The Presidents and Executive Directors
of all stock exchanges.
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Recently, a representation was made to SEBI to the effect that the eligibility criteria regarding multiple membership stipulated by the Stock Exchange Division of the Ministry of Finance, Government of India (vide their circular letter no. F.No.1/26/SE/91 dated August 12, 1991) should be suitably modified.
The Modification has been sought with regard to eligibility of a person, who has been a member of any stock exchange for a period of less than 5 years, to apply for membership in another exchange. It was proposed that such a person may be permitted to become member of another stock exchange if he agrees to relinquish the membership of the stock exchange of which he is presently a member.
The above proposal has been considered and it is clarified that any person, who is a member of one stock exchange but for a period less than 5 years, may apply for membership of another stock exchange on the condition that he shall before accepting the membership of the latter stock exchange relinquish the membership of the former stock exchange. The position may be made clear to the concerned person before he is considered for selection and suitable undertaking taken from him for the purpose.
Please acknowledge the receipt of this letter.
HEAD OF SECONDARY MARKET DEPARTMENT – I