Leading bourse National Stock Exchange (NSE) has asked brokers to submit net worth certificate in electronic format for the half-year ended March 31, by the end of this month.
In case the reported net worth is less than the minimum requirement or has a variation of 25 per cent or more as compared to the previous half-yearly (April-September) net worth reported, brokers are required to mention the reason for the same.
“Members are requested to submit the required details on or before May 31, 2017, in order to avoid any delayed/non- submission charges,” NSE said in a circular.
In case a member fails to submit the details within the prescribed timeline, the exchange would impose fine and can take further action.
As per norms, corporate brokers with a net worth of at least Rs 3 crore are eligible for offering margin trading facility to their clients.