BSE issues more norms for SME ITP platform
Updated: May 28, 2015 12:54:57pm
New Delhi, May 28 (KNN) The Bombay Stock Exchange (BSE) has asked trading members to ensure that 10 per cent of the transaction value is available as deposits with regard to listing of SMEs on institutional trading platform (ITP).
The stoke exchange, on Wednesday, said in case a member fails to fulfil his settlement obligation pertaining to buy or sell trade, then the concerned ITP trade would stand closed out and a charge of 10 per cent of the obligation amount unfulfilled by the broker will be levied on him.
Out of this close out charge (10 per cent), half would be paid to the counter member to the trade and the balance would be retained by clearing corporation, it added.
ITP in the BSE SME segment was to facilitate the start companies and SME to list without IPO. It also offers better visibility and wider investor base while offering tax benefits to long-term investors. (KNN Bureau)
The stoke exchange, on Wednesday, said in case a member fails to fulfil his settlement obligation pertaining to buy or sell trade, then the concerned ITP trade would stand closed out and a charge of 10 per cent of the obligation amount unfulfilled by the broker will be levied on him.
Out of this close out charge (10 per cent), half would be paid to the counter member to the trade and the balance would be retained by clearing corporation, it added.
ITP in the BSE SME segment was to facilitate the start companies and SME to list without IPO. It also offers better visibility and wider investor base while offering tax benefits to long-term investors. (KNN Bureau)
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