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Government of Kerala
2017
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KERALA GAZETTE
B[nImcnIambn {]kn≤s∏SpØp∂Xv
PUBLISHED BY AUTHORITY
Regn. No. KERBIL/2012/45073
dated 5-9-2012 with RNI
Reg. No. KL/TV(N)/634/2015-17
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Thiruvananthapuram,
Tuesday
hmeyw 6
Vol. VI
2017 s^{_p-hcn 7
7th February 2017
1192 aIcw 25
25th Makaram 1192
1938 amLw18
18th Magha 1938
6
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PART IV
Private Advertisements and Miscellaneous
Notifications
INDIA PEPPER AND SPICE TRADE
ASSOCIATION, KOCHI
NOTIFICATION
The Securities and Exchange. Board of India (SEBI),
in exercise of its powers under section 9 of the Securities
Contract (Regulation) Act, 1956 has vide its letter
No. SEBI/HO/CDMRD/DEA/OW/P/2016/26956 dated
September 26th 2016 approved the amendments made in
Byelaws of India Pepper and Spice Trade Association,
Kochi.
Following are the amendments made in the existing
Bye-Laws (hereinafter referred to as Original Byelaws)
of India Pepper and Spice Trade Association, Kochi.
1.
In clause 1, sub clause (i) the words “Exchange/
IPSTA” has been inserted after the word Association.
2.
In clause 1 sub clause (iv), following clause l (iv)
(a) has been inserted: “Public Interest Directors means
an independent director representing the
interest of
the investors in the market and who is not having any
association, directly or indirectly, which in the opinion of
the SEBI is in conflict
with his role”.
3.
In clause 1 sub clause (vi), following clause
1 (vi) (a) has been inserted:
“key management personnel” means a person as defined
under the section 2(1) (i) of the SECC Regulations 2012”.
4.
In clause 1, sub clause (vi), following clause 1(vi)
(b)has
been
inserted:
“Regulatory
Department
means a department of the Exchange entrusted with regulatory
powers and duties and includes such departments as may be
specifted by SEBI”.
5.
In clause 1, sub clause (x) the following has been
inserted:
“Members shall mean the Members of the
Association who have been duly elected or nominated by
the Board and shall include Ordinary Members, Trading
Members, Trading and Clearing Members, and Professional
Clearing Member; Member shall in general mean Ordinary
Member”.
6.
In clause 1 sub clause (x) the following
clause 1 (x) (a) has been inserted:
“Ordinary Member shall mean any member
having a voting right in the exchange, however
trading rights can be
exercised only after registering
with the SEBI”.
7.
In clause 1 sub clause (xi) the following has been
substituted:
“Trading Member means a member to execute
trades on his own account as well as on
a c c o u n t
of his clients but, clearing and settlement of trades
executed through the Trading Member would have to
be done through a Trading-cum Clearing Member or
Professional Clearing
Member of the Exchange”.
8.
In clause 1 sub clause (xii) the following has been
substituted:
“Clearing Member shall mean any Member who
has the right to clear transactions in contracts permitted
by the Securities Exchange Board of India (SEBI), and
shall be registered with the Securities Exchange Board of
India (SEBI)”.
9.
In original Byelaws, Clause 1 sub clause (xiii) has
been Deleted.
10.
ln clause 1 sub clause (xv), “for the words FMC
the words Securities Exchange Board of India (SEBI), has
been Substituted”.
11.
In clause 1 sub clause (xvi), “for the words
Forward contracts, the words Commodity Derivative
contracts has been substituted. Also for the words FMC
the words Securities Exchange Board of India (SEBI), has
been Substituted”.
12.
In clause 1 sub clause (xvii) “for the words
Domestic Division the words IPSTA Trade division has
been substituted also for the words Forward contracts,
the words Commodity Derivative contracts has been
substituted”.
13.
In original Byelaws, Clause 1 sub clause (xviii) has
been Deleted.
14.
In clause 1 sub clause (xix), the following has
been substituted:
“Clearing House means the company designated
and authorized by the Board, permitted by the Central
Government to operate the Designated Clearing House in
respect of Commodity Derivative in pepper and other
commodities transacted in the IPSTA Trade Division”.
15.
In clause 1 sub clause (xx), the following has been
substituted:
“Designated Clearing House means the
Designated Clearing House’s premises where and the
system by which the claims and liabilities of Clearing to
the Clearing House in respect of Commodity Derivative
contracts in pepper and other commodities transacted in
the IPSTA Trade Division are received registered,
adjusted and paid”.
16.
In clause 1 sub clause (xxii), “for the words
Domestic Division the words IPSTA Trade division has
been substituted”.
17.
In Clause 1 sub clause (xxiii), the following
has been substituted:
“Designated Clearing House Committee means the
Committee jointly appointed by the Board of the
Association and Designated Clearing House for the
management of the Designated Clearing House and for
giving decisions (subject to the right of appeal to the
Board of the Designated Clearing House) on disputes
relating or pertaining to the functioning of the Designated
Clearing House in respect of transactions in the IPSTA
Trade Division”.
18.
In Clause 1 sub clause (xxiv), the following has
been substituted:
“Settlement price means the price fixed by the
Boards of IPSTA and Designated Clearing House based
on price Quotations disseminated in accordance with
procedures of the Association for the purpose of payment
to and from Designated Clearing House, Clearing
Members, Ordinary Members and registered non-members
of differences or dues pertaining to outstanding
transactions in respect of the IPSTA Trade Division”.
19.
In clause 1 sub clause (xxvi), “for the words
Domestic Division the words IPSTA Trade division has
been substituted”.
20.
In clause 1 sub clause (xxvii), “for the words
IPSTA International Commodity Exchange Division the
words IPSTA Trade division has been substituted”.
21.
In clause 1 sub clause (xxviii), “for the words
Domestic Division the words IPSTA Trade division has
been substituted”.
22.
In original Byelaws, Clause 1 sub clause (xxix) has
been Deleted.
23.
In clause 1 sub clause (xxx), “for the words IPSTA
International Commodity Exchange Division the words
IPSTA Trade division has been substituted”.
24.
In clause 1 sub clause (xxxi), “for the words
Forward contracts, the words Commodity Derivative
contracts has been substituted. Also for the words FMC
the words Securities Exchange Board of India (SEBI), has
been Substituted”.
25.
In clause 1 sub clause (xxxii), “for the words
Forward contracts, the words Commodity Derivative
contracts has been substituted”.
26.
In clause 1 sub clause (xxxiii), “for the words
Forward contracts, the words Commodity Derivative
contracts has been substituted”.
27.
In clause 1 sub clause (xxxiv), “for the words
Forward contracts, the words Commodity Derivative
contracts has been substituted”.
28.
In clause 1 sub clause (xxxvi), “for the words
Forward Contracts Regulation Act, 1952, the words
Securities Contracts Regulation Act, 1956, has been
substituted”.
29.
In clause 1 sub clause (xxxvii) (a), “for the words
Forward Contracts Regulation Act, 1952, the words
Securities Contracts Regulation Act, 1956, has been
substituted”.
30.
In clause 1 sub clause (xxxvii) (b), the following
has been substituted:
“Transferable specific delivery contract” means a specific
delivery contract which is not a non-transferable specific
delivery contract and which is subject to such conditions
relating to its transferability as the Central Government
may by notification in the Official Gazette, specify in this
behalf”.
31.
In clause 1 sub clause (xxxviii), the following has
been substituted: “commodity derivative” means a contract
for the delivery of such goods, as may be notified by the
Central Government in the Official Gazette, and which is
not a ready delivery contract; or for differences, which
derives its value from prices or indices of prices of such
underlying goods or activities, services, rights, interests
and events, as may be notified by the Central
Government, in consultation with the Board, but does not
include securities as referred to in sub-clauses (A) and
(B) of clause (ac); of the Securities Contract Regulation
Act 1956.
32.
In clause 1 sub clause (xlvii), “for the words
Forward contracts, the words Commodity Derivative
contracts has been substituted”.
33.
In clause 1 sub clause (xlviii), “for the words
Forward contracts, the words Commodity Derivative
contracts has been substituted”.
34.
In clause 1 sub clause (liii), the following has been
substituted: “SEBI” means Securities Exchange Board of
India (SEBI).
35.
In clause 1 sub clause (liii), following clause 1
sub clause (liii) (a), and 1 sub clause (liii) (b), has been
inserted respectively:
Act
means
“Securities
Contract
Regulation
Act 1956”
“rules” means the Securities Contracts (Regulations) Rules,
1957.
36.
In clause 2 sub clause (i), the following has been
substituted:
“There shall be Four classes of members: Ordinary
Members, Trading Member, Trading cum Clearing member
and Professional Clearing Members”.
37.
In clause 2 sub clause (ii), following has been
substituted:
“Ordinary Members shall consist of individuals, firms,
joint stock companies, corporations and others engaged in
the trading of pepper and other commodities and be
qualified for membership under Article 4 and who have
paid the fees as prescribed in Article 5 Ordinary Members
in the IPSTA Trade Division of the Association shall be
further classified into four categories (1) Ordinary
Members, (2) Trading Members, (3) Trading-cum-Clearing
Members and (4) Professional Clearing Member. Trading
Members in the IPSTA Trade Division of the Association
shall be registered with the SEBI”.
38.
In original Byelaws, Clause 2 sub clause (iii) has
been Deleted.
39.
In clause 2 sub clause (iv), following clause 2
sub clause (iv) (a), 2 sub clause (iv) (b), and 2 sub
clause (iv) (c), has been inserted respectively.
“2 sub clause (iv) (a) Trading member category of
membership entitles a member to execute trades on his
own account as well as on account of his clients but,
clearing and settlement of trades executed through the
trading member would have to be done through a trading
cum clearing member or professional clearing member of
the exchange”. “2 sub clause (iv) (b) Trading cum clearing
member are entitled to trade on their own account as well
as on account of their clients, TCMs can also clear and
settle these trades themselves”.
“2 sub clause (iv) (c) Professional Clearing Membership
entitles the members only to clear and settle the trades
executed by their clients. Corporations, Companies or
Institutions or Subsidiaries of such Corporations,
Companies or Institutions set up for providing financial
services are eligible to apply for membership, subject to
the regulatory norms and provisions of Securities
Contract (Regulation) Act, 1956 and as provided in the
Rules, Regulations, Byelaws and Circulars of the
Exchange”.
40.
In clause 2 sub clause (v) “for the words
International Commodity Exchange Division the words
Trade division has been substituted. Also for the words
FMC the words Securities Exchange Board of India
(SEBI), has been Substituted”.
41.
In clause 3 sub clause (i), “wherever the words
Joint Hindu Family appears has been omitted”.
42.
In clause 3 sub clause (ii), “wherever the words
Joint Hindu Family appears has been omitted. Also for the
words FMC the words Securities Exchange Board of India
(SEBI), has been Substituted”.
43.
In clause 3 sub clause (iii), “for the words FMC
the words Securities Exchange Board of India (SEBI), has
been Substituted. Also for the words International
Commodity Exchange Division the words Trade division
has been substituted”.
44.
In clause 4 sub clause (i) The following has been
substituted,
“The entrance fee and the annual subscription
payable by Ordinary Members in the Division for the time
being shall be Rs. 15,000 and Rs. 1,500 respectively.
In addition, an Ordinary Member shall also pay a security
deposit of Rs. 500 for the time being which shall bear no
interest. The member shall not be entitled to withdraw the
security deposit so long as the continues to be an
Ordinary Member of the Association. The entrance fee
and the annual subscription payable by an Professional
Clearing Member for time being shall be Rs. 1,00,000 and
Rs. 10,000 respectively”.
45.
In original Byelaws, Clause 4 sub clause (ii) has
been Deleted.
46.
In clause 5, “wherever the words Joint
Hindu Family appears has been omitted. Also for the
words FMC the words Securities Exchange Board of
India (SEBI), has been Substituted”.
47.
In clause 8 “for the words forward and other
contracts, the words Commodity Derivative contracts has
been substituted”.
48.
In clause 8 sub clause A,” for the words Forward
contracts, the words Commodity Derivative contracts has
been substituted. Also for the words FMC the words
Securities Exchange Board of India (SEBI), has been
Substituted”.
49.
In clause 8 sub clause B “for the words Forward
and other contracts, the words Commodity Derivative
contracts has been substituted”.
50.
In clause 8 sub clause C “for the words Forward
and other contracts, the words Commodity Derivative
contracts has been substituted. Also for the words
International Commodity Exchange Division the words
Trade division has been substituted”.
51.
In clause 9 “for the words FMC the words
Securities Exchange Board of India (SEBI), has been
Substituted”.
52.
In clause 10 “for the words FMC the words
Securities Exchange Board of India (SEBI), has been
Substituted”.
53.
In clause 12 sub clause A “for the words FMC
the words Securities Exchange Board of India (SEBI), has
been Substituted. Also for the words Domestic Division
the words IPSTA Trade division has been substituted”.
54.
In clause 16 sub clause A “for the words
Domestic Division the words IPSTA Trade division has
been substituted”.
55.
In clause 20 sub clause (i) “for the words
International Commodity Exchange Division the words
Trade division has been substituted”.
56.
In clause 27 sub clause A “for the words
Domestic Division the words IPSTA Trade division has
been substituted”.
57.
In clause 27 sub clause B “for the words
International Commodity Exchange Division the words
Trade division has been substituted”.
58.
In clause 28 sub clause B, “for the words
Forward Contracts Regulation Act, 1952, the words
Securities Contracts Regulation Act, 1956, has been
substituted. Also for the words Forward and other
contracts, the words Commodity Derivative contracts has
been substituted”.
59.
In clause 29 “for the words FMC the words
Securities Exchange Board of India (SEBI), has been
Substituted”.
60.
In clause 30 sub clause A “for the words
Domestic Division the words IPSTA Trade division has
been substituted”.
61.
In clause 30 sub clause B, “for the word FOB the
word Quintal has been substituted”.
62.
In clause 30 sub clause F “for the words
Domestic Division the words IPSTA Trade division has
been substituted”.
63.
In clause 31 sub clause A(i) “for the words
Domestic Division the words IPSTA Trade division has
been substituted”.
64.
In clause 31 sub clause A(ii), “wherever the words
Ordinary Member appears, has been substituted by the
words Trading Member/Trading cum Clearing Member.
Also for the words Domestic Division the words IPSTA
Trade division has been substituted”.
65.
In clause 31 sub clause A(iii), “wherever the
words Ordinary Member appears, has been substituted by
the words Trading Member/Trading cum Clearing
Member”.
66.
In clause 31 sub clause A(ii), “wherever the words
Ordinary Member appears, has been substituted by the
words Trading Member/Trading cum Clearing Member.
Also for the words Domestic Division the words IPSTA
Trade division has been substituted”.
67.
In clause 32, following clause 32, 32 sub clause
A, and 32 sub clause B, has been inserted respectively
“32.The Exchange shall levy minimum ordinary margins
of 4% on the open outstanding positions. This rate can
vary from time to time depending on the directives
received from SEBI”.
“32 sub clause A. Margin computation at client
level: Exchanges shall levy ordinary margins at the level
of each individual client comprising his positions in
futures contracts across different maturities. For member
level margin computation, margins shall be grossed across
various clients. The proprietary positions of the member
should also be treated as that of a client for margin
computation”.
“32 sub clause B. Margin Collection and
Enforcement: All applicable margins shall be collected by
Exchanges before start of trading on the next trading day.
If the member’s collateral is insufficient to cover the
required margin and deposit requirements, member shall
not be allowed by Exchanges to further increase his open
positions”
68.
In clause 33 sub clause A “for the words
Domestic Division the words IPSTA Trade division has
been substituted. Also for the words FMC the words
Securities Exchange Board of India (SEBI), has been
Substituted”.
69.
In clause 34 sub clause A “for the words FMC
the words Securities Exchange Board of India (SEBI), has
been Substituted”.
70.
In clause 34 sub clause B “for the words
International Commodity Exchange Division the words
Trade division has been substituted. Also for the words
FMC the words Securities Exchange Board of India
(SEBI), has been Substituted”.
71.
In clause 36 “for the words Forward and other
contracts, the words Commodity Derivative contracts has
been substituted”.
72.
In clause 37 “for the words Forward and other
contracts, the words Commodity Derivative contracts has
been substituted”.
73.
In clause 38 “for the words FMC the words
Securities Exchange Board of India (SEBI), has been
Substituted”.
74.
In clause 39 sub clause A “for the words Forward
and other contracts, the words Commodity Derivative
contracts has been substituted. Also for the words
Domestic Division the words IPSTA Trade division has
been substituted”.
75.
In clause 40 sub clause A(i) “for the words
Forward and other contracts, the words Commodity
Derivative contracts has been substituted. Also for the
words FMC the words Securities Exchange Board of India
(SEBI), has been Substituted”.
76.
In clause 42 sub clause B “for the words
International Commodity Exchange Division the words
Trade division has been substituted”.
77.
In clause 43 sub clause A “for the words
Domestic Division the words IPSTA Trade division has
been substituted.”
78.
In clause 44 sub clause A, “wherever the words
Ordinary Member appears, has been substituted by the
words Trading Member/Trading cum Clearing Member.
Also for the words Domestic Division the words IPSTA
Trade division has been substituted”.
79.
In clause 47 sub clause A “for the words
Domestic Division the words IPSTA Trade division has
been substituted”.
80.
In clause 50 sub clause A, “wherever the words
Ordinary Member appears, has been substituted by the
words Trading Member/Trading cum Clearing Member.
Also for the words Domestic Division the words IPSTA
Trade division has been substituted”.
81.
In clause 51 sub clause A, “wherever the words
Ordinary Member appears, has been substituted by the
words Trading Member/Trading cum Clearing Member.
Also for the words Domestic Division the words IPSTA
Trade division has been substituted”.
82.
In clause 52 sub clause A, “wherever the words
Ordinary Member appears, has been substituted by the
words Trading Member/Trading cum Clearing Member.
Also for the words Domestic Division the words IPSTA
Trade division has been substituted”.
83.
In clause 53 sub clause A “for the words
Domestic Division the words IPSTA Trade division has
been substituted”.
84.
In clause 53 sub clause B “for the words
International Commodity Exchange Division the words
Trade division has been substituted”.
85.
In clause 54 sub clause A “for the words
Domestic Division the words IPSTA Trade division has
been substituted”.
86.
In clause 55 sub clause (ii) “for the words
Domestic Division the words IPSTA Trade division has
been substituted”.
87.
In clause 56 sub clause A “for the words
Domestic Division the words IPSTA Trade division has
been substituted”.
88.
In clause 56 sub clause B “for the words
International Commodity Exchange Division the words
Trade division has been substituted. Also wherever the
words Ordinary Member appears, has been substituted by
the words Trading Member/Trading cum Clearing
Member”.
89.
In clause 58 sub clause A “for the words
Domestic Division the words IPSTA Trade division has
been substituted”.
90.
In clause 59 sub clause A “for the words
Domestic Division the words IPSTA Trade division has
been substituted”.
91.
ln clause 60 sub clause A “for the words
Domestic Division the words IPSTA Trade division has
been substituted”.
92.
1n clause 61 sub clause A “for the words
Domestic Division the words IPSTA Trade division has
been substituted”.
93.
In clause 62 sub clause (ii) “for the words FMC
the words Securities Exchange Board of India (SEBI), has
been substituted”.
94.
In clause 63 sub clause A “for the words
Domestic Division the words IPSTA Trade division has
been substituted.”
95.
In original Byelaws, Clause 63 sub clause (B) has
been Deleted.
96.
In clause 67 sub clause A “for the words
Domestic Division the words IPSTA Trade division has
been substituted.”
97.
In original Byelaws, Clause 67 sub clause (B) has
been Deleted.
98.
In clause 69 sub clause A “for the words
Domestic Division the words IPSTA Trade division has
been substituted.”
99.
In original Byelaws, Clause 69 sub clause (B) has
been Deleted.
100.
In original Byelaws, Clause 70 has been Deleted.
101.
In clause 74 sub clause A “for the words
Domestic Division the words IPSTA Trade division has
been substituted.”
102.
In original Byelaws, Clause 74 sub clause B has
been Deleted.
103.
In clause 77 sub clause A(iii) “for the words FMC
the words Securities Exchange Board of India (SEBI), has
been substituted.”
104.
In original Byelaws, Clause 77 sub clause B has
been Deleted.
105.
In clause 78 “for the words Domestic Division the
words IPSTA Trade division has been substituted”.
106.
In clause 80 sub clause A “for the words
Domestic Division the words IPSTA Trade division has
been substituted.”
107.
In clause 80 sub clause B, “for the words IPSTA
International Commodity Exchange Division the words
IPSTA Trade division has been substituted”.
108.
In clause 81 sub clause A “for the words
Domestic Division the words IPSTA Trade division has
been substituted”.
109.
In clause 81 sub clause B, “for the words IPSTA
International Commodity Exchange Division the words
IPSTA Trade division has been substituted.”
110.
In clause 83 sub clause A “for the words
Domestic Division the words IPSTA Trade division has
been substituted.”
111.
In original Byelaws, Clause 83 sub clause B has
been Deleted.
112.
In clause 87 “for the words FMC the words
Securities Exchange Board of India (SEBI), has been
substituted”.
113.
In clause 88 “for the words FMC the words
Securities Exchange Board of India (SEBI), has been
substituted”.
114.
In original Byelaws, Clause 95 sub clause B has
been Deleted.
115.
In clause 111 sub clause 7, “for the words IPSTA
International Commodity Exchange Division the words
IPSTA Trade division has been substituted”.
116.
In clause 114 “for the words FMC the words
Securities Exchange Board of India (SEBI), has been
Substituted. Also for the words Five persons the words
Fifteen persons have been substituted, and for the words
Three the word Eight has been substituted.”
117.
In clause 120, “for the words IPSTA International
Commodity Exchange Division the words IPSTA Trade
division has been substituted.”
118.
In original Byelaws, Clause 121 has been Deleted
119.
In clause 122, “for the words IPSTA International
Commodity Exchange Division the words IPSTA Trade
division has been substituted”.
120.
In clause 123 “for the words FMC the words
Securities Exchange Board of India (SEBI), has been
substituted”
121.
In clause 126 sub clause (ii) and sub clause (iii)
“for the words FMC the words Securities Exchange Board
of India (SEBI), has been Substituted.”
122.
In clause 151 sub clause (b) and sub clause (c)
“for the words FMC the words Securities Exchange Board
of India (SEBI), has been Substituted”.
123.
In original Byelaws, Clause 156 has been Deleted.
124.
In original Byelaws, Clause 157 has been Deleted.
125.
In Clause 158 “for the words Commission the
words Securities Exchange Board of India (SEBI), has
been Substituted”.
126.
In clause 159 “for the words Commission the
words Securities Exchange Board of India (SEBI), has
been Substituted.”
127.
In clause 161 “for the words Domestic Division
the words IPSTA Trade division has been substituted”.
128.
In original Byelaws, Clause 162 has been Deleted.
129.
In clause 163 “for the words Domestic Division
the words IPSTA Trade division has been substituted.”
130.
In original Byelaws, Clause 164 has been Deleted.
131.
In original Byelaws, Clause 165 has been Deleted.
132.
In clause 166 sub clause (1) sub clause (2) sub
clause (3) & sub clause (4) “for the words Forward
Market Commission the words Securities Exchange Board
of India (SEBI), has been Substituted.”
133.
In clause 167 sub clause (c) & sub clause (d)
“for the words Forward Market Commission the words
Securities Exchange Board of India (SEBI), has been
Substituted.”
134.
In clause 167 sub clause (B) (b) “for the words
Forward Market Commission the words Securities
Exchange Board of India (SEBI), has been Substituted.”
135.
In clause 167 sub clause (C) (i) & sub clause
(C) (ii) “for the words Commission the words Securities
Exchange Board of India (SEBI), has been Substituted.”
136.
In clause 167 sub clause(D) “for the words
Forward Market Commission the words Securities
Exchange Board of India (SEBI), has been Substituted”
137.
In clause 169 sub clause (a) and sub clause (b)
“for the words Commission the words Securities Exchange
Board of India (SEBI), has been Substituted”
138.
In clause 17l sub clause (A) (a) and sub clause (b)
“wherever the words Forward Market Commission appears
the words Securities Exchange Board of India (SEBI), has
been Substituted”.
139.
In clause l71 Sub clause (B) (i) and sub clause (B)
(ii) “wherever the words Forward Market Commission
appears the words Securities Exchange Board of India
(SEBI), has been Substituted.”
140.
In clause 172 sub clause (B) (c) and sub clause
(B) (d) “wherever the words Forward Market Commission
appears the words Securities Exchange Board of India
(SEBI), has been Substituted. Also wherever the words
Forward Contracts Regulation Act, 1952, the words
Securities Contracts Regulation Act, 1956, has been
substituted.”
141.
In clause 173 sub clause (e) “for the words
Commission the words Securities Exchange Board of India
(SEBI), has been Substituted.”
142.
In clause 184 sub clause (A) “for the words
Domestic Division the words IPSTA Trade division has
been substituted.”
143.
In original Byelaws, Clause 184, sub clause (B)
has been Deleted.
144.
In clause 185 sub clause (A) “for the words
Domestic Division the words IPSTA Trade division has
been substituted.”
145.
In original Byelaws, Clause 185, sub clause (B)
has been Deleted.
146.
In clause 189 sub clause (B)(b) “for the words
Forward Market Commission the words Securities
Exchange Board of India (SEBI), has been Substituted.”
147.
In clause 189 sub clause (D)(i) “for the words
Forward Contracts Regulation Act, 1952, the words
Securities Contracts Regulation Act, 1956, has been
substituted”
148.
In clause 190 sub clause (B), “for the words
IPSTA International Commodity Exchange Division the
words IPSTA Trade division has been substituted.”
149.
In clause 196, the following has been substituted.
“The fee for registration as a Broker of the
Association shall be, for the time being. ` 250=per
annum for trading in the IPSTA Trade Division”.
150.
In clause 197, the following has been substituted.
“Brokers shall get their registration renewed every
year on payment of ` 250 for trading in the IPSTA
Trade Division.”
151.
In clause 199 “for the words Forward Market
Commission the words Securities Exchange Board of
India (SEBI), has been Substituted.”
152.
In original Byelaws, the following new clause 213
sub clause (1) sub clause (2) and sub clause (3) has been
inserted respectively
213 clause (1) “Procedure for Appointment of
Public Interest Directors shall be as per the clause 6 of
the SEBI circular dated 13 December 2012”.
213 sub clause (2)” Selection of trading members/
clearing members on the Advisory Committee to the
governing board:-
Prior to appointment to the advisory committee, the
governing board of the exchange shall satisfy itself that
the trading members/clearing members are fit and proper
persons in terms of regulation 20 of the SECC
Regulations. The governing board shall frame the
eligibility norms, term of office, cooling off period etc., of
members of the advisory committee in consultation with
the trading members/clearing members of the exchange.”
213 sub clause (3) “Statutory Committees
(A) Standing committee on technology, comprising
of two outside experts proficient in technology and
atleast one public interest director. The functions of this
committee shall be to monitor whether the technology
used by the exchange remains up to date and meets the
growing demands of the markets, to monitor the adequacy
of systems capacity and efficiency, to look into the
changes being suggested by the exchange to the existing
software/hardware, to investigate into problems of
computerized trading system, such as hanging/slowdown/
breakdown, to ensure that transparency is maintained in
disseminating information regarding slowdown/breakdown
in Online Trading System. The Committee shall submit a
report to the Governing Board of the exchange. The
Board will deliberate on the report and suitable action/
remedial measure will be taken. Any stoppage beyond five
minutes will be explained and reported to the Board. The
Exchange shall issue a press release specifying the
reasons for the breakdown.
(B) Public Interest Directors’ Committee comprising
of all the public interest directors shall necessarily attend
every meeting of the committee. During their meetings, the
Public Interest Directors shall review the following:
(a) Status of compliance with SEBI letters/
circulars.
(b) Review the functioning of regulatory
departments including the adequacy of resources
dedicated to regulatory functions.
(c) The public interest directors shall prepare a
report on the working of the other committees where they
are also the members. The report shall be circulated to
the other public interest directors.
(d) A consolidated report shall then be submitted
to the Governing Board of the exchange.
(e) The public interest directors shall identify
important issues which may involve conflict of interest
for the exchange or may have significant impact on the
market and report the same to SEBI.
(C) Ethics Committee shall comprise of public
interest directors, key management personnel and
compliance officer. The functions of this committee shall
be to oversee the implementation of the code of ethics.
(D) Independent external persons appointed to
committees: The independent external persons shall be
from amongst the persons of integrity, having a sound
reputation and not having any conflicts of interests. They
shall be specialists in the field of work assigned to the
committee. The exchange shall frame the guidelines
for appointment, tenure, code of conduct, etc., of
independent external persons. Extension of the tenure may
be granted at the expiry of the tenure pursuant to a review
of the contribution, record of attendance at meetings, etc.
(E) Risk Management Committee shall comprise of
public interest directors and independent external experts,
which shall report to the governing board, the functions
of which will be to formulate a detailed risk management
policy which shall be approved by the governing board.
(a) The head of the risk management department
shall be responsible for implementation of the risk
management policy and he shall report to the risk
management committee and to the Governing Board.
(b) This committee shall monitor implementation of
the risk management policy and keep the SEBI and the
governing board informed about its implementation and
deviation, if any.
153.
In original Byelaws, the following new clause 214
has been inserted.
“Regulatory departments, Regulation 28 of the
SECC Regulations mandate segregation of regulatory
departments from other departments.”
154.
In original Byelaws, the following new
clause 215 has been inserted
“Risk Management Framework
(A) All applicable margins shall be collected by
the exchange before start of trading on the next trading
day. If the member’s collateral is insufficient to cover the
required margin and deposit requirements, member shall
not be allowed by exchange to further increase his open
positions.
(B) Further the exchange will levy ordinary margins
at the level of each individual client comprising his
positions in futures contracts across different maturities.
For member level margin computation, margins shall be
grossed across various clients.
(C) The proprietary positions of the member will
also be treated as that of a client for margin computation.
(D) Mark to market settlement on all open
positions of clients/members will be done on a daily basis
in cash. The daily settlement price will be reckoned and
disseminated by the exchange at the end of every
trading day”
155.
In original Byelaws, the following new
clause 216 has been inserted
“Maintenance of books of accounts and records as per
the SECC Regulations 2012. The exchange shall maintain
and preserve the books of accounts and records as per
rule 14 of the SCRA Rules 1957”
(Certified True Copy)
For India Pepper and Spice
Trade Association
(Sd.)
ANAND KISHOR,
President.