The Bombay Stock Exchange (BSE) on August 31, 2023, issued a notification regarding the Penalty Structure Upstreaming of clients’ funds by Stock-brokers (SBs)/Clearing Members (CMs).
The SEBI had issued a circular no. SEBI/HO/MIRSD/MIRSD-PoD-1/P/CIR/2023/84 dated June 08, 2023, on the subject “Upstreaming of clients’ funds by Stock-brokers (SBs) / Clearing Members (CMs) to Clearing Corporations (CCs)”. Further, SEBI has issued another circular carrying reference no SEBI/HO/MIRSD/MIRSD-PoD-1/P/CIR/2023/110 dated June 30, 2023.
In this regard, ICCL has formulated a penalty structure for any non-compliance of the provisions of the aforementioned notices. The penalty structure is enclosed as Annexure A which shall be applicable w.e.f. September 01, 2023.
Kindly find the Annexure attached to the document below.
[Notice No. 20230831-46]
