SECURITIES AND EXCHANGE BOARD OF INDIA SECONDARY MARKET DEPARTMENT Mittal Court, A Wing, Gr. Floor, 224, Nariman Point, Mumbai 400 021
To Executive Directors/Presidents/ Managing Directors of all Stock Exchanges and National Securities Clearing Corporations Ltd.
Dear Sir,
SEBI has notified on February 06, 1997, the Securities Lending Scheme. As per the Scheme, Approved Intermediaries may directly deliver securities to Clearing Houses of Stock Exchanges or Clearing Corporations in cases where Brokers Members of the Exchange borrow stock for delivery in the market. To facilitate this process Approved Intermediaries are required to register themselves as Clearing Members of Clearing House of a Stock Exchange or Clearing Corporation. Stock Exchanges/Clearing Corporations are advised to grant registration to Approved Intermediaries to act as Clearing Members subject to their fulfillment of the eligibility criteria as specified in their Rules, Regulations and/or Bye-laws.
Yours faithfully,
M.D. PATEL EXECUTIVE DIRECTOR (SMD)
cc: a] Chairman’s Secretariat. b] All Executive Directors, Division Chiefs and Regional Managers of SEBI. c] All SEBI Nominee Directors on the Board of Exchanges d] All Division Chiefs requested to circulate to all their officers.