Fwd: {ANMI Past Presidents} Recent circular by SEBI on Enhanced Supervision of Stock Brokers/Depository Participants

[N C Maheshwari]

Sent from dr n c maheshwari I phone 

Begin forwarded message:

From: pres...@anmi.in
Date: 27 September 2016 at 10:50:49 PM IST
To: ANMI National Council <anminati...@googlegroups.com>, Vinod Jain CA <anmi-past-...@googlegroups.com>
Cc: zBijay Murmuria - Sumedha Fiscal <bijay_m...@sumedhafiscal.com>, Aditi Day Nundy <ad...@daycoindia.com>, 'EMC Palaniappan' <p...@chona.com>
Subject: {ANMI Past Presidents} Recent circular by SEBI on Enhanced Supervision of Stock Brokers/Depository Participants
Reply-To: anmi-past-...@googlegroups.com

‎Dear All

The Enhanced Supervision Circular was issued yesterday immediately. Thereafter we have sought a meeting with Mr Ravindran Executive Director and moved to M‎umbai today morning and had a detailed meeting for two hours with Executive director Sebi Mr Ravindran along with Mr DEBASHIS Bandhopadhayay the author of yesterday circular. 

Following is important take away of the meeting. 

1 SEBI have accepted our suggestions and no separate settlement will be made for Client and Proprietary fund and Security. 

2 The Sebi have also agreed for monthly upload of data of individual client as also suggested by exchange. 

3 Brokers have to upload aggregate data of client fund,Client Securities, proprietary. Fund and Security on weekly basis and Sebi agreed to review it before implementing  it after three months

4 SEBI agreed for an open mind discussion. If any difficulty is observed during the implementation ‎of Enhanced Supervision. Mr Bandhopadhaya agreed to visit in person to select brokers based on our recommendations and agreed to consider each and every difficulties faced by Members. Regional Chairman will forward the name of brokers. Few names were informally communicated to them based on our feedback. SEBI will  Visit in person to understand difficulties in segregation of fund and Security. 

5 SEBI have transferred the responsibility to exchange to monitor the Supervision and Sebi will be given alerts. It is now anmi to coordinate with exchange and soften the procedure. 

6 SEBI will review the enhanced Supervision based on market and Exchange feedback before its implementation with ANMI in middle of December as actual date of implementation will be January one.

All the members are requested to send their feedback to Chairman of Region and Chairman NSE and BSE committee immediately Mr R C Maheswari and Shri Kamlesh Shah Chairman of Exchange Committee is being requested to listen the members grievances on urgent basis.

It is also requested to all our members to desist from any malicious gossip in what's app group as anmi is now a registered trademark and word anmi can not be used without the permission of President Anmi or without any resolution from National Council. By any person including members of National Council to communicate the view of members as they can not offer any solution but increase anxiety of members. As such all the users who are part of this unlawful what's app group is being urged to move out from the group for their own interest . AS NO OFFICIAL what's app group is operated by anmi and they do not carry any official version of anmi 

‎Any person who communicate view in this what's app group shall be his personal view and the individual shall be responsible for its truthness and. Other consequences.

 

The President Anmi can be reached Pres...@anmi.in in all 24*7*365 for any clarification. 

Thanks and Regards. 

Swatantra Kumar Rustagi.

National President, ANMI.

Chairman ER is being requested to post this to anmi compliance group and all Regional Chairman is being requested to forward it to members of their region and take feedback to enable us to seek details meeting with both the exchanges.

Dear All,

Please find attached circular issued by SEBI on 26.09.2016 on  Enhanced  Supervision of Stock Brokers/Depository Participants

Its covers many areas like..

1. Uniform nomenclature to be followed for Naming/Tagging of Bank and Demat Accounts and reporting of such accounts to the Stock Exchanges/Depositories

 

2.  Monitoring of Clients’ Funds lying with the Stock Broker and reconciliation mechanism, to detect any misutilisation of clients fund.

 

3. Changes in the system of internal audit for stock brokers/depository participants viz. appointment, rotation of Internal Auditors, formulation of objective sample criteria, monitoring of quality of Internal Audit Reports, timeline for submissions of Internal Audit Reports, etc.

 

4.  Monitoring of Financial Strength of Stock Brokers so as to detect any signs of deteriorating financial health of stock brokers and serve as an early warning system to take preemptive and remedial measures.

 

5. Imposition of uniform penal action on stock brokers/depository participants by the Stock  Exchanges/

Depositories in the event of non-compliance with specified requirements.

 

6.  Uploading client's funds and securities balances by Stock Brokers to Stock Exchange System and onwards transmission of the same to the clients for better transparency.

 

7. Clarification on Running Account Settlement

 

8. Providing PAN details of Directors,Key Management Personnel and Dealers, to Stock Exchanges and any change thereof.

 

All the trading members / DPs are requested to read the attached circular as many of the provisions mentioned in the circular will be effective within three months from the date of this circular.

 

 

Thanks & Regards,
CA. Paras Shah
Paras B. Shah & Associates, Chartered Accountants
| 404, Medicine Market | Paldi Cross Roads | Ahmedabad-380 006 |
| +91 79 2658 8808 | +91 98793 02620 |
" COMPLIANCE MADE EASY"

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From: Ankit Ajmera <an...@ajcon.net>
To: anmi-co...@googlegroups.com
Sent: Monday, 26 September 2016 11:11 PM
Subject: Re: [ANMI-Compliance] Lease Line Charges

If not multiple at least one or two more vendors will automatically trigger competition and will get the rates down. 

We must ask them to stop this monopoly of Hcl. 

Sent from my iPhone

On 26-Sep-2016, at 11:48 AM, Nirav Gandhi <Nirav....@jmfl.com> wrote:

Just to update all that the Exchange Committee had raised this issue with NSE in its quarterly meetings. They replied that they have chosen only one vendor because of any break down of services , they have to deal with one vendor only and problem isolation becomes easier which would not be possible with multiple service providers.

 

Having said this , this does not warrant a 30 to 40 % jump as some member have pointed out. That is why it is essential for members to share actual quotation of rates for bringing it to notice of the Exchange by ANMI.

 

Regards

 

Nirav

 

From: anmi-co...@googlegroups.com [mailto:anmi-co...@googlegroups.com] On Behalf Of Vinod Jain Inmas
Sent: Monday, September 26, 2016 11:23 AM
To: anmi-co...@googlegroups.com
Subject: RE: [ANMI-Compliance] Lease Line Charges

 

It will make sense to write to JIO (and other TECOs) and bring to their notice that competition is impacted by NSE policy.

NSE policy is clearly against competition law and ANMI also need to take up with NSE that freedom of choice is the law of the land and NSE will always support as they are always very careful to not to be against any law

Regards

CA Vinod Jain

 

From: anmi-co...@googlegroups.com [mailto:anmi-co...@googlegroups.com] On Behalf Of Virender Mansukhani
Sent: 26 September 2016 11:08
To: anmi-co...@googlegroups.com
Subject: RE: [ANMI-Compliance] Lease Line Charges

 

Maheshwariji,

We are approaching the problem in the wrong direction

The prices of telco vendors keep on falling time to time and we cannot negotiate for future based on the current prices (more discounting  will happen once jio comes into leased lines)

 

What we need to do is to allow the exchange to give member the choice of vendor and the ability to negotiate one to one with the vendor

What HCL Comnet gives us is the list price, in practice the price is much lower

Exchange is already charging separately for the port at NSE end as port charges (though BSE does not charge anything)

So NSE should logically have no issues in letting us select the vendor directly

 

I have argued unsuccessfully with NSE on this matter for several years

In fact I have pointed out to them several times that the direct quote which I get for the same distance from the vendor like airtel is 30-40 % lower

Vendors are also stuck  with HCL comnet (due to NSE policy)   and hence don’t give a lower quote than list price  for links terminated at HCL comnet  POP

 

Our approach should  be simply to ask the exchange that while  HCL comnet can give its price but  if we get a lower quote directly  we should be able to place order directly and take the bandwidth

 

Thanks

 

Virender Mansukhani

 

From: anmi-co...@googlegroups.com [mailto:anmi-co...@googlegroups.com] On Behalf Of Dr Naresh Maheshwari
Sent: Saturday, September 24, 2016 2:28 PM
To: ANMI Compliance
Subject: Re: [ANMI-Compliance] Lease Line Charges

 

can some body collect the data and share it like Lease line charges for BSE NCDEX or MCX and what bandwidth is provided by different  service providers?

 

On Sat, Sep 24, 2016 at 3:28 AM, Ved Gupta <v...@peeaarmail.com> wrote:

We collectively should approach telecom companies through ANMI & NSE .

 

On Sep 23, 2016 12:44 PM, "Nilesh" <nil...@aifl.net> wrote:

Dear Friends,

 

We read every day in News papers regarding price war between telecom Companies. But unfortunately we brokers are not beneficiary.

 

Request input from my friends on lease line charges reduction.

 

 

Regards,

 

 

 

 

Nilesh Shah

 

Managing Director

 

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1.         

With Warm Regards

Dr. Naresh Maheshwari

Past President ANMI, CPAI, DPAI

Chairman Farsight Group

+91 9810011589,  +91 11-45044455 

 

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