Change in control
Trading Members desirous of transferring their trading membership of the Exchange are requested to refer Circular No. 78, Download Reference No.NSE/MEMB/CM/373 dated September 30, 1997 and Circular No. 111, Download Reference No. NSE/MEMB/00608 dated August 24, 1998 issued in this regard and submit the proposal to the Exchange for approval.
The salient features are as follows:
- The Trading Member would be required to comply with the prevalent net worth norms of the Exchange as applicable to corporate Trading Members.
- A processing fee of Rs. 5 lakhs would be payable on approval of proposal for transfer.
- The Trading Member would be required to pay the differential between the deposit paid by them for the membership of the Capital Market segment and the deposit payable for a corporate trading membership as per the prevailing entry norms for membership of the segment.
- The transfer proposal would be subject to recommendation by the Membership Recommendation committee and approval of Membership Approval Committee (MAC)/Board of the Exchange and, for this purpose, the Exchange's requirements of written test and an interaction by MRC will apply.
Trading member has to undergo the following stages for transfer of membership: