MEMBERSHIP DEPARTMENT

 

Circular No. 604

 

Ref. No. NSE/MEMB/9421                                                                 August 31, 2007

 

To smoothen and fasten the sub broker registration process, Exchange proposes to automate the system of collection of sub broker registration fee from the members through Exchange dues account for onward transmission to SEBI.

 

The procedure applicable for sub broker registration process is enclosed as Annexure I along with the detailed process flow.

 

Further to minimize rejections while scrutinizing the application and ensure faster processing of applications, members are required to attach scanned copy of the following documents in jpg, jpeg, and bmp file format for applications being submitted by them through ENIT

a)      Proof of address of the applicant entity (trade name) - Telephone Bill, Electricity bill, Ration card, Passport etc.

b)      Proof of experience certificate – Required only in cases where qualification of Individual/Partner/Director is less than HSC

 

Members may kindly note that the above procedure would be implemented by the Exchange w.e.f September 17, 2007. Consequently, in respect of all sub broker registration request by the Exchange from September 17, 2007 onwards, registration fee would be collected only by way of debit to the Exchange dues.

 

Please get in touch with Ms. Aarti Khare, Mr. Sujith Sukumaran, Mr. Ramakant Shatapathy at telephone numbers 26598247/26598249, 26598100-114 (Ext. 4111, 4118, 4123) for any clarification that you may need in this regard   

 

 

For National Stock Exchange of India Ltd

 

Sd/-

Sania Surve

Asst Manager

 


Annexure I

 

  1. Members would continue to submit the sub broker registration applications electronically through ENIT and ensure that the physical documents are received by the Exchange within 7 days from submission of application in ENIT.

 

  1. Members would be informed through letters in FTP regarding the applications complete in all respect for which requisite registration fees should be made available in their respective Exchange dues account. 

 

  1. The Exchange would start collecting the fees through debiting the Exchange dues account of the members for sub broker applications which are processed and complete in all respect from the very next day of intimation to the member.

 

  1. Complete applications where the requisite registration fee (as applicable) is collected by the Exchange would be placed before the Sub broker Recognition Committee (SRC).

 

  1. Status of applicants who are recognized by the SRC would be informed to the members by way of display of ‘Date of recognition’ through ENIT.

 

  1. After SRC, Status of sub broker applications uploaded by Exchange to SEBI would be informed to members by way of display of ‘Upload reference number’ and ‘Upload date’ through ENIT within 3 days of upload by Exchange to SEBI.

 

  1. On receipt of the sub broker registration certificate from SEBI, the details of registration number and registration date would be made available to the member through ENIT. The physical sub broker registration certificate would be forwarded to the member for onward transmission to sub broker.

 

  1. Withdrawal request and request for refund would be considered only in cases which have not been approved by SRC and in such cases the fees already paid would be considered towards subsequent application by the member.

 

  1. Partial or the total amount collected towards sub broker registration fees would not be adjusted towards any other dues payable to the Exchange.

 

  1. In case of any shortfall of funds in Exchange account, first priority for debiting would be Exchange dues and balance if any only will be considered towards sub broker registration fees.