{"id":79801,"date":"2016-10-19T12:22:36","date_gmt":"2016-10-19T06:52:36","guid":{"rendered":"http:\/\/www.scconline.com\/blog\/?p=79801"},"modified":"2016-11-29T10:56:55","modified_gmt":"2016-11-29T05:26:55","slug":"sebi-allows-bullion-as-collateral-for-clearing-members","status":"publish","type":"post","link":"https:\/\/www.scconline.com\/blog\/post\/2016\/10\/19\/sebi-allows-bullion-as-collateral-for-clearing-members\/","title":{"rendered":"SEBI allows bullion as collateral for clearing members"},"content":{"rendered":"<p style=\"text-align: justify;\"><strong>Sub: Bullion as collateral\u00a0\u00a0[SEBI\/HO\/CDMRD\/DRMP\/CI\/P\/2016\/112]<\/strong><\/p>\n<p style=\"text-align: justify;\">1.\u00a0 Vide\u00a0 Circular\u00a0 No.\u00a0 CIR\/CDMRD\/DRMP\/01\/2015 dated\u00a0 October\u00a0 01,\u00a0 2015 SEBI had\u00a0\u00a0 specified\u00a0\u00a0 comprehensive risk\u00a0\u00a0 management\u00a0\u00a0 framework\u00a0\u00a0 for\u00a0\u00a0 national\u00a0\u00a0 commodity\u00a0 derivatives\u00a0 exchanges\u00a0 including\u00a0 norms\u00a0 on\u00a0 collateral\u00a0 that\u00a0 can\u00a0 be\u00a0 accepted by Exchanges from their members.<br \/>\n2.\u00a0 After analysing the representations received regarding bullion as collateral, it has\u00a0 been\u00a0 decided\u00a0 to\u00a0 modify\u00a0 the\u00a0 condition\u00a0 &#8211;\u00a0 \u201c<em>Total\u00a0 commodities\u00a0 collateral\u00a0 for any\u00a0 clearing\u00a0 member\u00a0 shall\u00a0 not\u00a0 exceed\u00a0 15%\u00a0 of\u00a0 the\u00a0 total\u00a0 liquid\u00a0 assets\u00a0 of\u00a0 the clearing\u00a0 member<\/em> \u201d, prescribed\u00a0 in\u00a0 paragraph\u00a0 2\u00a0 (Liquid\u00a0 Assets)\u00a0 of\u00a0 Annexure\u00a0 I\u00a0 of the\u00a0 above-mentioned\u00a0 circular, as\u00a0 follows\u00a0 \u2013\u00a0 \u201c<em>Total commodities\u00a0 collateral\u00a0 for any\u00a0 clearing\u00a0 member\u00a0 shall\u00a0 not\u00a0 exceed\u00a0 30%\u00a0 of\u00a0 the\u00a0 total\u00a0 liquid\u00a0 assets\u00a0 of\u00a0 the\u00a0 clearing\u00a0 member,\u00a0 out\u00a0 of\u00a0 which\u00a0 non-bullion\u00a0 collateral\u00a0 shall\u00a0 not\u00a0 exceed\u00a0 15%\u00a0 of <\/em><em>the total liquid assets of the clearing member<\/em>\u201d.<br \/>\n3.\u00a0 It is reiterated that exchanges shall make necessary arrangements to enable timely\u00a0\u00a0 liquidation\u00a0\u00a0 of\u00a0\u00a0 collaterals\u00a0\u00a0 accepted\u00a0\u00a0 by\u00a0\u00a0 them\u00a0\u00a0 and\u00a0\u00a0 may\u00a0\u00a0 stipulate concentration limits for collateral at member level\/across all members as may be\u00a0\u00a0 necessary\u00a0\u00a0 based\u00a0\u00a0 on\u00a0\u00a0 their\u00a0\u00a0 risk\u00a0\u00a0 perception,\u00a0\u00a0 capability\u00a0\u00a0 to\u00a0\u00a0 hold\u00a0\u00a0 and\u00a0 arrangements for timely liquidation.<br \/>\n4.\u00a0 The exchanges are advised to bring the provisions of this circular to the notice of their members and also to disseminate the same on their website.<\/p>\n<p style=\"text-align: justify;\">5.\u00a0\u00a0 This\u00a0 circular\u00a0 is\u00a0 issued\u00a0 in\u00a0 exercise\u00a0 of\u00a0 the\u00a0 powers\u00a0 conferred\u00a0 under\u00a0 Section\u00a0 11(1)\u00a0 of\u00a0 the\u00a0 Securities\u00a0 and\u00a0 Exchange\u00a0 Board\u00a0 of\u00a0 India\u00a0 Act,\u00a0 1992,\u00a0 to\u00a0 protect\u00a0 the interests of investors in securities and to promote the development of, and to regulate the securities market.<br \/>\n6.\u00a0 This circular is available on SEBI website at www.sebi.gov.in.<\/p>\n<p style=\"text-align: right;\">Securities and Exchange Board of India<\/p>\n<p>&nbsp;<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Sub: Bullion as collateral\u00a0\u00a0[SEBI\/HO\/CDMRD\/DRMP\/CI\/P\/2016\/112] 1.\u00a0 Vide\u00a0 Circular\u00a0 No.\u00a0 CIR\/CDMRD\/DRMP\/01\/2015 dated\u00a0 October\u00a0 01,\u00a0 2015 SEBI had\u00a0\u00a0 specified\u00a0\u00a0 comprehensive risk\u00a0\u00a0 management\u00a0\u00a0 framework\u00a0\u00a0 for\u00a0\u00a0 national\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":[8051,2],"tags":[],"class_list":["post-79801","post","type-post","status-publish","format-standard","hentry","category-business_news","category-news"],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.4 (Yoast SEO v27.4) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>SEBI allows bullion as collateral for clearing members | 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\/2016\/10\/19\/sebi-allows-bullion-as-collateral-for-clearing-members\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta 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