NSE issued a notification regarding Penalty Structure related to provisions of Upstreaming of clients’ funds by Stock Brokers (SBs) and Clearing Members (CMs) to Clearing Corporations (CCs) and Bank Guarantees (BGs) created out of clients' funds

Aug 31, 2023 | by TeamLease RegTech Legal Research Team

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Secretarial ComplianceThe National Stock Exchange (NSE) on August 29, 2023, issued a notification regarding Penalty Structure related to provisions of Upstreaming of clients’ funds by Stock Brokers (SBs) and Clearing Members (CMs) to Clearing Corporations (CCs) and Bank Guarantees (BGs) created out of clients' funds.

Exchange has formulated a penalty structure for any non-compliance of the provisions of the aforementioned circulars. The penalty structure is enclosed as Annexure A which shall be applicable with effect from September 01, 2023.

[Notification No. NSE/INSP/58147]

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