Upgradation of Membership
Trading Members desirous of upgrading their trading membership from individual or partnership firm to a corporate should take note of the following:
- A request has to be sent by the Trading Member of the scheme of upgradation and the proposed shareholding pattern of the corporate.
- In case of an upgradation from individual to corporate, the individual should hold at least 51% of the paid up capital of the proposed corporate.
- In case of an upgradation from partnership firm to corporate, the original partners should hold at least 51% of the paid up capital of the proposed corporate.
- There should be at least 2 qualified directors who should be graduates with minimum 2 years experience in stock broking related activities.
- The proposed corporate should have a minimum paid up capital of Rs. 30 lakhs and meet the net worth requirements of the Exchange from time to time.
- After the upgradation is approved by the Exchange, the Trading Member will have to pay the differential deposits as applicable to corporate Trading Members.