Transfer of excess contribution made by Stock Exchanges from Core SGF of one Clearing Corporation to the Core SGF of another Clearing Corporation
Summary
SEBI permits the transfer of excess contributions made by Stock Exchanges from the Core SGF of one Clearing Corporation to another in an interoperable scenario. The receiving Clearing Corporation must directly transfer the excess funds upon request and under intimation to the Exchange. Both entities must ensure compliance with the Minimum Required Corpus (MRC) requirements prescribed by SEBI.
Text
it has been decided to allow transfer of excess contribution made by Stock Exchanges from Core SGF of one Clearing Corporation to the Core SGF of another Clearing Corporation, in inter-operable scenario.
Upon receipt of request from an Exchange in this regard, the Clearing Corporation which receives such request shall transfer directly such excess contribution of the Exchange, in its Core SGF to the core SGF of another Clearing Corporation, under intimation to that Exchange.
The Clearing Corporations shall ensure compliance with requirements of Minimum Required Corpus (MRC) of Core SGF as prescribed by SEBI.
This circular is being issued in exercise of powers conferred under Section 11(1) of the Securities and Exchange Board of India Act, 1992 to protect the interests of investors in securities and to promote the development of, and to regulate the securities market
Source: SecMarx — Transfer of excess contribution made by Stock Exchanges from Core SGF of one Clearing Corporation to the Core SGF of another Clearing Corporation. Verbatim text is public record; SecMarx structuring (linkage to applying orders) is cited to us.