SECURITIES AND EXCHANGE BOARD OF INDIA
SECONDARY MARKET DEPARTMENT
Mittal Court, A Wing, Gr. Floor,
224, Nariman Point, Mumbai 400 021

SMD/POLICY/CIR-34/97
December 11, 1997

To,

Presidents/Executive Directors/Managing Directors of
All Stock Exchanges.

Dear Sir,

Sub : Conversion of individual membership into corporate membership

We have been receiving requests from stock exchanges seeking clarification regarding trading rights of the members who are corporatising their individual membership, pending SEBI Registration.

In the above context, the following may please be noted :
In case of corporatisation of individual membership, the individual member may trade in his individual name pending registration of the corporate member by SEBI.
In case the corporate member acquires the membership through purchase of membership card of an individual member, the corporate member shall not be entitled to trade because of the provisions of Section 12 of the Securities and Exchange Board of India Act, 1992, till registration is granted to the corporate member by SEBI.
Thanking you,

Yours faithfully,
M. D. PATEL
EXECUTIVE DIRECTOR

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