The National Stock Exchange (NSE) on June 02, 2023, issued a notification regarding Market Access through Authorised Persons.
Trading Members are required to make a note and adhere to the below-mentioned:
- Revision in AP Registration & Cancellation Fee and introduction of Annual Maintenance Charge AMC: Trading Members are advised to note the below-stated revised fee structure for AP Registration w.e.f. July 1, 2023. In addition, Exchange has introduced an Annual Maintenance Charge (AMC) which will be applicable to the Trading Members towards all the registered APs across the segment, as on March 31 of every year. The AMC will be effective from the financial year 2024-25. To reduce the risk posed by inactive APs to the market, Exchange has decided to offer a waiver on the cancellation fee which will allow Trading Members to de-register all inactive APs. The same will be effective from July 1, 2023.
- In addition to monitoring the trading terminals and activities of APs, Trading Members are advised to identify AP terminals where no trades have been placed in the last six months or have been inactive and ensure that they are deactivated on an immediate basis. Also, Trading Members are required to monitor that trades placed on the AP terminal are commensurate with the number of clients mapped to them. Further, the Exchange shall be issuing a fresh circular in due course, wherein Trading Members would be required to update the terminal details along with additional information about the APs registered with them.
- At all points in time, Trading Members shall exercise adequate control and due diligence over the activities, conduct and transactions of their APs by conducting surprise and periodic Inspections and taking regular feedback from the clients of the APs. If any anomaly is identified, Trading Members shall take necessary disciplinary actions against their APs. Further, Trading Members shall be vicariously and severally liable for any violation committed by their APs including operating any schemes of unauthorised collective investments/portfolio management and promising indicative/guaranteed/fixed returns etc.
- It is further reiterated, that Trading Members shall be held responsible and accountable for all acts of omission and commission of their APs or employees at their branches including any arrangements entered by the AP/employees with the clients of the Trading Member.
- Trading Members are advised to capture the actual reason on the ENIT portal while cancelling AP registration based on disciplinary grounds.
[Notification No. NSE/COMP/ 56947]
