6TH June 1994


All Presidents/Executive Directors
of Stock Exchanges

Dear Sir,

Exemption for Corporates of five years

Government of India have issued norms relating to Multiple Membership in Stock exchanges vide F No : 1/26/SE/91 dated 12.9.1991 which interalia stipulates eligibility criteria at (1)(a) that a member should have operated his membership for a peroid of at least 5 years before seeking membership to another Stock Exchange.

It is now clarified that the above stated criteria shall not be applicable to corporate members who have been admitted to Stock Exchange membership in accordance with Rule 8(4) or 8/4/A of the Securities Contract (Regulation) Rules, 1957 provided such corporate entities meet the net worth criteria separately for all the stock exchanges in which they operate.

Thanking you,

Yours faithfully,


cc : Dr P. J. Nayak C.B. BHAVE
Joint Secretary (INV & ECB)
Department of Economic Affairs
Ministry of Finance
Government of India
North Block
New Delhi 110 001.

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