BSE Reduces Membership Deposit By 90% for New Members
** Aims to build an expanded pan national membership base to promote financial inclusion **
Bombay Stock Exchange Limited (BSE) has reduced membership deposit and fee requirements for new members in the BSE’s Cash and Equity Derivatives segments with immediate effect. In the new offer by the Exchange membership can be obtained by paying a deposit of Rs. 10 Lakh in place of the existing Rs. 1 crore.
“By offering this exciting pricing scheme we intend to make it affordable to all those aspiring for BSE membership,” said Mr. Madhu Kannan, Managing Director & CEO, BSE. “We hope this new scheme to generate a good response from the market participants whereby building and expanding our existing membership base to promote financial inclusion,” he added.
|Requirement||Existing Members||Reduction||New Members|
|Membership Deposit||Rs. 100 L (Rs. 5 L upfront)||90%||Rs. 10 L (Rs. 1 L upfront)|
|Base Minimum Capital||Rs. 10 L (Cash only)||87.5% (in cash)||1.25 L in cash
8.75 L in cash equivalents
|Admission Fee||Rs. 2.5 L||98%||Rs. 5,000|
In addition to the aforesaid amount of Rs.10 Lakhs (Interest free deposit) the member has to pay the following amounts at the time of commencement of business :
* Base Minimum Capital (Refundable) – Rs.10,00,000/- (Rs.1.25 lakhs in cash + Rs.8.75 lakhs Cash/Cash equivalent).
* Trade Guarantee Fund (Refundable) – Rs.10,00,000/- (Cash/Bank Guarantee/FDR)
* Admission Fees (Non refundable) –
* Rs.5,000/- (Add : Service Tax as applicable) : if the applicant applies in all segments.
* Rs.2,50,000/- (Add: Service as applicable ) : if the applicant applies only in the cash segment.
* Annual Subscription (Non refundable) – Rs.25,000/- (Add : Service Tax as applicable)
* Initial Contribution towards Trade Guarantee Fund (Non refundable) – Rs.10,000/- (Add : Service Tax as applicable) – Cash
Moreover, to facilitate the process, application and submission of documents has been made online.
Note: Lakh or L = 100,000 Crore = 10,000,000