NSE introduces `Alpha’ category brokers with lower net worth
24 Sep 2012
The National Stock Exchange (NSE), the country's top stock exchange, has introduced a new `Alpha' category of broking professionals who do not handle customer funds but access the market with low capital and net worth.
Membership will be offered separately for capital market and futures and options segments as well as a combination of both CM and F&O.
These members can acquire capital market segment membership with a deposit of Rs20 lakh and F&O segment membership with a deposit of Rs25 lakh.
Such members can also choose both the segments at a reduced net worth of Rs45 lakh, as against the existing offer of combined membership of both the segments for a deposit of Rs1.10 crore.
Existing members of the exchange will be allowed to convert their current membership to the new 'Alpha' category. The resulting surplus deposits with the exchange will be utilised to pay transaction and infrastructure charges, over a period of three years.
Such members would not have any cash outflow for paying transaction and other charges during the period of utilisation of the surplus deposit, NSE said in a release today.