The National Stock Exchange (NSE) on October 20, 2023, issued a notification regarding the Discontinuation of Reporting of Bank Account Balances and Bank Statements.
This has a reference to the Exchange circulars NSE/INSP/43486 dated February 10, 2020, and NSE/INSP/55380 January 25, 2023, on reporting of day-wise Bank balances by members to Exchange through Application Programming Interface (API) on a daily basis.
The following has been stated namely: -
• It has been decided to discontinue the aforesaid requirements of reporting Bank Account Balances and Bank Statements by Members from October 30, 2023.
• It states that the period of last submission which would be applicable to members for daily Bank Balance and weekly Bank Statements reporting shall be October 28, 2023/week ending October 28, 2023, due date of the same shall be October 30, 2023, and November 02, 2023, respectively.
• The requirement of reporting aforesaid day-wise Bank Balances and weekly Bank Statements was introduced with the objective of monitoring the availability of client assets with a member in accordance with SEBI guidelines on Enhanced Supervision of Stock Broker. Hence, Members are requested to note that it shall be their responsibility to ensure that their Banks submit daily Bank balances on a T+1 basis to Exchange.
• The Members are advised to take note of the circular and comply
[Circular No. 95/2023]
