JOIN USBgSE rolls out deposit-based trading drive
BgSE officials told Deccan Herald the move comes in the wake of Internet trading on bourse set for commencement from December 7.
This, they said, has been possible with the firming up of the pact with IDBI Bank as the payment gateway provider.
Officials said both individuals and corporates can avail of the deposit based trading membership. Outlining the basic contours, they said a non-refundable registration fee of Rs 1 lakh would be charged for those wanting membership. Following approval by Sebi, a registered member has to open an interest-fee deposit of Rs 4 lakh with BgSE and another Rs 4 lakh interest-free deposit with the subsidiary BgSE Financials Limited.
Exposure limit
Of the deposit amount with BgSE Financials, while Rs 2 lakh will be available to cover exposure limits of the member for both cash based and intra-day trading, they said.
In addition to the Rs 9 lakh, a registered member has to pay annual subscription fee of Rs 3,000 for BgSE and one-time payment of Rs 5,000 towards settlement guarantee fund.
The deposit would be returned one year from date of cancellation of Sebi Registration Certificate, they added.
Officials said they expect to register at least 150 individual and 100 corporate members in the initial phase. While an individual has to furnish Chartered Accountant certified networth certificate for Rs 50 lakh, corporates have to submit Rs 10 lakh capital adequacy certificate besides Rs 50 lakh networth paper. BgSE Financials would be providing all back-end and back-office support for members. A basic requirement of Plus 2 pass and above is must for applying for trading membership, they said, adding it is a lifetime registration which can be passed on to nominees.
Besides BgSE, members can have benefit of trading on NSE & BSE platforms as well, they observed and operate both in the cash and futures and options market. These members, however, will have no voting rights.