Surya Ugavala Nahi Tar Marathi Nibandh
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National Spot Exchange Limited
Circular
Ref. No.: NSEL/MEM/2008/016
October 14, 2008
Dear Members,
Know Your Client
The Members of the Exchange are advised to adopt the following procedure for dealing
with clients:
1.
Know Your Client Norm
When establishing a relationship with a client for the first time or accepting a new
Client, Members of the Exchange must take reasonable steps to assess the
background, genuineness, beneficial identity, financial soundness of such person,
and his trading objectives by registering the client with them in the format
prescribed as CLIENT REGISTRATION FORM as specified in the enclosed
Annexure1.
In case of any non-individual client, the member shall register the client in the
specified format enclosed as Annexure 2. The Member of the Exchange shall also
obtain a Board Resolution authorizing the company officials to execute all the
deeds/ operations with the Exchange on behalf of the company, or in case of
Partnership firm, a letter of Partnership firm on the letterhead authorizing
partners to execute all the deeds / operations with the Exchange on behalf of
firm.
2.
3.
Agreement with client before accepting order
Every Member of the Exchange shall enter into an agreement with each of his
Client, before accepting or placing orders on Client’s behalf.
2.2
Such agreement shall include provisions specified by the Exchange in this
regard in Annexure 3. Depending upon the category of Clients as may be
necessary for the above purpose, the Exchange may specify the clauses to be
included in agreements to be entered into by the Member of the Exchange.
The member is free to add more clauses in the specified agreement, however,
no additional clause should in any way dilute the content or purpose of the
clause stated in the specified agreement by the Exchange. The responsibility
of the Member shall not in any way be reduced due to non-execution of
agreement with the Clients.
2.1
Orders...
Circular
Ref. No.: NSEL/MEM/2008/016
October 14, 2008
Dear Members,
Know Your Client
The Members of the Exchange are advised to adopt the following procedure for dealing
with clients:
1.
Know Your Client Norm
When establishing a relationship with a client for the first time or accepting a new
Client, Members of the Exchange must take reasonable steps to assess the
background, genuineness, beneficial identity, financial soundness of such person,
and his trading objectives by registering the client with them in the format
prescribed as CLIENT REGISTRATION FORM as specified in the enclosed
Annexure1.
In case of any non-individual client, the member shall register the client in the
specified format enclosed as Annexure 2. The Member of the Exchange shall also
obtain a Board Resolution authorizing the company officials to execute all the
deeds/ operations with the Exchange on behalf of the company, or in case of
Partnership firm, a letter of Partnership firm on the letterhead authorizing
partners to execute all the deeds / operations with the Exchange on behalf of
firm.
2.
3.
Agreement with client before accepting order
Every Member of the Exchange shall enter into an agreement with each of his
Client, before accepting or placing orders on Client’s behalf.
2.2
Such agreement shall include provisions specified by the Exchange in this
regard in Annexure 3. Depending upon the category of Clients as may be
necessary for the above purpose, the Exchange may specify the clauses to be
included in agreements to be entered into by the Member of the Exchange.
The member is free to add more clauses in the specified agreement, however,
no additional clause should in any way dilute the content or purpose of the
clause stated in the specified agreement by the Exchange. The responsibility
of the Member shall not in any way be reduced due to non-execution of
agreement with the Clients.
2.1
Orders...