o - ANMI

Transcription

o - ANMI
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Association of National Exchanges Members of India
March 20,2014
Shri Krishnanand Raghavan
\,''General Manager
MIRSD2
Securities and Exchange Board of lndia
S'EBI Bhavan, Bandra Kurla Complex;
Bandra (E), Murnbai -400051
Sub: Format of Common Contract Note.
Dear Sir,
t-
This has reference to the issue of 'Common Contract Note Format' being discussed and
deliberated.
The Representatives of ANMI had been part of the joint meeting held at BSE on
6th
November, 2013. The broader issue of uniform FORMAT was finalised in the same meeting.
As the implementation of it was involving certain software and procedural changes. at
Brokers end, we were informed that the Exchanges shall jointly prepare an operational
guidance note or FAQ and circulate it in due course.
After the said meeting ANMI had neither been part of any further meetings on the subject nor
it has approached any of the Exchanges with suggestions about any further changes or
modifications in the format as decided in the said meeting.
The format as decided in the said meeting was circulated by the Exchanges on 18th
November, 2013 and we were waiting for the FAQ which was supposed to be finalised
amongst the Exchanges. Tentative Draft of FAQ was also suggested and submitted to the
committee headed by the exchanges. (Draft enclosed again herewith).
t
Upon several inquiries about the status of the FAQ during this period, on 7th of February, we
have been informed that most of the operational issues have been finalised except two
issues on which there are some divergent views. The said issues as put forth to us are STp
and giving flexibility of single contract note across all segments or more than one contract for
the day for different exchange/segment.
We hereby wish to submit our views on both these issues.
1.
STP: As the STP is largely used by the lnstitutional clients and it has several other
issues of meeting special requirements of those clients as well as certain international
protocols, we are of the view the existing format and processes of STP should be
allowed to be continued as it is.
384-4, Vedn€ chamber, Opp. BSE,
iloffTHEBt'l lllBll REolollAL
613 New Delhi
27 Bara Khamba
New Delhi
Telefax: 011-23715131 I
Email:
coul{clt
House,
Road,
110001.
32
[email protected]
21
,
dffiIONALABERETARIAT
60r . il, ;s1l0ii2 iza\"izza t
Datat Street, Forr, tvtumbai - +06
CoUilCtt
Buirding,
EAsrERil lilotA BE0IONA|
Martin Bum
Mezzaine Floor, Room No.
1 R.-N. Mukherjee Rd , Kotkata 700
-tetetax:
4,
001.
Og*2i49A214
Email: [email protected]
aas6 0487 . Fax: +91 (o) 22 6636 0486 . Emait: [email protected]
S0UTHEB}| tNDtA REGlotitAL couNctt fi.x.K. cHAprERt
rrrit"li
M/a. Navia r,r"*"i"
Ganga Griha, 4th and Sth Floor,
No. d, Nungambaikam High Road,
Chennai - 600 034_
rel No.:044-391g9448/49
Email: hozefa@naviamarkets-com
Website : www.anmi.in
s0uTHERil |NDIA BEGtoilAL 00U[GtL (A.p CHAPTER)
C/o. Sakeeta Consultants Ltd.
3-4-616/'1, llnd Floor, Pamgaon Tailors Lane,
Narayanaguda, Hyderabad - 500 029.
Tel: 040 66775678 Fax: 04O 27562182
Mobile: 09848023565
Email: [email protected]
Association of National Exchanges Members of,India
2. As regards,
issuance of slngle contract note per investor is concerned ANMI is of tHe
view that as far as format of contract notes is conierned they must be uniform. However,
since diverse segments may have diverse closure timings, members may be given
flexibility to issue multiple contract notes per investor for the given'date for different
exchange/segment.
It is pertinent to note that there exists scope to implement it in phases and therefore, even if
initially members'are given some flexibility and afler sufficient experiences and learning of
market, further strengthening and tweaking can be undertaken. lt may also be noted that
above suggestions are made just to apprise you about the practical aspects of
implementations and we leave it up to SEBI/ Exchanges to take a final decision on it
expeditiously.
For Association of National Exchanges Members of lndia
d",-*
Secretary-WIRC
CC:
Dr.VRNarsimhan
Chief Regulations Officer
Natr"ronal Stock Exchange of lndia Ltd
Ms. Kamala Kantharaj
Vice President
National Stock Exchange of lndia Ltd
Shri. NehalVora
Chief Regulatory Officer
BSE Limited
Shri. Sarat Chandran
Head-Legal & Company Secretary
MCX Stock Exchange Ltd.
304-4, \bena Ghamber, opp. BSE, 21, Datat street, Fort, Mumbai I{0RTHERI{ lit0tA REGtoitAt
613 New Delhi House,
27 Bara Khamba Road,
NewDelhi l1ooo1.
felefa)j' 011-23715131 I 32
Email: [email protected]
couilctt
.rIfli?ifL*;io,it}IHa
C0Ul'lClL
Building,
No.4,
001.
Telelax:435-22438214
Email: [email protected]
EASIERN INDIA HEG|0NA[
Martin Bum
Mezzaine Floor, Room
1 R. N. Mukherjee Rd, Kolkata 700
r 6636 0487 .
Fac +e1 (0) 22 6636 0486 " Ernal: [email protected]
REctoilrt G{}rilclt
SOUIHEBI{ ll{DlA REGlOllAt COUl{Clt (T.l(.K. CHAPTER)
s0rrTHERil rilDtA
M/s, Navia Markets Limited
C/o. Sakeeta Consullants Ltd.
3-4{16/1, llnd Floor, Paragaon Tailors Lane,
Narayanaguda, Hyderabad - 500 029.
Tel: 040 66775678 F ax: UO 27 5621 82
Mobile: 09848023565
Email: cirao_saaketa@rediffimit-com
Ganga Griha,4th and sth Floor,
No. 9, Nungambakkam High Road,
Chennai - 600 034.
Tel No.: M4-39189448/449
Email: [email protected]
Website : www.anmi.in
{A.R 0HAPTER)
New Common Contract Note Format - Clarifications:
1. lt is necessary to adhere to this standard format of common contract note across the
2.
3.
market so that it becomes easy for the investors to find specific information at specific
location.
Columns for specific exchange/segment may not b6 printed if not applicable.
lf the member maintains separate trading/back office code for each segment then
segment wise details should be given. lf
be mentioned once along with PAN/UCC.
4.
\'.,
5.
6.
7.
g.
9.
\\,
it
is common across the segments than
it
may
The new common Contract Note may be printed on plain paper containing all the
mandatory details including Logo and members should have adequate systems and
controls in place to ensure the authenticity of the contract note being issued in the
name of the member.
The new format is mainly comprised of two tables. Table one at center is for
Exchange/segment wise trade details and summary table at bottom.
The trade table details should start with name of Exchange/Segment as header line
followed by scrip wise/trade wise details for each trade. Member may also give trade
wise details as separate annexure in case of large nos of trades.
giving
The first page of the contract note should give the details as per summarytable
complete picture of the day's activity segment wise as well as consolidated'
lf member opt for contract-cum-bill for derivatives, the scrip wise details should start
with bought forward position with remark as 'Bf position' in 'Oder No' columns with
with
ety and Bf rate in respective columns followed by T day trades in that scrip along
give B/f
closing rate and MtM in the Net Total Column. Alternatively, member may
consolidated
position and its MtM as Annexure however, summary table should contain
MtM of the day including MtM on B/f position as well as MtM on T day trades.
serial across
Serial Nos of contract note / contract - cum - bill should be maintained in
.be reset to 1 on 1$ trading day of the financial year. lf
all exchange/segment and will
year, the
members adopt the new contract note before the end of current financial
serial nos may be reset to 1 from the day it adopts the new format and thereafter
should be reset to 1 on beginning of each financial year'
or
10. To manage the occasional delay in required data by any specific Exchange/Segment
one
than
to manage the regular time gap of Equity and currency segment, a more
contract note for one client may be issued for a particular day with different serial
numbers. For example, one contract note for Equity/FO with serial No. 1 and one
. contract note for Currency segment with serial No. 2 .". or any other combination'
11. Required 'Daity Margin Statements' may be attached as Annexure the end of contract
note. The format of the 'Daily Margin.statement' may also be combined in common
gives required
tabUlar form with Segment wise columns so that a single statement
information in easily understandable and meaningful manner.
from the date
12. The members may dtlopt new 'Common Contract Note Format' any time
ef ,ekcular but not later than 1't April, z1t4'