NSE Circular on : Market Access through Authorised Persons
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21-10-2021 |
NSE |
Authorised Person |
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Highlights of NSE Circular dated October 21, 2021 Market Access through Authorised Persons NSE has informed that it has provided an online system in ENIT for reporting of the inspections/supervision of Authorised Persons undertaken by the Members.
NSE has advised that the reporting shall be done in the following manner:
a) All inspections undertaken during a financial year including the quantum should comply with guidelines prescribed in Exchange circular NSE/INSP/42448 dated October 18, 2019. b) Inspections undertaken during a particular quarter shall be reported within one month from end of the said quarter. For instance:
c) In the first phase Members are required to report details of all inspections undertaken during FY 2020-21 and for quarter-1 & 2 of FY 2021-22 latest by November 30, 2021. Subsequently all inspections shall be reported in the manner stated in para 2 (b) above from quarter 3 FY 2021-22 onwards. d) The manual for reporting the aforementioned information is provided with the Circular.
The Exchange has further informed that: a) The Member shall be mandatorily required to report any incidence, observed by them, involving assured returns or any unauthorised schemes operated by the AP, to the Exchange, within 2 working days. b) Members should undertake necessary due diligence & background screening of the applicants at the time of their on boarding as an AP. Members should restrict entities with names which may mislead clients/investors, including names with “Portfolio/wealth management/advisory" without a valid SEBI registration. The Exchange shall reject any AP application, where it is of the opinion that the name of the applicant is misleading or does not reflect the activities permitted to be undertaken by an AP.
Exchange again reiterated that APs are not permitted to undertake activities such as providing assured/guaranteed return schemes, unauthorised portfolio management & investment schemes etc. as well as directly accepting or paying/delivering any funds and securities from/to the clients/investors. It is responsibility of the Members to ensure that all APs registered with them are complying with the regulatory requirements and do not undertake any non-permitted activities. Members shall be liable for all such acts of its APs and/or their Directors/Partners, employees etc., including liabilities arising there from.
NSE Circular no. NSE/COMP/500308 Dated October 21, 2021 is enclosed herewith for your ready reference.
In case of any clarification or assistance required in implementation of this circular you may contact VANDANA VANIA (SecMark Consultancy Ltd.)– van...@secmark.in / 9223303460 SHARDUL SHAH - shard...@secmark.in/ 9869265949 / 9653415968 |
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