NSE Circular on: Penalties/ disciplinary action(s) for non-adherence to the compliance requirements/ submissions by the Trading Members/ Market Makers
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22-04-2022 |
NSE |
Penalty |
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Highlights of NSE Circular dated April 22, 2022 Penalties/ disciplinary action(s) for non-adherence to the compliance requirements/ submissions by the Trading Members/ Market Makers
NSE has issued a circular specifying revised penalty structure applicable for various periodic submissions by the members, Membership related approvals/requirements, requirements related to Market Maker in the SME segment and violations observed during inspections to ensure that members strictly comply with the regulatory requirements. The list of violations and applicable penalties /disciplinary action(s)/charges, including escalation of penalties for repeat violations, is mentioned as below: · The Penalties /disciplinary action(s)/charges for delay or non-submission of various periodic submissions are stipulated in Annexure 1. · The Penalties /disciplinary action(s) for non-adherence to membership/ compliance requirements are stipulated in Annexure 2. · The Penalties /disciplinary action(s) for non-compliances by the Market Maker in SME Segment are stipulated in Annexure 3. · The Penalties /disciplinary action(s) for violations with financial implications and procedural violations observed during inspections are stipulated in Annexure 4.
The revised penalties/disciplinary action(s)/charges as mentioned in Annexure 1, 2 shall be applicable with effect from July 01, 2022, and Annexure 3 shall be applicable with effect from May 01, 2022. Further, with respect to Annexure 4, the penalties as prescribed under Exchange circular No. NSE/INSP/47457 dated February 25, 2021, shall continue to be applicable in respect of inspections commenced on or after February 25, 2021. The additional disciplinary actions stated in Annexure 4 shall be applicable in respect of inspections commenced on or after July 01, 2022.
NSE has further informed that the penalties/ disciplinary action(s)/charges are indicative in nature. The relevant authority of the Exchange, on case-to-case basis and based on the gravity of the violation, shall deal with such non-compliances or may decide on additional disciplinary action after following the due process.
NSE Circular no. NSE/INSP/52085 dated April 22, 2022 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– van...@secmark.in / 9223303460 Kaushik Jethwa – kau...@secmark.in / 9870210171 |
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