SR. EXECUTIVE DIRECTOR

7 December 93
Ref No : SMD/SED/93/cir

TO

ALL THE PRESIDENTS/ED’s
OF ALL STOCK EXCHANGES

Dear Sir

Implementation of BMC

This has reference to the discussions at the Presidents/ED’s meeting of the stock exchanges with Chairman, SEBI on 24.11. 93. It may be recalled that it was agreed during that meeting that the base capital norm enumerated in the capital adequacy norms circulated by SEBI will be fulfilled by 10.12.93. We presume that you have already taken steps to ensure this. It is requested that your implementation report may be forwarded to SEBI by 15.12.93.

You may also recall that the stock exchanges were to submit their suggestions to SEBI regarding the calculation of net liquid capital and the norms to be observed in that regard so that a solution can be evolved by 31.12.93. A SEBI representative was to be associated with such a committee . We have so far no information from any stock exchange regarding such a committee or for association for SEBI representative. We presume that the suggestions will be worked out and will be forwarded to us as early as possible.

Yours faithfully,
sd/-

C.B. BHAVE

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