SMDRP/POLICY/CIR-1 9/99

July 02, 1999

To:

The President! Executive Director! Managing Director All Stock Exchanges

Sub: Rationalisation of the existing Margin System

Dear Sir! Madam,

Different margins have evolved! were prescribed by SEBI, at different points of time keeping in view the requirements and exigencies of the prevailing situations. Though the existing margin system has been working well, it was felt that there were certain variations in the implementation of various margins by the exchanges. SEBI had constituted a committee comprising of SED, Shri L K Singhvi, ED, Shri Pratip Kar, ED Shri M D Patel and some representatives of the exchanges, to review, rationalise and streamline the margining system. The committee met from time to time and the following decisions have been taken.

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