SECURITIES AND EXCHANGE BOARD OF INDIA
SECONDARY MARKET DEPARTMENT
Mittal Court, A Wing, Gr. Floor,
224, Nariman Point, Mumbai 400 021
SMD-DBAII/POLICY/CIR-47/2000
October 10, 2000
The President / Executive Director / Managing Director
All Stock Exchanges.
Dear Sir,
Sub.: Multiple membership – Criteria for individual members.
Government of India has issued norms relating to multiple membership in Stock Exchange vide F. No. 1/26/SE/91 dated August 12, 1991 which interalia stipulated at (i) (a) that a member should have operated his membership for a period of atleast 5 years before seeking membership to another stock exchange.
Vide Circular no.SMD-II/VRN/3492/94 dated June 06, 1994, the above stated criteria was relaxed in the case of corporate members seeking multiple membership.
It is stated that the above stated eligibility criteria for multiple membership as stipulated in Government of India Circular no. F. No. 1/26/SE/91 dated August 12, 1991 at (i) (a) shall not be applicable at all, provided that such member (whether corporate or individual), has been admitted to Stock Exchange membership in accordance with Rule 8 of Securities Contracts (Regulation) Rules, 1957.
The other norms relating to multiple membership of stock exchanges as stipulated in the said circular shall continue to be applicable.
Yours faithfully,
D. RAVIKUMAR
DIVISION CHIEF
SECONDARY MARKET DEPARTMENT
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