BSE to admit deposit based memberships in the "cash & derivatives segment"
By Our Market Bureau | 22 May 2004
Mumbai:
The BSE has decided to invite membership from all over
the country in "Cash Segment (Equities & Debt)"
against a deposit of Rs.75,00,000. The number is restricted
to 100 membership.
Deposit based membership will be issued on a first-come-first-serve basis. The membership has exclusive trading rights and no ownership rights of BSE. Individuals and corporates, are eligible to become a member of BSE in accordance with the rules & regulations of the BSE.
The deposit of the members will be subject to a lock in period of three years. Any member desiring to withdraw his membership after such lock in period of three years or at any point thereafter will have to give a one-year notice to that effect to the exchange.
In
addition to the amount of 75 Lakhs (Interest free deposit)
the member has to pay the following amounts :
Base
minimum Capital — Rs.10,00,000
Trade Guarantee fund — Rs.10,00,000
Admission Fees (Non refundable) — Rs. 2,50,000
Broker Contingency Fund (Non refundable) — Rs. 2,50,000
The
specimen of the application form as well as the other
material including the terms and conditions and salient
features of the deposit
based membership are available with the Publications Department
of the Exchange or can be down loaded from the website
of the Exchange www.bseindia.com/dbm.asp