{"id":140391,"date":"2017-07-04T18:39:08","date_gmt":"2017-07-04T13:09:08","guid":{"rendered":"http:\/\/www.scconline.com\/blog\/?p=140391"},"modified":"2017-07-04T18:39:08","modified_gmt":"2017-07-04T13:09:08","slug":"sebi-notifies-policy-for-annual-inspection-of-members-by-stock-exchanges-clearing-corporations","status":"publish","type":"post","link":"https:\/\/www.scconline.com\/blog\/post\/2017\/07\/04\/sebi-notifies-policy-for-annual-inspection-of-members-by-stock-exchanges-clearing-corporations\/","title":{"rendered":"SEBI notifies Policy for Annual Inspection of Members by Stock Exchanges\/ Clearing\u00a0Corporations"},"content":{"rendered":"
CIRCULAR<\/strong><\/div>\n
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0CIR\/HO\/MIRSD\/MIRSD2\/CIR\/P\/2017\/73 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0[June 30, 2017]<\/div>\n
<\/div>\n
Sub: Policy of Annual Inspection of Members by Stock Exchanges\/Clearing\u00a0Corporations<\/strong><\/div>\n
1. As per SEBI circulars MIRSD\/Master Cir-04\/2010 dated March 17, 2010,\u00a0CIR\/MIRSD\/13\/2012 dated December 07, 2012 and<\/div>\n
SEBI\/HO\/MIRSD\/MIRSD2\/CIR\/P\/2016\/92 dated September 23, 2016, stock\u00a0exchanges are required to formulate a policy for annual inspection of their members in\u00a0consultation with SEBI.<\/div>\n
2. In terms of aforementioned circulars, the policy for annual inspection of members, as\u00a0decided in consultations with Stock Exchanges\/Clearing Corporations, is enclosed\u00a0herewith at Annexure – I for necessary action.<\/div>\n
3. The Stock Exchanges\/Clearing Corporations are directed to:<\/div>\n
a. Make amendments to the relevant bye-laws, rules and regulations for\u00a0the implementation of the above directions.<\/div>\n
b. Communicate the implementation thereof to\u00a0SEBI within 15 days from the date of\u00a0the circular.<\/div>\n
4. This circular is being issued in exercise of powers conferred under Section 11 (1) of\u00a0the Securities and Exchange Board of India Act, 1992 to protect the interests of\u00a0investors in securities and to promote the development of, and to regulate the\u00a0securities market.<\/div>\n
<\/div>\n
\n
\n
\n
Annexure – I<\/strong><\/div>\n
1. The criteria for selection of members for annual inspection are as follows:<\/div>\n
a. Stock brokers servicing investors, getting disabled on account of funds\u00a0shortages on more than 3 times in a month shall be inspected irrespective\u00a0of the fact of when they were last inspected.<\/div>\n
b. Stock brokers servicing investors, having overnight disablement on account\u00a0of margin shortage for more than 2 days shall be inspected irrespective of\u00a0the fact of when they were last inspected.<\/div>\n
c. Top 25 stock brokers paying high and recurring penalties fornon-reporting\u00a0or short reporting of margin\/Client Code modification\/CTCL mismatch fines\u00a0or any other similar high risk compliance issue shall be inspected\u00a0irrespective of when they were last inspected.<\/div>\n
d. Top 25 stock brokers in terms of investor complaints and arbitration cases\u00a0filed by investors shall be inspected irrespective of the fact of when they\u00a0were last inspected.<\/div>\n
e. Stock brokers having adverse observations in the internal audit report on\u00a0high risk issues like wrong reporting of margins, transfer of trades, pledging\u00a0of client securities, dealing with unregistered intermediaries etc., shall be\u00a0inspected irrespective of the fact of when they were last inspected.<\/div>\n
f. Subsidiaries of Regional Stock Exchanges shall be inspected every year.<\/div>\n
g. Stock Exchange shall frame internal policy for selection of stock brokers for\u00a0inspection based on inputs\/alerts from Risk Based Supervision.<\/div>\n
h. Besides the above, the special purpose\/limited inspections shall be carried\u00a0out based on any triggers like patterns found during investor complaint\u00a0resolution\/Arbitration, complaints on specific malpractices of a broker or\u00a0references from various authorities. The inspection shall be irrespective of\u00a0the fact of when the last inspection was carried out.<\/div>\n
i. Apart from the above few stock brokers shall be selected by the Stock\u00a0Exchanges on a random basis for inspection.<\/div>\n
j. Stock brokers who do not fall under any of the above category shall be\u00a0inspected by the Stock Exchanges at least once in three years.<\/div>\n
k. Stock brokers selected on the above category shall be inspected for all\u00a0segments and also for clearing activity if the stock broker is undertaking\u00a0clearing for other stock brokers.<\/div>\n
l. Inspections of Professional Clearing Members shall be conducted by\u00a0Clearing Corporations once in two years.<\/div>\n
2. Clearing activity undertaken by stock brokers for other stock brokers shall be\u00a0inspected by Clearing Corporations. Other activities of stock brokers shall be\u00a0inspected by Stock Exchanges. If Stock Exchanges and Clearing Corporations\u00a0so desire, they can conduct joint inspections of stock brokers. Where Clearing\u00a0Corporation has not been set up, Stock Exchange shall inspect all activities of\u00a0stock brokers including activity of clearing for other stock brokers.<\/div>\n
\n
3. The Stock Exchanges\/Clearing Corporations are advised to continuously\u00a0assess the risks posed by their members an\u00a0d review\/revise the policy of annual\u00a0inspection, as and when required, in consultation with SEBI.<\/div>\n
4. The Stock Exchanges shall establish an information sharing mechanism with\u00a0one another on the important outcome of inspection of members who hold\u00a0multiple memberships of the exchanges in order to improve the effectiveness of\u00a0supervision and shall also bring cases of repetitive and \/ or serious violations to\u00a0the notice of SEBI.<\/div>\n
Securities and Exchange Board of India<\/div>\n<\/div>\n
<\/div>\n<\/div>\n<\/div>\n
<\/div>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

CIRCULAR \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 <\/p>\n","protected":false},"author":91,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[1188,2],"tags":[],"class_list":["post-140391","post","type-post","status-publish","format-standard","hentry","category-hot_off_the_press","category-news"],"yoast_head":"\nSEBI notifies Policy for Annual Inspection of Members by Stock Exchanges\/ Clearing\u00a0Corporations | SCC Times<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.scconline.com\/blog\/post\/2017\/07\/04\/sebi-notifies-policy-for-annual-inspection-of-members-by-stock-exchanges-clearing-corporations\/\" 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issues Circular on prevention of unauthorized trading by stock brokers effective from 01.04.2018","author":"Saba","date":"January 14, 2018","format":false,"excerpt":"Circular No. CIR\/HO\/MIRSD\/MIRSD2\/CIR\/P\/2018\/09\u00a0 Sub:\u00a0Prevention of Unauthorised Trading by Stock Brokers 1. SEBI vide\u00a0circular No. CIR\/HO\/MIRSD\/MIRSD2\/CIR\/P\/2017\/108 dated September 26, 2017\u00a0had prescribed guidelines for prevention of unauthorised trading by stock brokers and issued subsequent clarification vide\u00a0CIR\/HO\/MIRSD\/MIRSD2\/CIR\/P\/2017\/124 dated November 30, 2017. 2. SEBI has now received representations from BSE Brokers Forum and Association\u2026","rel":"","context":"In "Legislation Updates"","block_context":{"text":"Legislation Updates","link":"https:\/\/www.scconline.com\/blog\/post\/category\/legislationupdates\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":194488,"url":"https:\/\/www.scconline.com\/blog\/post\/2018\/03\/28\/sebi-issues-circular-on-prevention-of-unauthorized-trading-by-stock-brokers\/","url_meta":{"origin":140391,"position":1},"title":"SEBI issues Circular on Prevention of Unauthorized Trading by Stock Brokers","author":"Saba","date":"March 28, 2018","format":false,"excerpt":"This master circular consolidates and updates the requirements\/obligations with regard to Prevention of Unauthorized Trading by Stock Brokers prescribed by the following circulars: A. CIR\/HO\/MIRSD\/MIRSD2\/CIR\/P\/201 7\/108 dated September 26, 2017 B. CIR\/HO\/MIRSD\/MIRSD2\/CIR\/P\/2017\/124 dated November 30, 2017 C. CIR\/HO\/MIRSD\/MIRSD2\/CIR\/P\/2018\/109 dated January 11, 2018 II. SEBI in the past has taken several\u2026","rel":"","context":"In "Business News"","block_context":{"text":"Business News","link":"https:\/\/www.scconline.com\/blog\/post\/category\/news\/business_news\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":250918,"url":"https:\/\/www.scconline.com\/blog\/post\/2021\/07\/07\/sebi-issues-master-circular-for-stock-exchange-and-clearing-corporations\/","url_meta":{"origin":140391,"position":2},"title":"SEBI issues Master Circular for Stock Exchange and Clearing Corporations","author":"Prachi Bhardwaj","date":"July 7, 2021","format":false,"excerpt":"The Securities and Exchange Board of India has issued Master Circular No. SEBI\/HO\/MRD2\/MRD2_DCAP\/P\/CIR\/2021\/0000000591 dated July 05, 2021, for Stock Exchanges and Clearing Corporations. This Master Circular shall supersede previous Master Circular SEBI\/HO\/MRD\/DP\/CIR\/P\/117 dated October 25, 2019. SEBI has been issuing various direction to stock exchanges and clearing corporations from time\u2026","rel":"","context":"In "Legislation Updates"","block_context":{"text":"Legislation Updates","link":"https:\/\/www.scconline.com\/blog\/post\/category\/legislationupdates\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":221828,"url":"https:\/\/www.scconline.com\/blog\/post\/2019\/11\/06\/sebi-e-kyc-authentication-facility-under-s-11-a-of-prevention-of-money-laundering-act-2002-by-entities-in-securities-market-for-resident-investors\/","url_meta":{"origin":140391,"position":3},"title":"SEBI | E-KYC Authentication facility under S. 11 A of Prevention of Money Laundering Act, 2002 by Entities in securities market for Resident Investors","author":"Bhumika Indulia","date":"November 6, 2019","format":false,"excerpt":"1. SEBI simplified the account opening process for investors vide Circular No. CIR\/MIRSD\/16\/2011 dated August 22, 2011. Further, SEBI vide circular MIRSD\/SE\/Cir-21\/2011 dated October 05, 2011 issued guidelines for uniform KYC requirements for investors while opening accounts with any intermediary in the securities market. 2. SEBI vide Circular No. CIR\/MIRSD\/09\/2012\u2026","rel":"","context":"In "Legislation Updates"","block_context":{"text":"Legislation Updates","link":"https:\/\/www.scconline.com\/blog\/post\/category\/legislationupdates\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":140371,"url":"https:\/\/www.scconline.com\/blog\/post\/2017\/07\/04\/acceptance-of-e-pan-card-for-kyc-purpose\/","url_meta":{"origin":140391,"position":4},"title":"Acceptance of e-PAN card for KYC purpose","author":"Saba","date":"July 4, 2017","format":false,"excerpt":"CIRCULAR \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 SEBI\/HO\/IMD\/FIIC\/CIR\/P\/2017\/068 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0\u2026","rel":"","context":"In "Hot Off The Press"","block_context":{"text":"Hot Off The Press","link":"https:\/\/www.scconline.com\/blog\/post\/category\/news\/hot_off_the_press\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":271918,"url":"https:\/\/www.scconline.com\/blog\/post\/2022\/08\/19\/sebi-makes-block-mechanism-mandatory-for-all-early-pay-in-transactions\/","url_meta":{"origin":140391,"position":5},"title":"SEBI makes Block mechanism mandatory for all Early Pay-In transactions","author":"Bhumika Indulia","date":"August 19, 2022","format":false,"excerpt":"\u00a0 \u00a0 On 18-08-2022, SEBI has issued a circular on making the facility of block mechanism mandatory for all Early Pay - In transactions by making amendments in\u00a0 circular no. CIR\/HO\/MIRSD\/DOP\/P\/CIR\/2021\/595 dated July 16, 2021. 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