Leading stock exchange BSE today asked stock brokers, operating in the cash segment, to submit total amount funded to clients in June on the exchange’s electronic filing system, by July 8. As per BSE norms, trading members have to provide information on amount funded as margin obligation on behalf of clients, funding related to settlement obligations for institutional and non-institutional clients, among others.
“All the trading members who were active during the month of June, 2017 are required to upload client funding details for the month of June, 2017 through BEFS (BSE Electronic Filing System),” BSE said in a circular. “Client funding option for the month of June, 2017 would be enabled in the BEFS from July 1 till July 8, 2017,” the exchange added.
BSE also said trading members who do not fund the clients have an option of submission of undertaking in the BEFS. “In case trading member chooses to submit an undertaking, the member is not required to upload ‘nil’ funding every month and the system will treat the funding as ‘nil’ till he revokes the undertaking,” BSE said.
“If trading member does funding to the clients subsequently, he would be required to revoke the undertaking through option available in the BEFS and then upload the client funding details,” it added.