Uniformity in the procedure for obtaining samples of goods at the Exchange accredited warehouses
Summary
This circular mandates uniform procedures for obtaining and retaining samples of goods at exchange-accredited warehouses to ensure assaying consistency. It requires exchanges and clearing corporations to collect at least four sealed samples in the presence of the depositor or their representative. The provisions become effective thirty days after issuance, with exchanges directed to amend bye-laws and report implementation status.
Text
Majority of the agricultural commodities traded on exchange platform requires assaying... It has come to the notice that varied approaches are being followed by the exchanges in this regard.
all the Exchanges/Clearing Corporations are directed to ensure that adequate samples of goods are collected/retained from the goods deposited and are sealed in the presence of the depositor or his authorized representative.
it is advised that at least four samples are taken of which one sample is used for analysis, one is kept with WSP for comparison purpose, one is given to the depositors while one is kept for record/lab reference purpose.
The provisions of this circular shall come into effect from 30 days from the date of issue of this circular.
This circular is issued in exercise of the 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.
The Exchanges are advised to: i. make necessary amendments to the relevant bye-laws, rules and regulations. ii. bring the provisions of this circular to the notice of the stock brokers of the Exchange and also to disseminate the same on their website. iii. communicate to SEBI, the status of the implementation of the provisions of this circular.
Source: SecMarx — Uniformity in the procedure for obtaining samples of goods at the Exchange accredited warehouses. Verbatim text is public record; SecMarx structuring (linkage to applying orders) is cited to us.