Moneycontrol
Jan 10, 2017 09:43 PM IST | Source: PTI

NSE eases lock-in period norms for membership surrender

Relaxing lock-in period norms for those surrendering trading membership, NSE today said the members who have never traded or whose last trade date exceeds more than 3 years from the date of surrender approval, will be eligible for release of their deposits.


Relaxing lock-in period norms for those surrendering trading membership, NSE today said the members who have never traded or whose last trade date exceeds more than 3 years from the date of surrender approval, will be eligible for release of their deposits.


Currently, members' Interest Free Security Deposits (IFSD) is subject to three year lock-in period.


In a circular, NSE said that for the benefit of the members, the lock-in period norms applicable to surrender of membership have been relaxed.


"The members who have never traded or whose last trade date exceeds more than 3 years from the date of surrender approval, will be eligible for release of their IFSD after 3 months from the date of surrender approval," NSE said adding the new rule is subject to fulfilling of certain criteria.


There should not be any history/ongoing cases of complaints/claims/litigations against the member to get the benefit of relaxed rules. Besides, a confirmation regarding cancellation of registration should be received from markets regulator Sebi.

Such refund would be subject to fulfilment of all dues including arbitration awards and others claims against the member.

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