nll Lhe dlfference beLween Lhe buy and sell values ls consldered as noLlonal loss for Lhe purpose of calculaLlng Lhe mark Lo markeL margln payable 1he mark Lo markeL margln (M1M) ls collecLed from Lhe member before Lhe sLarL of Lhe Lradlng of Lhe nexL day 1he M1M margln ls collecLed/ad[usLed from/agalnsL Lhe cash/cash equlvalenL componenL of Lhe llquld neL worLh deposlLed wlLh Lhe Lxchange 1he M1M margln ls collecLed on Lhe gross open poslLlon of Lhe member 1he gross open poslLlon means Lhe gross of all neL poslLlons across all Lhe cllenLs of a member lncludlng lLs proprleLary poslLlon lor Lhls purpose Lhe poslLlon of a cllenL would be neLLed across lLs varlous securlLles and Lhe poslLlons of all Lhe cllenLs of a broker would be grossed 1here would be no neLLlng off of Lhe poslLlons and seLoff agalnsL M1M proflLs across Lwo rolllng seLLlemenLs le 1 day and 11 day Powever for compuLaLlon of M1M proflLs/losses for Lhe day neLLlng or seLoff agalnsL M1M proflLs would be permlLLed ln case of 1rade for 1rade SegmenL (1l1 segmenL) each Lrade ls marked Lo markeL based on Lhe closlng prlce of LhaL securlLy 1he M1M margln so collecLed ls released on compleLlon of payln of Lhe seLLlemenL Lxample LeL us undersLand Lhe M1M compuLaLlon wlLh Lhe help of Lhe followlng example CllenL SecurlLy 11 day 1 day 1oLal proflL/loss of CllenL M1M for broker CllenL A SecurlLy x 800 300 SecurlLy ? 300 1200 1oLal 300 900 900123 CllenL SecurlLy 11 day 1 day 1oLal proflL/loss of CllenL M1M for broker CllenL 8 SecurlLy Z 700 400 SecurlLy W 1000 800 1oLal 300 400 300 CllenL C SecurlLy x 1000 300 SecurlLy Z 1300 800 1oLal 300 300 800 CllenL u SecurlLy ? 700 200 SecurlLy 8 300 800 1oLal 400 600 1000 Member 2000 lor a CllenL A hls M1M proflL/ loss would be calculaLed separaLely for hls poslLlons on 1 1 and 1 day (Lwo dlfferenL rolllng seLLlemenLs) lor Lhe same day poslLlons of Lhe cllenL hls losses ln some securlLles can be seL off/neLLed agalnsL proflLs of some oLher securlLles 1hus we would arrlve aL Lhe M1M loss/proflL flgures of Lhe Lwo dlfferenL days 1 and 11 1hese Lwo flgures cannoL be neLLed Any loss wlll have Lo be collecLed and same wlll noL be seLoff agalnsL proflL arlslng ouL of poslLlons of Lhe oLher day 1hus as sLaLed above M1M proflLs / losses would be compuLed for each of Lhe cllenLs CllenL A CllenL 8 CllenL C eLc As regards collecLlon of margln from Lhe broker Lhe M1M would be grossed across all Lhe cllenLs le no seLoff of loss of one cllenL wlLh Lhe proflL of anoLher cllenL ln oLher words only Lhe losses wlll be added Lo glve Lhe LoLal M1M loss LhaL Lhe broker has Lo deposlL wlLh Lhe exchange ln Lhls example Lhe broker has Lo deposlL M1M Margln of 8s 2000 LxLreme Loss Margln 1he LxLreme Loss Margln for any securlLy ls hlgher of (a) 3 or (b) 13 Llmes Lhe sLandard devlaLlon of dally logarlLhmlc reLurns of Lhe securlLy prlce ln Lhe lasL slx monLhs 1hls compuLaLlon ls done aL Lhe end of each monLh by Laklng Lhe prlce daLa on a rolllng basls for Lhe pasL slx monLhs and Lhe resulLlng value ls appllcable for Lhe nexL monLh 1he LxLreme Loss Margln ls collecLed/ ad[usLed agalnsL Lhe LoLal llquld asseLs of Lhe member on a real Llme basls 1he LxLreme Loss Margln ls collecLed on Lhe gross open poslLlon of Lhe member 1he gross open poslLlon for Lhls purpose would mean Lhe gross of all neL poslLlons across all Lhe cllenLs of a member lncludlng lLs proprleLary poslLlon 1here would be no neLLlng off of poslLlons across dlfferenL seLLlemenLs 1he LxLreme Loss Margln collecLed ls released on compleLlon of payln of Lhe seLLlemenL 124 Cross Marglnlng An offseLLlng poslLlon for a cllenL ln dlfferenL segmenLs has lower rlsk as loss on one poslLlon ls offseL by proflL ln Lhe oLher poslLlo n An example for an offseLLlng poslLlon can be a buy poslLlon of 100 ln securlLy A" ln caplLal markeL and shorL poslLlon of 100 ln sLock fuLures of securlLy A" ln derlvaLlve segmenL As Lhe rlsk of Lhe offseLLlng poslLlons ls lower Lhe margln requlremenL for Lhe comblned poslLlons has Lo be lower whlch ls consldered as cross marglnlng 1he beneflL of cross marglnlng ls provlded on Lhe followlng off seLLlng poslLlons a lndex fuLures and consLlLuenL sLock fuLures for same explry ln lC segmenL b lndex fuLures and consLlLuenL sLock poslLlons ln Cash segmenL c SLock fuLures ln lC segmenL and sLock poslLlons ln Cash segmenL 1he offseLlng poslLlons ln respecL of (a) and (b) above are compuLed conslderlng Lhe welghLage of LhaL securlLy ln Lhe lndex A flle ls provlded by nSL on lLs webslLe wwwnselndlacom provldlng mlnlmum number of unlLs of sLock/sLock fuLure requlred Lo offseL poslLlon ln lndex fuLure 1he number of unlLs ls changed only ln case of change ln share caplLal of Lhe consLlLuenL securlLy due Lo corporaLe acLlon or lssue of addlLlonal share caplLal or change ln Lhe consLlLuenLs of Lhe lndex 1he cross marglnlng beneflLs are compuLed and provlded on an onllne real Llme basls ln respecL of all exlsLlng and conflrmed poslLlons 1he offseLLlng poslLlons are marglned only Lo Lhe exLenL of 23 of all appllcable marglns (all upfronL marglns le lnlLlal marglns and Lxposure marglns) Margln ShorLfall ln case of any shorLfall ln margln (a) 1he members are noL permlLLed Lo Lrade wlLh lmmedlaLe effecL (b) enalLy for margln vlolaLlon enalLy appllcable for margln vlolaLlon ls levled on a monLhly basls based on slabs as menLloned below ln 1able 47 1able 47 enalLy for Margln ShorLfall lnsLances of ulsablemenL enalLy Lo be levled 1sL lnsL a n c e 007 per day 2nd Lo 3Lh lnsLance of dlsablemenL 007 per day +8s3000/ per lnsLance from 2nd Lo 3Lh lnsLance 6Lh Lo 10Lh lnsLance of dlsablemenL 007 per day+ 8s 20000 ( for 2nd Lo 3Lh lnsLance) +8s10000/ per lnsLance from 6Lh Lo 10Lh lnsLance 11Lh lnsLance onwards 007 per day +8s 70000/ (for 2nd Lo 10Lh lnsLance) +8s10000/ per lnsLance from 11Lh lnsLance onwards AddlLlonally Lhe member wlll be referred Lo Lhe ulsclpllnary AcLlon CommlLLee for sulLable acLlon123 lnsLances as menLloned above refer Lo all dlsablemenLs durlng markeL hours ln a calendar monLh 1he penal charge of 007 per day ls appllcable on all dlsablemenLs due Lo margln vlolaLlon anyLlme durlng Lhe day Marglns for lnsLlLuLlonal deals As speclfled by SL8l 1 1 all lnsLlLuLlonal LransacLlons should be marglned ln Lhe caplLal markeL segmenL from 1+1 day subsequenL Lo conflrmaLlon of Lhe LransacLlons by Lhe cusLodlans lor Lhls purpose lnsLlLuLlonal lnvesLors lnclude (a) lorelgn lnsLlLuLlonal lnvesLors (llls) reglsLered wlLh SL8l (b) MuLual lunds (Mls) reglsLered wlLh SL8l ( c ) ubllc llnanclal lnsLlLuLlons as deflned under SecLlon 4A of Lhe Companles AcL 1936 (d) 8anks le a banklng company as deflned under SecLlon 3(1)(c) of Lhe 8anklng 8egulaLlons AcL 1949 (e) lnsurance companles reglsLered wlLh l8uA (f) enslon lunds regulaLed by enslon lund 8egulaLory and uevelopmenL AuLhorlLy (l8uA) Levy of margln for lnsLlLuLlonal deals (l) lnsLlLuLlonal LransacLlons are ldenLlfled by Lhe use of Lhe parLlclpanL code aL Lhe Llme of order enLry (ll) 1ransacLlons enLered lnLo on behalf of cusLodlal parLlclpanLs le carrylng cusLodlal parLlclpanL code ls consldered as lnsLlLuLlonal deals unless noL conflrmed by Lhe respecLlve cusLodlans ln whlch case Lhe LransacLlons are consldered as a normal LransacLlons and all appllcable marglns are levled on Lhe members (lll) Members may also enLer lnS1" code ln Lhe cusLodlal parLlclpanL code aL Lhe Llme of enLerlng orders on behalf of Lhe lnsLlLuLlonal cllenLs (lv) Members are requlred Lo allocaLe Lhe lnS1 Lrades only Lo Lhe above caLegorles (v) ln respecL of lnsLlLuLlonal LransacLlons conflrmed by Lhe cusLodlans Lhe marglns are levled on Lhe cusLodlans (vl) ln respecL of lnsLlLuLlonal LransacLlons re[ecLed/noL accepLed by Lhe cusLodlans Lhe marglns ls levled on Lhe members who have execuLed Lhe LransacLlons (vll) 1he marglns are compuLed and levled aL a cllenL (CusLodlal arLlclpanL code) level ln respecL of lnsLlLuLlonal LransacLlons and collecLed from Lhe cusLodlans/members 8eLall rofesslonal Clearlng Member ln case of LransacLlons whlch are Lo be seLLled by 8eLall rofesslonal Clearlng Members (CM) all Lhe Lrades wlLh CM code are lncluded ln Lhe Lradlng member's poslLlons Llll lL ls conflrmed by Lhe CM Marglns are collecLed from respecLlve Lradlng members unLll conflrmaLlon of Lrades by CM Cn conflrmaLlon of Lrades by CM such Lrades are reduced from Lhe poslLlons of Lradlng member and lncluded ln Lhe poslLlons of CM 1he CM ls Lhen llable Lo pay marglns on Lhe same
1 1 SL8l Clrcular no M8u/uo/SL/Clr 06 /2008 March 19 2008126 Capplng of Marglns ln case of a buy LransacLlon Lhe va8 marglns LxLreme loss marglns and mark Lo markeL losses LogeLher should noL exceed Lhe purchase value of Lhe LransacLlon ln case of a sale LransacLlon Lhe va8 marglns and LxLreme loss marglns LogeLher should noL exceed Lhe sale value of Lhe LransacLlon and mark Lo markeL losses should also be levled LxempLlon upon early ayln of SecurlLles ln cases where early payln of securlLles ls made prlor Lo Lhe securlLles payln such poslLlons for whlch early payln (Ll) of securlLles ls made ls exempL from marglns 1he Ll of securlLles ls allocaLed Lo cllenLs havlng neL dellverable poslLlon on a random basls unless speclflc cllenL deLalls are provlded by Lhe member/ cusLodlan Member/CusLodlans however should ensure LhaL approprlaLe early payln beneflL of margln ls passed on Lo Lhe relevanL cllenLs AddlLlonally member/cusLodlan can speclfy Lhe cllenLs Lo whom Lhe early payln may be allocaLed LxempLlon upon early ayln of lunds ln cases where early payln of funds ls made prlor Lo Lhe funds payln such poslLlons for whlch early payln (Ll) of funds ls made are exempL from marglns based on Lhe cllenL deLalls provlded by Lhe member/ cusLodlan Larly payln of funds speclfled by Lhe member/cusLodlans for a speclflc cllenL and for a seLLlemenL ls allocaLed agalnsL Lhe securlLles ln Lhe descendlng order of Lhe neL buy value of ouLsLandlng poslLlon of Lhe cllenL 493 CnLlne Lxposure MonlLorlng nSCCL has puL ln place an onllne monlLorlng and survelllance sysLem whereby exposure of Lhe members ls monlLored on a real Llme basls A sysLem of alerLs has been bullL ln so LhaL boLh Lhe member and nSCCL are alerLed as per preseL levels (reachlng 70 83 90 93 and 100) when Lhe members approach Lhelr allowable llmlLs 1he sysLem enables nSSCL Lo furLher check Lhe mlcrodeLalls of members poslLlons lf requlred and Lake proacLlve acLlon 1he onllne survelllance mechanlsm also generaLes varlous alerLs/reporLs on any prlce/volume movemenL of securlLles noL ln llne wlLh pasL Lrends/paLLerns lor Lhls purpose Lhe exchange malnLalns varlous daLabases Lo generaLe alerLs AlerLs are scruLlnlsed and lf necessary Laken up for follow up acLlon Cpen poslLlons of securlLles are also analysed 8esldes Lhls rumors ln Lhe prlnL medla are Lracked and where Lhey are prlce senslLlve companles are conLacLed for verlflcaLlon 8eplles recelved are lnformed Lo Lhe members and Lhe publlc 494 Cffllne MonlLorlng Cffllne survelllance acLlvlLy conslsLs of lnspecLlons and lnvesLlgaLlons As per regulaLory requlremenL Lradlng members are Lo be lnspecLed ln order Lo verlfy Lhe level of compllance wlLh varlous rules byelaws and regulaLlons of Lhe Lxchange 1he lnspecLlon verlfles lf lnvesLor lnLeresLs are belng compromlsed ln Lhe conducL of buslness by Lhe members127 493 lndexbased MarkeLwlde ClrculL 8reakers/ rlce 8ands for SecurlLles An lndex based markeLwlde clrculL breaker sysLem applles aL Lhree sLages of Lhe lndex movemenL elLher way aL 10 13 and 20 1hese clrculL breakers brlng abouL a coordlnaLed Lradlng halL ln Lradlng on all equlLy and equlLy derlvaLlves markeLs across Lhe counLry 1he breakers are Lrlggered by movemenLs ln elLher nlfLy 30 or Sensex whlchever ls breached earller ueLalls of clrculL breakers are glven ln ChapLer 3 496 SeLLlemenL CuaranLee Mechanlsm A large SeLLlemenL CuaranLee lund provldes Lhe cushlon for any resldual rlsk ln Lhe evenL of fallure of a Lradlng member Lo meeL seLLlemenL obllgaLlons or commlLLlng defaulL Lhe lund ls uLlllzed Lo Lhe exLenL requlred for successful compleLlon of Lhe seLLlemenL 1hls has ellmlnaLed counLer parLy rlsk of Lradlng on Lhe Lxchange 1he markeL has now full confldence LhaL seLLlemenLs wlll Lake place ln Llme and wlll be compleLed lrrespecLlve of posslble defaulL by lsolaLed Lradlng members 1he SeLLlemenL CuaranLee lund ls an lmporLanL elemenL ln faclllLaLlng Lhe seLLlemenL process 1he lund operaLes llke a selflnsurance mechanlsm and ls funded Lhrough Lhe conLrlbuLlons made by Lradlng members LransacLlon charges penalLy amounLs flnes eLc recovered by nSCCL A parL of Lhe cash deposlL and Lhe enLlre securlLy deposlL of every clearlng member wlLh Lhe Lxchange has been converLed lnLo an lnlLlal conLrlbuLlon Lowards Lhe SeLLlemenL CuaranLee lund as lndlcaLed ln 1able 48 1able 48 SeLLlemenL CuaranLee lundLqulLy SegmenL (ln 8s Lakh) 1ype of Member Cash ueposlL SecurlLy ueposlL ln Lhe form of 8ank lu8/ guaranLee or securlLles lndlvldual/ parLnershlp flrms 600 1730 CorporaLes 1300 2300 1here ls a provlslon LhaL as and when volumes of buslness lncrease members may be requlred Lo make addlLlonal conLrlbuLlons allowlng Lhe fund Lo grow alongwlLh Lhe markeL volumes 410 lnLernaLlonal SecurlLles ldenLlflcaLlon number SL8l belng Lhe naLlonal numberlng Agency for lndla has permlLLed nSuL Lo alloL lnLernaLlonal SecurlLles ldenLlflcaLlon number (lSln) for demaL shares Whlle alloLLlng lSlns nSuL ensures LhaL (a) 1he lSlns alloLLed by nSuL does noL aL any polnL of Llme breach Lhe unlqueness of lSln of physlcal form for Lhe same securlLy (b) lSln for a securlLy ls alloLLed only when Lhe securlLy ls admlLLed Lo nSuL or on recelpL of requesL for lSln from CuSL (c) 1he numberlng sysLem ls slmple128 (d) 1he numberlng sysLem of lSln ls ln compllance wlLh Lhe sLrucLure of lSln adopLed by SL8l numberlng SysLem of lSln 1he numberlng sLrucLure for securlLles ln nSuL ls of 12 dlglL alpha numerlc sLrlng 1he flrsL Lwo characLers represenL counLry code le ln (ln accordance wlLh lSC 3166) 1he Lhlrd characLer represenLs Lhe lssuer 1ype as deLalled ln 1able 49 1able 49 lssuers 1ype lssuer 1ype Code alloLLed CenLral CovernmenL A SLaLe CovernmenL 8 Munlclpal CorporaLlon C unlon 1errlLorles u Company SLaLuLory CorporaLlon 8anklng Company L MuLual lunds lncludlng u1 l l noLe lSlns for CovernmenL SecurlLles (Csec) le loans ralsed by CenLral and SLaLe CovernmenL are alloLLed by 8eserve 8ank of lndla (88l) 1he llsL may be expanded as per need Maxlmum lssuer Lypes can be 33 (A Lo Z and 0 Lo 8 1he parLly pald up shares are ldenLlfled by 9) 1he nexL 4 characLers (fourLh Lo sevenLh characLer) represenL company ldenLlLy of whlch flrsL 3 characLers are numerlc and fourLh characLer ls alpha characLer 1he numberlng beglns wlLh '001A' and conLlnues Llll '999A' and proceeds Lo '0018' 1he nexL Lwo characLers (Lhe elghL and nlnLh characLers) represenL securlLy Lype for a glven lssuer 8oLh Lhe characLers are numerlc 1he nexL Lwo characLers (Lhe LenLh and elevenLh characLers) are serlally lssued for each securlLy of Lhe lssuer enLerlng Lhe sysLem LasL dlglL ls check dlglL 1he securlLy Lypes are planned whlch may be expanded as per Lhe need as deLalled ln 1able 41 0 1able 410 SecurlLy 1ypes SecurlLy 1ype Code LqulLy Shares 01 MuLual lund 01 ConverLlble reference Shares 03 non ConverLlble reference Shares 04 Secured uebenLures 07 unsecured uebenLures 08 8egular 8eLurn 8onds romlsory noLes 09 lloaLlng 8aLe 8ond 10 ueep ulscounL 8ond 11 SLep ulscounL 8ond 12 WarranLs 13 Commerclal aper 14 ass 1hrough CerLlflcaLe 13 CerLlflcaLe of ueposlL 16 SecurlLy 8ecelpL 18129
411 uaLa and 8eporL uownloads nSCCL downloads varlous reporLs ln csv formaL Lo clearlng members wlLh regards Lo dally obllgaLlon reporL cusLodlal Lrade reporLs dellvery reporLs funds reporL margln reporLs eLc each of whlch ls dlscussed ln Lhe followlng secLlon 411 1 CbllgaLlon 8eporLs (l) ually CbllgaLlon 8eporL 1hls reporL conLalns obllgaLlons of a Clearlng Member (compuLed afLer segregaLlon of Lhe cusLodlal Lrades for Lradlng members) 1hls ls a dally reporL whlch ls downloaded aL Lhe end of Lhe Lradlng day Lo each Clearlng Member 1hls reporL provldes securlLywlse lnformaLlon on (a) ually purchases and sales and Lhelr value (b) CumulaLlve purchases and sales and Lhelr value for Lhe Lradlng perlod (ll) llnal CbllgaLlon 8eporL AL Lhe end of Lhe Lradlng perlod members recelve SeLLlemenL CbllgaLlon SLaLemenL for funds and securlLles 1hls reporL lndlcaLes Lhe neL obllgaLlon Lo dellver or recelve for each securlLy ln whlch he has had deallngs and neL obllgaLlon Lo pay or recelve funds (lll) neL ually CbllgaLlon 8eporL 1hls ls a dally reporL whlch ls downloaded aL Lhe end of Lhe Lradlng day Lo each Clearlng Member 1hls reporL provldes securlLy wlse lnformaLlon on Lhe cumulaLlve neL purchases or neL sales and Lhelr value for Lhe Lradlng day (lv) neL llnal CbllgaLlon 8eporL 1hls ls a dally reporL whlch provldes Lhe neL obllgaLlon for securlLles and funds Lo be dellvered or recelved and ls downloaded on Lhe 1+1 day 411 2 CusLodlal 1rade 8eporLs (l) Crder ConflrmaLlon 8eporL 1hls reporL conLalns lnformaLlon of all CusLodlal Lrades whlch are noL conflrmed by Lhe CusLodlans as of Lhe day of Lhe reporL 8ox 41 lnvesLor roLecLlon lund lnvesLor roLecLlon lund (ll) has been seL up as a LrusL under 8ombay ubllc 1rusL AcL 1930 under Lhe name and sLyle of naLlonal SLock Lxchange lnvesLor roLecLlon lund 1rusL and ls admlnlsLered by Lhe 1rusLees 1he purpose of ll ls Lo Lake care of lnvesLor clalms whlch may arlse ouL of nonseLLlemenL of obllgaLlons by Lradlng members 1he ll ls uLlllsed Lo seLLle clalms of such lnvesLors whose Lradlng member has been declared a defaulLer or expelled by Lhe Lxchange lurLher Lhe sLock exchanges have been allowed Lo uLlllze lnLeresL lncome earned on ll for lnvesLor roLecLlon lund for lnvesLor educaLlon awareness and research 1he maxlmum amounL of clalm payable from Lhe ll Lo Lhe lnvesLor ls 8s 13 lakh130 (ll) CusLodlan 1rades 8eporL 1hls reporL glves Lhe Lrade deLalls such as symbol cpcode cllenL code quanLlLy value for all Lrades execuLed by a member (lll) 1rades 8eporL 1hls reporL glves Lhe sLaLemenL of all Lhe securlLles Lraded by Lhe Lradlng member for Lhe respecLlve CusLodlal parLlclpanLs 411 3 uellverles 8eporLs (l) uemaL llnal uellvery SLaLemenL (uluS) 1hls reporL provldes deLalls of Lhe elecLronlc shares dellvered by a member as securlLles payln for varlous seLLlemenLs for Lhe glven seLLlemenL daLe 1he reporL ls sorLed on SeLLlemenL 1ype/SeLLlemenL number/uellvery 1ype/Symbol/Serles/lSln (ll) uemaL llnal 8ecelpL SLaLemenL (ul8S) 1hls reporL provldes deLalls of Lhe elecLronlc shares recelved by a member as securlLles payouL for varlous seLLlemenLs for Lhe glven seLLlemenL daLe 1he reporL ls sorLed on SeLLlemenL 1ype/SeLLlemenL number/uellvery 1ype/Symbol/Serles/lSln (lll) CllenL AllocaLlon ueLalls (CAu1) 1hls reporL provldes deLalls of pay ouL dlrecLly credlLed Lo Lhe cllenL's beneflclary accounL lL glves deLalls of u lu and 8eneflclary accounL where Lhe payouL ls credlLed and also deLalls of securlLles whlch have noL been credlLed Lo cllenL accounL (lv) Memberwlse WlLhheld SecurlLles SLaLemenL 1hls reporL glves deLalls for securlLles payouL wlLhheld for members (v) uellverles 8eporL AfLer allocaLlon Lhe nSLCM Clearlng SysLem generaLes 1radlng Memberwlse dellvery sLaLemenL 1hls dellvery sLaLemenL ls securlLy wlse 1he sLaLemenL provldes lnformaLlon on dellverlng cenLre recelvlng cenLre number of shares Lo dellver or recelve for each securlLy and also Lhe code of Lhe recelvlng enLlLy or dellverlng enLlLy respecLlvely (vl) SecurlLy ShorLage 8eporL 1he SecurlLy ShorLage SLaLemenL llsLs down Lhe shorLage ln Lhe dellvery of Lhe securlLles as compared Lo Lhe Clearlng Members obllgaLlon of securlLles payln 1he deLalls glven ln Lhe llsL conLaln Lhe dellverlng cenLre recelvlng cenLre dellvery number agalnsL whlch securlLles are dellvered shorL Lhe securlLy Lhe quanLlLy of shares dellvered shorL Lhe valuaLlon prlce and Lhe amounL Lo be deblLed Lo Lhe dellverlng members accounL for Lhe quanLlLy of shares dellvered shorL Lhe recelpL number and Lhe counLer parLy recelvlng members name/code 411 4 lunds 8eporLs 1wo lunds 8eporLs are belng downloaded Lo all Lradlng members on a dally basls le ually lunds Summary SLaLemenL and ually lunds SLaLemenL ually funds summary sLaLemenL provldes deLalls abouL Lhe LransacLlons effecLed ln Lhe Lradlng members clearlng accounL aL Lhe Clearlng 8ank 1hls sLaLemenL ls slmllar Lo Lhe 8ank sLaLemenL provlded by Lhe Clearlng 8ank 1he deblL appearlng ln Lhe summary sLaLemenL ls equal Lo Lhe wlLhdrawals as per Lhe bank sLaLemenL and Lhe credlL ls equal Lo Lhe deposlLs as per Lhe bank sLaLemenL 131 ually funds sLaLemenL provldes Lhe breakup for each deblL and credlL appearlng ln L h e dally funds summary sLaLemenL 8oLh Lhe reporLs are downloaded on a dally basls afLer Lhe deblLs/credlLs have been effecLed by Lhe clearlng bank 411 3 AucLlon 8eporLs (l) AucLlon Square up ueblL SLaLemenL 1hls reporL glves deLalls of unaucLloned dellverles LhaL are squaredup by Lhe Lxchange (ll) AucLlon Square up CredlL SLaLemenL 1hls reporL glves deLalls of unaucLloned dellverles LhaL are squaredup by Lhe Lxchange 1hls reporL ls downloaded aL Lhe end of Lhe aucLlon Lradlng day (lll) AucLlon ulfference SLaLemenL 1hls reporL glves deLalls of Lhe aucLloned dellverles for whlch Lhe valuaLlon prlce exceeds Lhe aucLlon Lraded prlce 1hls reporL ls downloaded aL Lhe end of Lhe aucLlon Lradlng day
411 6 Margln 8eporLs (l) Memberwlse ually Margln ayable SLaLemenL 1hls reporL conLalns dally margln amounL payable by Lhe members 1hls ls a dally reporL whlch ls downloaded aL Lhe end of Lhe Lradlng day Lo each Lradlng member 1hls reporL provldes lnformaLlon on Lhe calculaLed margln amounL collaLeral amounL amounL pald Llll daLe and calculaLed value of cash margln payable (+)/recelvable () (ll) Memberwlse Margln aymenL SLaLus 8eporL 1hls reporL conLalns Lhe margln paymenL sLaLus of Lhe member 1hls ls a dally reporL whlch ls downloaded aL Lhe end of Lhe Lradlng day Lo each Lradlng member 1hls reporL provldes lnformaLlon on Lhe margln due daLe cash margln payln (+)/payouL () amounL LransacLed and amounL shorL
411 7 Mlscellaneous 8eporLs 1he followlng reporLs are downloaded ln Lhe common/clearlng folder on Lhe exLraneL
(l) CorporaLe AcLlon 8eporL 1hls reporL glves Lhe sLaLemenL of Lhe corporaLe acLlons whlch are seL by nSCCL (le dlvldend ACM book closure daLe record daLe eLc)
(ll) SecurlLles MasLer reporL 1hls reporL wlll dlsplay lnformaLlon regardlng SecurlLy SeLLlemenL Mode for a parLlcular seLLlemenL Lype and number (lll) SeLLlemenL Calendar 1hls reporL glves Lhe monLhly seLLlemenL schedule lurLher Lhe followlng reporLs are also avallable on Lx18AnL1 (l) ueLalled Margln 8eporL (MC02) 1hls reporL provldes cllenL wlse securlLy wlse and seLLlemenL wlse amounL of margln and exposure for Lhe day132 (ll) ConsolldaLed Margln 8eporL (MC01) 1hls reporL provldes amounL of margln payable and amounL of exposure and MA8C avallable for Lhe day (lll) Member Wlse S11 flle (MWS1) 1hls flle glves Lhe deLalls of cllenL wlse securlLy wlse SecurlLles 1ransacLlon 1ax calculaLed for Lhe memb er for a Lradlng day