(१)

भाग दोन (संकीर््ण)–१

RNI No. MAHBIL /2009/35827

महाराष्टट्रõ शासन राजपत्र

भाग दोन-संकीर््ण सूचना व जाहिराती

वर्षष ११, अंंक १०]

गुरुवार ते बुुधवार, मार्चच ६-१२, २०२५/फााल्गुन १५-२१, शके १९४६

[पृष्ठेे ८२, किं�ंमत : रुपयेे १५.००

प्राधिकृत प्रकाशन

संकीर्णणण सूचना व जाहि�राती

रायगड जि�ल्हा परि�षषद, अलि£बाग

अधि�सूचना

क्रमांं�क रााजिप/साप्रविि¦/नि�योोजन/१९९/२०२५.—महाारााष्ट्र जिल्हाा परि�षदा व पंचाायत समि�त्या अधिि˜नि�यम, १९६१ चे कलम १४२(४)

अन्वयेे महाारााष्ट्र जिल्हाा परि�षदा व पंचाायत समि�त्या नि�यम, १९६४ व नि�यम ९ अन्वयेे तयार केलेल्या राायगड जिल्हाा परि�षदेच्या सन

२०२३-२०२४ च्या वार्षि�िक प्रशाासन अहवाालास राायगड जिल्हाा परि�षद सर्वसााधारण सभा दि�नांं�क २ जानेवारी २०२५ रोजीच्या प्रशाासकीय

आदेश क्र. २७८ अन्वयेे मंंजुरी देण्यात आली आहे.

दि�नांं�क २० फेेब्रुुवारी २०२५.

डॉ. भरत बास्टेेवाड (भा.प्र.से.),

म

ुुख्य कार्ययकारी अधिि˜कारी,

राायगड जिल्हाा परि�षद, अलि�बााग.

महाराष्ट्र शासन राजपत्र, भाग दोन-संकीर्णणण सूचना व जाहि�राती,

गुरुवार ते बुुधवार, मार्चच ६-१२, २०२५/फााल्गुन १५-२१, शके १९४६

अलि£बाग नगरपरि�षषद

[महाराष्ट्र प्रादेशि�क नि�योजन व नगररचना अधि�नि�यम, १९६६ च्या कलम ३७ (१) अन्वयेे]

जाहीर सूचना

क्रमांं�क अनप/न. र/जा.सु.प्र./४७७/२०२४-२५.—ज्याअर्थीी, अलि�बााग शहरााची सुधारि�त विि¦कास योोजना ( दुसरी सुधारणाा)

शाासन अधिि˜सूचनाा क्र. टीीपीएस-१७१२/१४९/सी.आर.-३८/१२/यु.डी.१२, दि�नांं�क ३० माार्चच २०१३ नुसार भागशः (ई.पी. क्र. १ ते

२९ वगळूून) मंंजूर झाालेली असून, दि�नांं�क १ मे, २०१३ पासून अंमलाात आहे. उर्ववरि�त वगळलेेल्या भागाची विि¦कास योोजना (ई.पी. क्र.

१ ते २९) नगरविि¦कास विि¦भागाकडील अधिि˜सूचनाा क्र. टीीपीएस- १७१६/५६३/प्र.क्र. २४१/२०१६/नविि¦-१२, दि�नांं�क ३० नोव्हेंबर, २०१६

नुसार मंंजूर असून दि�नांं�क ३१ डि�सेंबर, २०१६ पासून अंमलाात आलेली आहे. (यापुढेे "उक्त विि¦कास योोजना " म्हणूून संबोधिि˜लेली);

आणि� ज्याअर्थीी, उक्त मंंजूर विि¦कास योोजनेत सि�.स.नं. ५१२/अ/१ व सि�.स.नं. ५१२बी (स.नं. १५७/१) या मि�ळकती वाडी

विि¦भागामधूून वगळूून रहि�वाास विि¦भागामध्ये समााविि¦ष्ट करणेेचे आहे;

आणि� ज्याअर्थीी, अलि�बााग नगरपरि�षदेने प्रशाासकीय ठरााव क्र. ९३८, दि�नांं�क १२ फेेब्रुुवारी, २०२५ अन्वयेे सि�.स.नं. ५१२/अ/१

व सि�.स.नं. ५१२बी ( स.नं. १५७/१) या मि�ळकती वाडी विि¦भागामधूून वगळूून रहि�वाास विि¦भागामध्ये समााविि¦ष्ट करणेेकरि�ताा महाारााष्ट्र

प्रादेशि�क नि�योोजन व नगररचना

ा अधिि˜नि�यम, १९६६ चे कलम ३७ अन्वयेे फेेरफाार करणेेची कार्ययवाही करणेेच ठरविि¦ले आहे. (यापुढेे

"उक्त फेेरफाार " म्हणूून संबोधिि˜लेला).

आणि� त्याअर्थीी, महाारााष्ट्र प्रादेशि�क नि�योोजन व नगररचना

ा अधिि˜नि�यम, १९६६ च्या कलम ३७(१) चे तरतुुदीनुसार उक्त फेेरफाारााच्या

अनुषंगाने या जाहीर सुचनेेद्वाार जनतेकडून हरकती व सूचनाा माागविि¦णेेत येत आहेत. हरकती व सूचनाा लेखीी स्वरुपात नि�म्न स्वाक्षरीकार

यांं�चे नावे ही जाहीर सूचनाा शासकीय राजपत्रात प्रसि�द्ध झााल्यापासून ३० दि�वसां�चेे आत कार्या�लयीन कामकााजाचे वेळेत सादर करााव्यात,

म्हणजेे त्याचाा विि¦चाार उक्त फेेरफाार प्रस्ताव शाासनाकडे मंंजुरीसाठी पाठविि¦ताना केला जाईल. मुदतीनंतर प्राप्त झाालेल्या हरकती व सूचनांं�चाा

विि¦चाार केला जाणाार नाही. वरीील प्रस्ताविि¦त फेेदबदल दर्शशविि¦णााराा नकाशाा नगर परि�षदेच्या कार्या�लयामध्ये कार्या�लयीन वेळेत व दि�वशीी

अवलोकनार्थथ ठेवणेेत आलेला आहे.

अलि�बााग,

सचि�न बच्छााव,

दि�नांं�क २४ फेेब्रुुवारी २०२५,

प्रशाासक तथाा

म

ुुख्याधिि˜कारी,

अलि�बााग नगरपरि�षद.

महाराष्ट्र शासन राजपत्र, भाग दोन-संकीर्णणण सूचना व जाहि�राती,

गुरुवार ते बुुधवार, मार्चच ६-१२, २०२५/फााल्गुन १५-२१, शके १९४६

ALIBAG MUNICIPAL COUNCIL

[Under Section 37(1) of the Maharashtra Regional and Town Planning Act, 1966]

Notice

No. अनप/न.र/जा.सु.प्र./477/2024-25.—Whereas, Development Plan of Alibag (Second Revised)

has been sanctioned by Government in Urban Development Department vide Notification No. TPS-

1712/149/C.R.38/12/UD-12, dated 30th March, 2013 Partly (Excluding E.P. No. 1 to 29) & came into

force with effect from 1st May, 2013 and excluded area Development Plan of part (E.P. No. 1 to 29)

has been sanctioned by the state government vide Urban Development Department's Notification

bearing No. TPS-1716/563/C.R.241/2016/UD- 12, dated 30th November, 2016 & came into force form

31st December, 2016 (hereinafter referred to as "the said Development Plan");

And whereas, C.T.S. No. 512/A/1 & 512B (S.No 157/1) which is located in Wadi Zone to be

included in Residential Zone on Development Plan of Alibag Municipal Council;

And whereas, Municipal Council vide its Administrative resolution No. 938, dated 12th February

2025 has decided to do C.T.S. No. 512/A/1 & 512B (S.No 157/1)which is located in Wadi Zone to be

included in Residential Zone on Development Plan of Alibag Municipal Council under section 37 of the

Maharashtra Regional & Town planning Act, 1966 (hereinafter referred to as "Said modifications")

Now therefore, in pursuance of the sub-section (1) of section 37 of the Maharashtra Regional &

Town Planning Act, 1966, suggestions and objections, if any, with reference to the above proposed

modifications are invited in writing from the public within Thirty (30) days from publications of

this notification of the notice in Government Gazette and these suggestions and objections would

be considered by the Municipal Council at the time of submitting the proposed modification to the

Government for sanction. Suggestions and objections not received within the prescribed time limit

will not be considered by Municipal Council.

Part Plan showing the proposed modification to the "said Development plan" is kept open for the

inspection of the public in the Municipal Council office during the working days and working hours.

Alibag,

SACHIN BACHCHAW,

Dated 24th February 2025.

Administrator & Chief Officer,

Alibag Municipal Council.

भाग दोन (संकीर्णणण)–१अ

महाराष्ट्र शासन राजपत्र, भाग दोन-संकीर्णणण सूचना व जाहि�राती,

गुरुवार ते बुुधवार, मार्चच ६-१२, २०२५/फााल्गुन १५-२१, शके १९४६

कुळगाव बदलापूर नगरपरि�षषद

वि�वरणपत्र १

पदनि�र्देशि�त अधिि˜कारी व सहाायक पदनि�र्देशि�त अधिि˜कारी, यांं�च्या नि�युुक्त्या, त्यांं�चे कामकााजाची जबााबदाारी व कार्ययपद्धतीबााबत

वाचा : (१) शाासन नि�र्णणय क्रमांं�क कडोंमपाा-१००६/प्र. क्र. १९२/०६/नविि¦-२८, दि�नांं�क २ माार्चच २००९.

(२) महाारााष्ट्र अधिि˜नि�यम क्रमांं�क २/२०१२ मधीील सुधारणाा, महाारााष्ट्र शाासन असाधारण रााजपत्र भाग-४, दि�नांं�क १३ माार्चच २०१२.

(३) महाारााष्ट्र प्रादेशि�क व नगररचना

ा अधिि˜नि�यम, १९६६ चे कलम ५६ (२) मधीील सुधारणाा.

(४) कुळगााव बदलापूर नगरपाालि�का जावक क्रमांं�क / आस्थाा / / २०२५. दि�नांं�क २५/०२/२०२५ चे आदेश.

आदेश

क्र. कु.ब.न.प/आस्थपना/ ११९/२०२५.—ज्याअर्थीी महाराष्ट्र शासन राजपत्र, असाधारण भाग ४, दि�नांं�क १३ माार्चच २०१२

मध्ये प्रसि�द्ध केल्यानुसार सन २०१२ चाा महाारााष्ट्र अधिि˜नि�यम क्र. २ अन्वयेे महाारााष्ट्र प्रादेशि�क व नगररचना

ा अधिि˜नि�यम, १९६६ मध्ये

दुरुस्ती करण्यात आलेली आहे;

आणि� ज्याअर्थीी, महाारााष्ट्र प्रादेशि�क व नगररचना

ा अधिि˜नि�यम, १९६६ मधीील कलम ५३ (८) नुसार अनधिि˜कृत बांं�धकामांं�वर

प्रभावी नि�यंंत्रण आणणेेसाठी मुख्याधिि˜कारी यांं�नी त्यांं�चे अधिि˜नस्त अधिि˜काऱ्यास त्याच कार्ययक्षेत्राकरि�ताा “पदनि�र्देशि�त अधिि˜कारी” म्हणूून

अधिि˜सूचि�त करणेेची तरतूूद करण्यात आलेली आहे.

त्याअर्थीी, आता महाारााष्ट्र नगरपरि�षद, नगरपंंचाायतीी व औद्योोगि�क नगरी अधिि˜नि�यम, १९६५ चे कलम ७७ (२), १८९, १९५ तसेच

महाारााष्ट्र प्रादेशि�क नि�योोजन व नगररचना

ा अधिि˜नि�यम, १९६६ चे कलम ५३, ५४, ५५ व ५६ मधीील तरतुुदीचाा विि¦चाार करताा व शाासन

नि�र्णणय क्रमांं�क कंडोमपाा-१००६/प्र.क्र.१९२/२००६/नविि¦-२८, दि�नांं�क २ माार्चच २००९ तसेच नगरपरि�षद अधिि˜नि�यम, १९६५ चे कलम १८९

(२), (१३) व महाारााष्ट्र प्रादेशि�क व नगररचना

ा अधिि˜नि�यम, १९६६ चे कलम ५३ (८) अन्वयेे खालील नमूद केल्याप्रमााणेे नगरपरि�षदेचे

अधिि˜कारी यांं�ची अनधिि˜कृत बांं�धकाम/अति�क्रमण नि�यंंत्रण व समूळ नि�र्मू�लन करण्यासाठी पदनि�र्देशि�त अधिि˜कारी (Designated

Officer) म्हणूून नि�युुक्ती करण्यात येत आहे.

परि�शि�ष्ट

अ. .क्र

पदनाम

कार्ययक्षेत्र

सोपविि¦ण्यात आलेली

जबााबदाारी

१)

पदनि�र्देशि�त अधि�कारी

१) नगर रचनााकार कुळगााव-बदलापूर नगरपरि�षद

२) शहर अभि�यंंता कुळगााव बदलापूर नगरपरि�षद

संपूर्णणण कुळगााव-बदलापूर

नगरपरि�षद क्षेत्र

उपरोक्त संदर्भभ क्र.

१ ते ४ अन्वयेे नि�र्देशि�त

सर्वव कर्ततव्ये व जबााबदााऱ्या

पार पडणेे

२)

अ) बीट नि�रीक्षक (सहाय्यक पदनि�र्देशि�त

अधि�कारी )

१) रचनाा सहाायक / सहाा. नगररचना

ाकार

२) कनि�ष्ठ अभि�यंंता / प्रभाग अभि�यंंता /

उप अभि�यंंता (बांं�धकाम विि¦भाग)

ब) बीट मुकादम

१) स्वच्छता नि�रीीक्षक

२) स्वच्छता मुकादम

कामकााजासाठी नेमून दि�लेले

क्षेत्र / परि�सर / वॉडड

उपरोक्त संदर्भभ क्र.

१ ते ४ अन्वयेे नि�र्देशि�त

सर्वव कर्ततव्ये व जबााबदााऱ्या

पार पडणेे

म

ाारुती गायकवाड,

मुख्याधिि˜कारी,

क

ुुळगााव-बदलापूर नगरपरि�षद.

महाराष्ट्र शासन राजपत्र, भाग दोन-संकीर्णणण सूचना व जाहि�राती,

गुरुवार ते बुुधवार, मार्चच ६-१२, २०२५/फााल्गुन १५-२१, शके १९४६

जुन्नर नगरपरि�षषद, तालुका जुन्नर, जि�ल्हा पुणेे

अधि�सूचना

क्र/प्रशाा/वशीी/२४९२/२०२५.—महाारााष्ट्र लोकसेवा हक्क अधिि˜नि�यम, २०१५ चे कलम ३(१) अन्वयेे प्राप्त अधिि˜काराानुसार मी

मुख्याधिि˜कारी, जुन्नर नगरपरि�षद, जुन्नर ह्याा अध्यादेशााच्या प्रयोोजानार्थथ जुन्नर नगरपरि�षदेच्या विि¦विि¦ध विि¦भागांं�तर्गगत देण्यात येणााऱ्या विि¦विि¦ध

लोकसेवा, त्यांं�चे पदनि�र्देशि�त अधिि˜कारी, प्रथम अपि�लीय अधिि˜कारी व द्वि�तीीय अपि�लीय अधिि˜कारी याद्वाारे खालीलप्रमााणेे अधिि˜सूचि�त करीत

आहे.

महाराष्ट्र शासन राजपत्र, भाग दोन-संकीर्णणण सूचना व जाहि�राती,

गुरुवार ते बुुधवार, मार्चच ६-१२, २०२५/फााल्गुन १५-२१, शके १९४६

NATIONAL COMMODITY CLEARING LIMITED

Ackruti Corporate Park, 1st Floor,

Near G.E.Garden, L.B.S. Marg,

Kanjurmarg (West), Mumbai 400 078.

CIN: U74992MH2006PLC163550

The proposed amendments to the Rules & Bye Laws of NCCL were published in the Gazette of

India in Part IV on December 22, 2024 [Weekly Gazette – December 21 – December 27, 2024] and in

the Gazette of Maharashtra in Part II Sankirna on December 12, 2024 [Weekly Gazette – December

12 - December 18] for inviting public comments. Pursuant thereto, the Securities and Exchange Board

of India (SEBI) has vide its letter No. SEBI/HO/MRD/RAC-1/OW/2025/04801/1 dated February 12,

2025 conveyed it’s no objection to the amendments to the Rules & Bye Laws of NCCL as stipulated

therein. The Rules & Bye Laws of the NCCL amended hereunder shall stand effective from the date

of its publication in the Gazette.

A. PROPOSED AMENDMENT TO THE RULES OF THE NATIONAL COMMODITY

CLEARING LIMITED

1. Short title and commencement

(1) This amendment shall be called NCCL Rules (Amendment), 2024.

(2) It shall come into force with effect from the date of notification in Gazette of India.

2. A new clause 9.26 is proposed to be inserted after the existing clause 9.25 under Rule 9:

“9.26 RELEVANT AUTHORITY FOR THE PURPOSE OF THIS CHAPTER

The Relevant Authority for the purpose of this Chapter shall be the Member Committee or

any Committee as may be termed by SEBI from time to time. The composition, quorum,

terms of reference of such Member Committee/ Committee shall be such as may be prescribed

and notified by SEBI/ Clearing Corporation from time to time.”

B. PROPOSED AMENDMENT TO THE BYE LAWS OF THE NATIONAL COMMODITY

CLEARING LIMITED

1. Short title and commencement

(1) This amendment shall be called NCCL Bye Laws (Amendment), 2024.

(2) It shall come into force with effect from the date of notification in Gazette of India.

2. A new clause 12.30 is proposed to be inserted after the existing clause 12.29 under Byelaw

12:

“12.30 THE RELEVANT AUTHORITY FOR THE PURPOSE OF THIS CHAPTER

The Relevant Authority for the purpose of this Chapter shall be the Member Committee or

any Committee as may be termed by SEBI from time to time.”

Place: Mumbai,

RAJIV RELHAN,

Date: February 25, 2025.

MD & CEO.

Serial No. M-2433

महाराष्ट्र शासन राजपत्र, भाग दोन-संकीर्णणण सूचना व जाहि�राती,

गुरुवार ते बुुधवार, मार्चच ६-१२, २०२५/फााल्गुन १५-२१, शके १९४६

Serial No. M-2434

NATIONAL STOCK EXCHANGE OF INDIA LIMITED

Registered Office : Exchange Plaza, Plot no. C-1, Block G, Bandra-Kurla Complex,

Bandra (East), Mumbai-400 051

As per the requirements of Rule 18 of Securities Contracts (Regulations) Rules, 1957, the

proposed amendments to the Byelaws of the National Stock Exchange of India Limited (NSEIL) as

given hereunder are published for criticism in accordance with the provisions of Section 23 of General

Clauses Act, 1897 in the Gazette of India. Any person having any observations on the proposed

amendments to Byelaws can send the same in writing to the undersigned at Gen_gaztpublication@

nse.co.in or at Exchange Plaza, Sixth Floor, ‘A’ wing, Plot C-1, Block G, Bandra – Kurla Complex,

Bandra (East), Mumbai 400 051 within fifteen days from the date of this publication in the Gazette.

The observations received after the aforementioned date will not be considered when the proposed

amendments will be taken for consideration.

In NSE Byelaws, Chapter XI A ‘Dispute Resolution’ shall be inserted after Chapter

XI, as follows:

CHAPTER XI A

DISPUTE RESOLUTION

Definitions

'Arbitrator' shall mean a sole arbitrator or panel of arbitrators.

'Act' shall mean the Arbitration and Conciliation Act, 1996 and includes any

statutory modification, replacement or re-enactment thereof, for the time being in force.

'Arbitral Award' shall mean the award passed by the Arbitrator.

'ODR Institution' shall mean an alternative dispute resolution organization empaneled by the

Exchange, for facilitating, administering and undertaking time bound resolution of disputes between

parties in accordance with processes and procedures specified by the Relevant Authority from time

to time.

Reference to dispute resolution

(1) All claims, differences or disputes between Trading Members and Constituents, Trading

Member and clients of Authorized Persons arising out of or in relation to dealings, contracts and

transactions made subject to the Byelaws, Rules and Regulations of the Exchange or with reference

to anything incidental thereto or in pursuance thereof or relating to their validity, construction,

interpretation, fulfilment or the rights, obligations and liabilities of the parties thereto and including

any question of whether such dealings, transactions and contracts have been entered into can be

submitted to dispute resolution in accordance with the provisions of these Byelaws, Regulations and

Circulars of the Exchange. The Exchange through ODR institutions shall be entitled to administer

the conciliation and arbitration of such disputes, subject to the circulars/ guidelines/ regulations

issued by the Relevant Authority from time to time.

Provided in disputes between Authorized Persons and clients of Authorized Persons, the Trading

Member should be added as a necessary party.

(2) All claims, differences or disputes arising between an Issuer and a Constituent in respect of

such matters as may be specifically provided from time to time in the Listing Agreement as entered

into by an Issuer with the Exchange can be submitted to dispute resolution in accordance with

the provisions of these Byelaws, Regulations and Circulars of the Exchange. The Exchange shall

be entitled to administer the conciliation and arbitration of such disputes, subject to the circulars/

guidelines/ regulations issued by the Relevant Authority from time to time.

For the purpose of these Byelaws and Regulations, the term 'Issuer' shall have the same meaning

as defined in these Byelaws and the term 'Constituent' shall mean the investor who has bought

or sold, on the Exchange, the securities of the Issuer in respect of which the claim, differences or

dispute has arisen.

महाराष्ट्र शासन राजपत्र, भाग दोन-संकीर्णणण सूचना व जाहि�राती,

गुरुवार ते बुुधवार, मार्चच ६-१२, २०२५/फााल्गुन १५-२१, शके १९४६

(3) The Exchange shall be empowered to administer conciliation and arbitration for such disputes and

parties other than those mentioned in the provisions of Byelaws (1) and (2) of this Chapter by adopting such

procedures as may be prescribed by the Exchange by way of Byelaws, Rules, Regulations and Circulars,

subject to the circulars/ guidelines/ regulations issued by the Relevant Authority from time to time.

Empanelment of ODR Institutions

(4) The Exchange is empowered to work in conjunction with other market infrastructure

institutions and empanel/ avail the services of ODR Institutions who shall facilitate, administer and

undertake the resolution of claims, differences or disputes between parties as mentioned in provisions

of Byelaws (1) and (2) of this Chapter.

(5) The Exchange is also empowered to work in conjunction with other market infrastructure

institutions and empanel/ avail the services of ODR Institutions who shall facilitate, administer, and

undertake the conciliation and arbitration for such disputes and parties other than those mentioned

in the provisions of Byelaws (1) and (2) of this Chapter.

(6) The Exchange may empanel one or more ODR Institutions in accordance with the criteria

prescribed by it, subject to the circulars/ guidelines/ regulations issued by the Relevant Authority

from time to time. Empaneled ODR Institutions shall inter alia appoint duly qualified, experienced,

and independent conciliators and Arbitrators to conduct conciliation and arbitration proceedings.

Further, ODR Institutions shall have established processes and mechanisms to facilitate, administer

and undertake time bound resolution of claims, differences or disputes between parties through

conciliation and arbitration, subject to the provisions of the Act, and any other applicable laws, and

in accordance with the guidelines/ directions that may be issued by the Exchange and/or the Relevant

Authority from time to time.

Provisions of these Byelaws and Regulations deemed to form part of all dealings, contracts and

transactions

(7) In all dealings, contracts and transactions, which are made or deemed to be made subject to

the Byelaws, Rules and Regulations of the Exchange, the provisions relating to dispute resolution

as provided in these Byelaws, Regulations and Circulars of the Exchange shall form and shall be

deemed to form part of the dealings, contracts and transactions and parties shall be deemed to have

entered into a dispute resolution agreement in writing by which all claims, differences or disputes

of the nature referred to in Byelaws (1) and (2) of this Chapter and all incidental arrangements, can

be submitted to dispute resolution as per the provisions of these Byelaws, Regulations and Circulars

of the Exchange, subject to the circulars/ guidelines/ regulations issued by the Relevant Authority

from time to time.

(8) In all dealings, contracts and transactions in relation to the securities market, entered or

deemed to be entered between concerned parties as provided for in Byelaw (3) of this Chapter, the

provisions relating to dispute resolution as provided in these Byelaws, Regulations, and Circulars of

the Exchange shall form and shall be deemed to form part of the dealings, contracts and transactions

and parties shall be deemed to have entered into a dispute resolution agreement in writing by which

all claims, differences or disputes in relation to the securities market and all incidental arrangements,

can be submitted to dispute resolution as per the provisions of these Byelaws, Regulations and

Circulars of the Exchange, subject to the circulars/ guidelines/ regulations issued by the Relevant

Authority from time to time.

Limitation period for dispute resolution

(9) Disputes can be submitted to dispute resolution in accordance with the provisions of these

Byelaws, Regulations, and the Act when within the applicable law of limitation (reckoned from the

date when the issue arose/ occurred that has resulted in the complaint/ date of the last transaction

or the date of disputed transaction, whichever is later)

महाराष्ट्र शासन राजपत्र, भाग दोन-संकीर्णणण सूचना व जाहि�राती,

गुरुवार ते बुुधवार, मार्चच ६-१२, २०२५/फााल्गुन १५-२१, शके १९४६

(10) Notwithstanding the above, the Relevant Authority may, from time to time, prescribe

timelines for proceedings pertaining to conciliation and arbitration.

Power of the Exchange to prescribe Regulations and Circulars

(11) The Exchange may, from time to time prescribe Regulations and Circulars for the following:

(i) Procedure to be followed for conducting a review of the complaints / disputes filed by

parties.

(ii) Procedure to be followed by parties in conciliation/ arbitration proceedings.

(iii) Procedure to be followed by ODR Institutions in conducting conciliation/ arbitration

proceedings.

(iv) Procedure to be followed while administering and assisting in the resolution of claims,

differences or disputes between parties. In particular, and without prejudice to the generality

of the foregoing power, such procedure may, inter alia, provide for the following:

(a) collection of fees and costs (or its refund) paid by parties;

(b) monitoring the due payment/ adherence of parties to the terms and conditions of

the settlement agreement;

to concerned parties, post completion of conciliation proceedings;

(d) initiation of arbitration proceedings, post conclusion of conciliation proceedings

when claims, differences or disputes are not resolved between the parties;

(e) monitoring the due payment/ adherence of parties to the terms and conditions of the

Arbitral Award, post conclusion of the arbitration proceedings and due payment/ adherence

of parties to any interim relief that may be awarded by the Arbitrator

(f) penalties / directions / actions with respect to non-adherence by concerned parties

to inter alia the terms of the settlement agreement/ Arbitral Award/ interim relief of the

Arbitrator or any directions issued by concerned ODR Institutions and market infrastructure

institutions;

(g) collection of amounts payable from parties in terms of the Arbitral Award and pay-

out/ release of the same to concerned parties, post completion of arbitration proceedings;

(h) procedure in relation to challenging an Arbitral Award of an Arbitrator, when

claims, differences or disputes are not resolved between the parties;

(i) setting out the roles/ obligations/ rights/evaluation procedure of the arbitrator/

conciliator appointed by empaneled ODR Institutions;

(j) maintenance of records pertaining to conciliation/ arbitration proceedings; and

(k) any other matter which in the opinion of the Exchange is required to be dealt with

in the Regulations and Circulars to facilitate conciliation/ arbitration.

The Exchange from time to time may amend, modify, alter, repeal, or add to the

provisions of the Regulations and Circulars.

(12) The Regulations and Circulars prescribed by the Exchange with respect to the above will be

subject to the circulars/ guidelines/ regulations issued by the Relevant Authority from time to time.

Reference to conciliation and arbitration

(13) All claims, differences or disputes between parties as mentioned in provisions of Byelaws

(1), and (2) of this Chapter, may be resolved through reference to conciliation and arbitration in

accordance with the provisions of these Byelaws, Regulations and Circulars of the Exchange.

(14) All claims, differences or disputes between concerned parties as provided for in Byelaw (3)

of this Chapter, may be resolved through reference to conciliation and arbitration in accordance with

the provisions of these Byelaws, Regulations and Circulars of the Exchange

महाराष्ट्र शासन राजपत्र, भाग दोन-संकीर्णणण सूचना व जाहि�राती,

गुरुवार ते बुुधवार, मार्चच ६-१२, २०२५/फााल्गुन १५-२१, शके १९४६

(15) In case of reference to arbitration, the parties shall be entitled to challenge the Arbitral

Award rendered at the conclusion of arbitration proceedings, in terms of Section 34 of the Act.

Arbitration proceedings subject to the provisions of the Act

(16) Arbitration proceedings as provided for by the provisions of these Byelaws, Regulations and

Circulars of the Exchange shall be subject to the provisions of the Act to the extent not provided for

in these Byelaws or Regulations or Circulars of the Exchange.

Appearance in conciliation and arbitration proceedings by counsel, attorney or advocate

(17) In conciliation and arbitration proceedings, parties shall not be permitted to appear by

counsel, attorney or advocate but where one of the parties is a Constituent, then the Constituent

shall be permitted to appear by counsel, attorney or advocate. If the Constituent chooses to appear

by counsel, attorney or advocate, then the Trading Member, Authorized Person and Issuer, as the

case may be, shall be granted a similar privilege.

Jurisdiction / venue and seat of conciliation and arbitration

(18) The venue and seat of the proceedings of conciliation and arbitration shall be the place where

the Constituent resides permanently or, where the Constituent is not an individual, the place where

it is registered in India or has its principal place of business in India, as provided in the relevant

KYC documents of the Constituent.

(19) Notwithstanding the above, the Relevant Authority may, from time to time, determine the

venue and seat of conciliation and arbitration.

(20) Furthermore, the application under Section 34 of the Act, if any, against the decision of the

Arbitrator shall be filed before the court having competent jurisdiction in India.

Exclusion

(21) For removal of doubts, it is hereby clarified that the Exchange shall not be construed to be

a party to the dealings, contracts and transactions referred to under this Chapter, and the provisions

of this Chapter shall not apply in case of claims, differences or disputes between the Exchange and a

Trading Member or the Exchange and an Authorized Person or the Exchange and an Issuer. Further,

the Exchange would not constitute a necessary party to the attendant proceedings of conciliation or

arbitration.

(22) For removal of doubts, it is hereby clarified that the Exchange shall not be construed to be

a party to the dealings, contracts and transactions referred to under this Chapter, and the provisions

of this Chapter shall not apply in case of claims, differences or disputes between the Exchange

and concerned parties as provided for in Byelaw (3). Further, the Exchange would not constitute a

necessary party to the attendant proceedings of conciliation or arbitration.

(23) In no event shall any dispute, appeal, review, or challenge be referred to any stage of the

proceedings contemplated in this Chapter, including conciliation or arbitration, if such dispute,

appeal, review or challenge pertains to the regulatory and enforcement role, or roles of a similar

nature, played by the Exchange.

(24) The decision of the Exchange pertaining to the nature of the complaint/ dispute shall be

final and binding on all parties.

Applicability of this Chapter

(25) Notwithstanding anything contained in this Chapter, all claims, differences or disputes

under consideration of the GRC or in arbitration/ appellate arbitration before August 16, 2023, shall

be resolved as per the applicable framework prescribed under Chapter XI and XIII of the Byelaws.

For National Stock Exchange of India Limited,

SAI SARANYA HARIHARAN,

Authorized Signatory.

भाग दोन (संकीर्णणण)–५

महाराष्ट्र शासन राजपत्र, भाग दोन-संकीर्णणण सूचना व जाहि�राती,

गुरुवार ते बुुधवार, मार्चच ६-१२, २०२५/फााल्गुन १५-२१, शके १९४६

Public Notice

Subject: Partnership Firm of M/S. NEW RAILWAY RESTAURANT & STORES having address

at Godown No.1, Pran Niwas, Ground Floor, M. A. Road, Andheri (West), Mumbai 400 049.

TAKE NOTICE that Mr. Mahabat Furdoon Mahabat has retired from the Partnership Firm

of M/S. NEW RAILWAY RESTAURANT & STORES with effect from 1st April 2024 vide the Deed

of Retirement dated 16th December 2024. The business and affairs of the above partnership firm

is continued by Mr. Aziz Furdoon Mahabat, Mrs. Tuba Mahabat and Mr. Viraf Aziz Mahabat as

continuing partners.

Dated this 1st March, 2025.

M/S. NEW RAILWAY RESTAURANT & STORES,

(Mr. AZIZ FURDOON MAHABAT,

(Mr. VIRAF AZIZ MAHABAT,

(Continuing Partners).

Serial No. M-2436

भाग दोन (संकीर्णणण)–५अ

महाराष्ट्र शासन राजपत्र, भाग दोन-संकीर्णणण सूचना व जाहि�राती,

गुरुवार ते बुुधवार, मार्चच ६-१२, २०२५/फााल्गुन १५-२१, शके १९४६

Multi Commodity Exchange of India Limited

Subject to Securities and Exchange Board of India (“SEBI”) approval, it is proposed to revise

the Rules of Multi Commodity Exchange of India Limited (“MCX”) in view of various changes in

the Regulatory Framework. The revised Rules are published under Rule 18 of Securities Contracts

(Regulation) Rules, 1957 for information / public comments / criticism. Any person having comments /

observations in the proposed revision to the Rules, may send the same in writing to the undersigned

at Multi Commodity Exchange of India Limited, Exchange Square, CTS No. 255, Suren Road,

Chakala, Andheri (East), Mumbai 400 093 or through email to [email protected] within

fifteen days from the date of this publication. The comments / observations received after the

fifteenth day will not be considered, and the draft will be taken into consideration immediately

after the expiry of fifteen days.

RULES OF MULTI COMMODITY EXCHANGE OF INDIA LIMITED

1. PREAMBLE

a. These Rules shall be known as ‘The Rules of Multi Commodity Exchange of India

Limited, Mumbai’ and are for the sake of brevity and convenience, herein referred to as “ These

Rules” or “the Rules of the Exchange”.

b. These Rules shall come into force with effect from such date as the Governing Board

of Multi Commodity Exchange of India Limited, Mumbai (hereinafter referred to as “the

Exchange” or the Securities and Exchange Board of India {hereinafter referred to as “the

SEBI”} may appoint and notify in that behalf.

c. These Rules shall be in addition to the provisions of the Securities Contracts (Regulation)

Act, 1956 (hereinafter referred to as SCRA) and the Rules and Regulations made thereunder

and the Securities and Exchange Board of India Act, 1992 (hereinafter referred to as SEBI

Act) and the Rules and Regulations made thereunder and the Bye Laws of the Exchange.

These Rules shall at all times be read subject to the provisions of the SCRA and the Rules and

Regulations made thereunder and SEBI Act and the Rules and Regulations made thereunder

as amended from time to time and the Rules, Regulations, Directives, Orders, Guidelines,

Norms and Circulars issued by the Government of India and/or Securities and Exchange Board

of India (SEBI) thereunder from time to time and Bye Laws of the Exchange.

d. In case of difference between the provisions of any Rules of the Exchange and the

provisions of SCRA or SEBI Act or Rules and Regulations made thereunder, the provisions of

SCRA or SEBI Act or the Rules and Regulations made there under shall prevail.

Serial No. M-2437

महाराष्ट्र शासन राजपत्र, भाग दोन-संकीर्णणण सूचना व जाहि�राती,

गुरुवार ते बुुधवार, मार्चच ६-१२, २०२५/फााल्गुन १५-२१, शके १९४६

2. DEFINITONS

The definitions not covered herein below will be taken from the Articles or the Bye-laws of

the Exchange for the purpose of interpretation or management of the Exchange and in case of any

discrepancy, the interpretation as may be taken by the Board of the Exchange shall be final and

binding on all associated with the Exchange directly or indirectly.

a. “Associate” in relation to a person shall include another person:

(i) who, directly or indirectly, by himself, or in combination with other persons, exercises

control over the first person;

(ii) who holds more than fifteen per cent shares in the paid up equity capital of the first

person;

(iii) who is a holding company or a subsidiary company of the first person;

(iv) who is a relative of the first person;

(v) who is a Member of a Hindu Undivided Family wherein the first person is also a

Member;

(vi) such other cases where the SEBI is of the view that a person shall be considered as an

associate based on the fact and factors including the extent of control, independence, conflict

of interest.

b. “Base Capital” means and includes the initial security deposit, additional security deposit,

margin money, any other credit amounts, bank guarantee, and other collateral, by whatever name

called, specified to be part of the base capital.

c. “Bye-laws” mean the Bye-laws of the Exchange.

d. “Control” shall include the right to appoint majority of the directors or to control the

management or policy decisions exercisable by a person or persons acting individually or in concert,

directly or indirectly, including by virtue of their shareholding or management rights or shareholders

agreements or voting agreements or in any other manner.

e. “Exchange” means Multi Commodity Exchange of India Limited.

f. “Family Member” of a Member of the Exchange means, the Member’s father or mother or

spouse or son or sons or unmarried daughter or daughters or daughter-in-law or daughters-in-law

or father’s brother or brothers or son’s or sons‟ son or sons or brother or brothers or unmarried

sister or sisters or brother’s or brothers’ son or sons.

g. “Inactive Member of the Exchange” means a Member of the Exchange who has not traded in

the Exchange even for a single day in a year.

h. “In writing’ or ‘Written” includes handwriting, typewriting, printing, lithography, fax,

downloading through computers, e- mail and/or other modes of representing or reproducing words

in visible form.

i. “Multiple Trading Membership” means an individual, or a partnership firm or LLP or a

company (as defined under the Companies Act) or a body corporate or any other entity having

either, directly or indirectly, or is in the process of acquiring, control in another entity which is a

Member of the Exchange of either the same Exchange and/or

of any other Exchange/s and shall include:

i. An individual Member of the Exchange being a Member of one Exchange, is also a

Member of another Exchange, or

ii. An individual, being a Member of one Exchange is also a designated director/ nominee

of a company/body corporate, which is a Member of another Exchange, or

iii. An individual, who is a designated director/nominee of a company/body corporate which

is a Member of an Exchange in which there are at least two designated directors/nominees and

one of the designated directors/nominees is a Member individually of another Exchange, or

महाराष्ट्र शासन राजपत्र, भाग दोन-संकीर्णणण सूचना व जाहि�राती,

गुरुवार ते बुुधवार, मार्चच ६-१२, २०२५/फााल्गुन १५-२१, शके १९४६

iv. An individual, being a Member of one commodity/stock Exchange or an individual,

who is a designated director/ nominee of a company/body corporate, which is a Member of one

Exchange, is a designated partner in any partnership firm of another Exchange.

j. “Non-Transferable Specific Delivery Contract” means a specific delivery contract, the rights

or liabilities under which or under any delivery order, railway receipt, bill of lading, warehouse

receipt or any other documents of title relating thereto are not transferable.

k. “Notice Board” refers to the Bulletin Board, Market News and Information corner displayed

on the trading system of the Exchange, Website or the News and circulars, notifications, etc.

downloaded/ broadcast at the trading system of the Members.

l. “Person” includes an individual, partnership firm, LLP, body corporate, corporation, a co-

operative society, association of persons, bank, financial institution, public sector organisation,

statutory corporation, a government department or non-government entity or such other person as

the Board may decide from time to time.

m. “Place of Business” means an office where a Member is conducting a bona fide business for

dealing in commodities and the address of which is officially intimated to the Exchange.

n. “Ready Delivery Contract” means a contract which provides for the delivery of goods and the

payment of a price therefor, either immediately, or within such period not exceeding eleven days

after the date of the contract and subject to such conditions as the Central Government may, by

notification in the Official Gazette, specify in respect of any goods, the period under such contract

not being capable of extension by the mutual consent of the parties thereto or otherwise:

Provided that where any such contract is performed either wholly or in part;

i. by realisation of any sum of money being the difference between the contract rate and the

settlement rate or clearing rate or the rate of any offsetting contract; or

ii. by any other means whatsoever, and as a result of which the actual tendering of the goods

covered by the contract or payment of the full price therefor is dispensed with, then such contract

shall not be deemed to be a ready delivery contract;

o. “Register of Members of the Exchange” means the register containing the names and other

details of the Members of the Exchange registered with the Exchange under various categories.

p. “Relevant Authority ” means the Board or any Committee or Managing Director or any such

authority as may be specified by the Board from time to time as relevant for a specified purpose.

q. “Remisier” means a person, who is engaged by a Member of the Exchange primarily to solicit

business for the Member for trading on the Exchange.

r. “Rules” means the Rules as defined in the Bye-Laws of the Exchange.

s. “Securities and Exchange Board of India” means Securities and Exchange Board of India

established under section 3 of the Securities and Exchange Board of India, Act 1992 referred to as

SEBI hereafter..

t. “Specific Delivery Contract” means a commodity derivative which provides for the actual

delivery of specific qualities or types of goods during a specified future period at a price fixed thereby

or to be fixed in the manner thereby agreed and in which the names of both the buyer and the seller

are mentioned.

u. “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.

2A. Interpretation of Certain Words And Expressions

Words and expressions used herein and not defined in these Rules but defined in the SCRA and

the Rules and Regulations made thereunder or the SEBI Act and the Rules and Regulations made

thereunder or Bye Laws of the Exchange shall have the same meanings respectively assigned to

them in those Acts, Rules and Regulations, Bye Laws of the Exchange.

महाराष्ट्र शासन राजपत्र, भाग दोन-संकीर्णणण सूचना व जाहि�राती,

गुरुवार ते बुुधवार, मार्चच ६-१२, २०२५/फााल्गुन १५-२१, शके १९४६

3. MANAGEMENT OF THE EXCHANGE

The Board may organize, maintain, control, manage, regulate and facilitate the operations of

the Exchange and commodities / securities transactions by Trading Members/ Clearing Members, in

accordance with the provisions of the SCRA, and the Rules and Regulations made thereunder and

SEBI Act and the Rules and Regulations made thereunder, and any directives issued thereunder

or as may be prescribed from time to time and the Bye Laws of the Exchange. The Board shall,

subject to the provisions of SECC Regulations 2018, and guidelines/directives of SEBI, appoint

various Committee(s) /Panel(s), Relevant Authority from time to time, for managing the affairs of

the Exchange.

The Board of Directors may constitute Committees (“Committee/s”) from time to time for

managing day to day affairs of the Exchange or for specific matter/purpose as prescribed by SEBI or

otherwise. All such Committees shall function/ operate in accordance with the provisions appearing

in directives/circulars/regulations issued by SEBI/ the Board from time to time and the Rules stated

hereinafter or in accordance with the Articles of Association of MCX.

The Committee(s) appointed by the Board shall consist of such persons as may be specified by

SEBI/ the Board from time to time.

The tenure of the Members of a Committee shall be such as may be specified, in case of a

Committee, by the Board, and in case of a sub-Committee, by the Committee that constitutes such

sub-Committee.

i. Managing Director/ Chief Executive

a. The Managing Director of the Exchange shall be the Chief Executive of the Exchange

and shall look after day-to-day management and affairs of the Exchange.

b. The Managing Director / Chief Executive shall represent the Exchange officially in all

public matters.

c. Without prejudice the generality of above provisions, the Managing Director shall

perform such function and shall exercise such powers as may be delegated to the Managing

Director by the Board.

d. The Managing Director of the Exchange shall function in accordance with the Articles of

Association, direction of the SEBI and Board on matters as the Board may determine fit from

time to time.

ii. Powers of The Committee

The Board may delegate from time to time to the Committee(s) such of the powers vested in it

and upon such terms as it may think fit, to manage all or any of the affairs of the Exchange and from

time to time, to revoke, withdraw, alter or vary all or any of such powers. The Committee shall have

such responsibilities and powers as may be delegated to it by the Board from time to time.

A Committee so constituted may constitute, subject to the terms and conditions of its

constitution, such sub-Committees for such purposes as it may deem fit. The constitution, powers and

responsibilities of such sub-Committee(s) may be determined by the Committee which constitutes

such sub-Committee(s).

The Committee may from time to time, authorise the Managing Director. or such other person(s)

to carry out such acts, deeds and functions in accordance with such provisions as may be laid down

in this regard for fulfilling the responsibilities and discharging the powers delegated to it by the

Board.

iii. Disqualification Of Member of The Committee

No person shall be eligible to be a Member of a Committee(s), if he suffers any disqualification

as provided in the Articles of Association or as specified by the Board or SEBI. A Member

of the Committee shall, ipso facto, be deemed to have vacated the office, if he suffers any such

disqualification, provided however that nothing done in good faith by such person in his capacity

महाराष्ट्र शासन राजपत्र, भाग दोन-संकीर्णणण सूचना व जाहि�राती,

गुरुवार ते बुुधवार, मार्चच ६-१२, २०२५/फााल्गुन १५-२१, शके १९४६

4. MEMBERSHIP OF THE EXCHANGE

i. The Board may classify the Membership of the Exchange in different categories for different

commodities, securities or instruments or derivatives thereon permitted to be traded on the Exchange

and provide for different rights and privileges for trading, clearing and settlement of contracts in any

commodity or group of commodities, securities or instruments or derivatives thereon to the Member

of different categories. A person desirous of securing the Membership of the Exchange may apply

for any category of Membership, subject to his fulfilling the Membership criteria. Mere fulfilment of

eligibility criteria does not entitle an applicant to Membership, Membership Committee will grant

Membership.

ii. The Membership of the Exchange shall entitle a Member of the Exchange to exercise such

rights and privileges attached to such Membership as he specifically applies for dealing on the

Exchange, subject to the Bye-Laws, Rules and Regulations of the Exchange as applicable from time

to time.

iii. The provisions of the Articles of Association and the Bye-Laws, Rules and Regulations

applying to individuals shall apply mutatis mutandis to firms, LLP, banks, other financial

institutions and bodies corporate who are registered as a Member of the Exchange.

iv. A Member of the Exchange shall not assign, mortgage, pledge hypothecate, or charge his

right of Membership or any rights or privileges attached thereto, and any such attempt shall not be

effective as against the Exchange. The Board shall expel any Member of the Exchange who acts or

attempts to act in violation of the provisions of this Rule.

v. The Membership rights of the Exchange are transferrable subject to terms and conditions

that may be prescribed by the Exchange in this regard from time to time and also subject to prior

approval of the Exchange.

vi. There shall be different classes of Membership of the Exchange along with associated rights

and privileges which shall include Trading-cum-Clearing Members, Institutional Clearing Member

and other classes as nay be defined by the Exchange from time to time. The different types of

Members of the Exchange for the present are as under:

a. Trading-Cum-Clearing Member (TCM) / Self-Clearing Member (SCM)

Trading-cum-Clearing Member /Self-Clearing Member means a person who is admitted by

the Exchange as the Member of the Exchange conferring a right to trade and clear through the

Clearing Corporation as a Clearing Member and who may be allowed to make deals for himself

as well as on behalf of his clients and clear and settle such deals only :

Provided that such Trading-cum-Clearing Member/ Self-Clearing Member of the Exchange

shall be required to become a Member of a recognized Clearing Corporation from such date as

may be specified by the Exchange and/or the SEBI.

b. Institutional Clearing Member or Professional Clearing Member (PCM)/

Clearing Member (CM)

Institutional Clearing Member or Professional Clearing Member/ Clearing Member means

a person who is admitted by the Exchange as a Clearing Member of the Exchange and the

Clearing Corporation and who shall be allowed to only clear and settle trades on account of

Trading-cum-Clearing Members or Trading Members :

Provided that such Institutional Clearing Member or Professional Clearing Member

/ Clearing Member of the Exchange shall be required to become a Member of a recognized

Clearing Corporation from such date as may be specified by the Exchange and/or the SEBI.

c. Institutional Trading-Cum-Clearing Member (ITCM) /Trading Member &

Clearing Member

Institutional Trading-cum-Clearing Member / Trading Member & Clearing Member means

a person who is admitted by the Exchange as a Institutional Trading cum Clearing Member

of the Exchange and who shall be allowed to trade on his account as well as on behalf of his

भाग दोन (संकीर्णणण)–६

महाराष्ट्र शासन राजपत्र, भाग दोन-संकीर्णणण सूचना व जाहि�राती,

गुरुवार ते बुुधवार, मार्चच ६-१२, २०२५/फााल्गुन १५-२१, शके १९४६

clients and to settle trades done by himself as well as by other Trading cum Clearing Members

or Trading Members :

Provided that such Institutional Trading Cum Clearing Member/Trading Member & Clearing

Member of the Exchange shall be required to become a Member of a recognized Clearing

Corporation from such date as may be specified by the Exchange and/or the SEBI.

d. Commodity/Complex Specific Trading-cum-Clearing Member

Commodity / Complex Specific Trading Cum Clearing Member means a person having

been admitted by the Board as such, who shall have trading and clearing rights only in respect

of specific commodity or group of commodities, while in respect of other commodities he shall

not have any trading or clearing rights :

Provided that such Commodity / Complex specific Trading cum Clearing Members shall

be entitled to upgrade themselves into full- fledged Membership, consequent upon compliance

with such conditions, as may be specified by the Board.

e. Trading Member (TM) / Stock Broker

Trading Member (TM) / Stock Broker means a person having been admitted by the Board

as such, who shall have rights to trade on his own account as well as on account of his clients,

but shall have no right to clear and settle such trades himself. All such Trading Members must

be affiliated with any one of the Institutional Clearing Members or Institutional Trading cum

Clearing Members having clearing rights on the Exchange.

vii. Any person, fulfilling the following criteria will be eligible to become a Member of the

Exchange:

i. Compliance with the capital adequacy norms as may be prescribed by the Board for

Membership of the Exchange, from time to time; and

ii. Compliance with the registration and other provisions as may be prescribed by the

Board from time to time.

iii. Payment of such fee, charges, deposits and other monies, as may be specified by the

Exchange.

viii. The Board is empowered to prescribe such Rules, requirements and/or criteria for admission

as a Member of the Exchange and to alter any such Rules including those specified above.

ix. Every Member of the Exchange shall comply with and be bound by the Articles of Association

of the Company and by the Bye-Laws, Rules and Regulations of the Exchange that may be made in

accordance therewith, from time to time, and shall accept as final any decision made by the Board

or by the Company in General Meeting or by the Committee approved by the Exchange.

x. Prospective Members of the Exchange or their authorised representatives shall, during the

admission process, if required by the Board, appear personally before the Board or any Committee

thereof, for an interview and/or test as may be prescribed.

xi. Membership of the Exchange shall be transferable to any eligible person, body corporate,

company, partnership firm, LLP, bank, financial institution or such other person, as may be

approved by the Board or any Committee thereof. The Membership can be surrendered either by

resignation from the Membership of the Exchange or transfer of the Membership by nomination.

In case of resignation, the Member of the Exchange shall be entitled to receive back his deposit, if

any, after the Exchange and the Clearing Corporation have recovered all outstanding dues from the

Member who has tendered his resignation, subject to such lock in period as may be specified by the

Board. The admission fee paid by the Member of the Exchange shall be non- refundable.

महाराष्ट्र शासन राजपत्र, भाग दोन-संकीर्णणण सूचना व जाहि�राती,

गुरुवार ते बुुधवार, मार्चच ६-१२, २०२५/फााल्गुन १५-२१, शके १९४६

xii. Member of the Exchange may be allowed to up-grade its class/ type of Membership to

another viz., TCM to ITCM or TM to TCM, etc., subject to the eligibility terms and conditions and

paying the differential admission fees, deposits, etc., as applicable for the said up-graded class / type

of Membership.

xiii. Member of the Exchange may be allowed to down-grade its class/ type of Membership to

another viz., from ITCM to TCM or from TCM to TM, etc., subject to the said Member agreeing to

forego his excess Admission Fees (if any) paid to the Exchange.

xiv. Conditions Precedent for Eligibility

No person shall be eligible to be qualified as a Member, if such person is:

(i) less than 21 years of age;

(ii) not a citizen of India; provided that the governing body may in suitable cases relax this

condition with the prior approval of the SEBI.

(iii) If such person is not meeting the eligibility criteria as prescribed from time to time

under SEBI Regulations, SCRA, SCRR and any other applicable regulations.

xv. General Conditions

No person shall be eligible to be qualified as a Member of the Exchange, if such person

i. does not have a minimum net worth as the Governing Board may from time to time

determine and consider acceptable;

ii. has been declared/rendered incompetent to enter into contract under any law in force

in India

iii has been adjudged bankrupt or a receiving order in bankruptcy has been made against

him or he has been proved to be insolvent even though he has obtained his final discharge.

iv. has been convicted of an offence involving moral turpitude;

v. has compounded with his creditors unless he has paid 100 paise in a Rupee;

vi. has been found to be of unsound mind, by a court of competent jurisdiction;

ix. has applied to be adjudicated as an insolvent and the application is pending; has been

declared as a defaulter by any other Commodity Exchange unless a period of five years has

elapsed from the date of expiry of such default.

x. incurs such disqualification, under the provisions of the SCRA and the Rules and

Regulations framed thereunder, or the SEBI Act and the Rules and Regulations framed

thereunder, as entitles such person from seeking Membership of a Commodity Exchange.

xi. has, at any time, been declared as a defaulter or expelled by any other commodity

Exchange.

xii. has been convicted of an offence involving fraud or dishonesty.

xiii. is engaged as principal or employee in any business other than that of securities or

commodity derivatives except as a broker or agent not involving any personal financial liability

unless he undertakes on admission to sever his connection with such business.

However, a Member of the Exchange would not be disqualified if such Member is engaged

in “business in goods related to the underlying and/or business in connection with or incidental

to or consequential to trades in derivatives :

Provided further that nothing herein shall be applicable to any corporations, bodies

corporate, companies or institutions referred to in xviii below.

xiv. has been previously refused admission to Membership by the Exchange unless a period

भाग दोन (संकीर्णणण)–६अ

महाराष्ट्र शासन राजपत्र, भाग दोन-संकीर्णणण सूचना व जाहि�राती,

गुरुवार ते बुुधवार, मार्चच ६-१२, २०२५/फााल्गुन १५-२१, शके १९४६

of one year has elapsed since the date of such rejection.

xv. does not comply with such other conditions as may be specified by the SEBI or Board

or the Committee of the Exchange thereon from time to time.

xvi. No person eligible for admission as a Member under above Rules shall be

admitted as a Member unless:

(i) he has worked for not less than two years as a partner with, or an authorized assistant

or authorised clerk or remisier or apprentice to, a Member; or

(ii) he agrees to work for a minimum period of two years as a partner or representative

Member with another Member and to enter into bargains on the floor of the Exchange and not

in his own name but in the name of such other Member; or

(iii) he succeeds to the established business of a deceased or retiring Member who is his

father, uncle, brother or any other person who is, in the opinion of the governing body, a close

relative:

Provided that the rules of the Exchange may authorise the governing body to waive compliance

with any of the foregoing conditions if the person seeking admission is in respect of means, position,

integrity, knowledge and experience of business in securities, considered by the governing body to

be otherwise qualified for Membership.

xvii. No person who is a Member shall continue as such if—

(i) he ceases to be a citizen of India:

Provided that nothing herein shall affect those who are not citizens of India but who were

admitted under the provisions of clause (ii) of rule xiv. of this rule, subject to their complying with

all other requirements of this rule.

(ii) he is adjudged bankrupt or a receiving order in bankruptcy is made against him or he is

proved to be insolvent.

(iii) he is convicted of an offence involving fraud or dishonesty or moral turpitude.

(iv) he engages either as principal or employee in any business other than that of securities

or commodity derivatives except as a broker or agent not involving any personal financial liability,

provided that—

a) the governing body may, for reasons, to be recorded in writing, permit a Member to

engage himself as principal or employee in any such business, if the Member in question ceases

to carry on business on the commodity Exchange either as an individual or as a partner in a

firm,

However, a Member of the Exchange would not be disqualified if such Member is engaged in

“business in goods related to the underlying” and /or “business in connection with or incidental

to or consequential to trades in derivatives”.

b) nothing herein shall affect Members of the Exchange which are corporations, bodies

corporate, companies or institutions referred to below.

xviii. A company as defined in the Companies Act, 1956 (1 of 1956)/ 2013, shall be

eligible to be admitted as a Member of the Exchange, if:

(i) such company is formed in compliance with the provisions of the latest Companies Act.

(ii) a majority of the directors of such company are shareholders of such company and also

Members of the Exchange; and

(iii) the directors of such company, who are Members of the Exchange, have ultimate liability

in such company:

महाराष्ट्र शासन राजपत्र, भाग दोन-संकीर्णणण सूचना व जाहि�राती,

गुरुवार ते बुुधवार, मार्चच ६-१२, २०२५/फााल्गुन १५-२१, शके १९४६

Provided that where the Securities and Exchange Board of India makes a recommendation

in this regard, the governing body of the Exchange shall, in relaxation of the requirements of this

clause, admit as Member the following corporations, bodies corporate, companies or institutions,

namely:—

(a) the Industrial Finance Corporation, established under the Industrial Finance

Corporation Act, 1948 (15 of 1948);

(b) the Industrial Development Bank of India, established under the Industrial Development

Bank Act, 1964 (18 of 1964);

Corporation Act, 1956 (31 of 1956);

(d) the General Insurance Corporation of India constituted under the General Insurance

Corporation (Nationalisation) Act, 1972 (57 of 1972);

(e) the Unit Trust of India, established under the Unit Trust of India Act, 1963 (52 of 1963)

(f) the Industrial Credit and Investment Corporation of India, a company registered under

the Companies Act, 1956 (1 of 1956);

(g) the subsidiaries of any of the corporations or companies specified in (a) to (f) and any

subsidiary of the State Bank of India or any nationalised bank set up for providing merchant

banking services, buying and selling securities and other similar activities.

(h) any bank included in the Second Schedule to the Reserve Bank of India Act, 1934 (2 of

1934);

(i) the Export Import Bank of India, established under the Export Import Bank of India

Act, 1981 (28 of 1981);

(j) the National Bank for Agriculture and Rural Development, established under the

National Bank for Agriculture and Rural Development Act, 1981 (61 of 1981); and

(k) the National Housing Bank, established under the National Housing Bank Act, 1987

(53 of 1987).

(l) Central Board of Trustees, Employees’ Provident Fund, established under the Employees’

Provident Funds and Miscellaneous Provisions Act, 1952 (19 of 1952);

(m) any pension fund registered or appointed or regulated by the Pension Fund Regulatory

and Development Authority under the Pension Fund Regulatory And Development Authority

Act, 2013 (23 of 2013); and

(n) any Standalone Primary Dealers authorized by the Reserve Bank of India constituted

under the Reserve Bank of India Act, 1934 (2 of 1934).

xix. A company as defined in the Companies Act shall also be eligible to be admitted

as a Member of the Exchange if—

(i) such company is formed in compliance with the provisions the relevant sections of the

said Act;

(ii) such company undertakes to comply with such financial requirements and norms as

may be specified by the SEBI for the registration of such company under sub- section (1) of

section 12 of the Securities and Exchange Board of India Act, 1992 (15 of 1992);

(iii) the directors of the company are not disqualified from being Members of an Exchange

under clause (1) except sub-clause (b) and sub-clause (f) of Rule 8 of SCRR or clause (3) except

sub-clause (a) and sub-clause (f) thereof and the Directors of the company had not held the

offices of the Directors in any company which had been a Member of the Exchange and had

been declared defaulter or expelled by the Exchange; and

महाराष्ट्र शासन राजपत्र, भाग दोन-संकीर्णणण सूचना व जाहि�राती,

गुरुवार ते बुुधवार, मार्चच ६-१२, २०२५/फााल्गुन १५-२१, शके १९४६

(iv) not less than two directors of the company are persons who possess a minimum two

years’ experience:

(a) in dealing in securities or

(b) as portfolio managers; or

xx. Where any Member of the Exchange is a firm, the provisions of Rules xiv, sub-rule iii,

v,xi, xii, xiii and xiv of Rule xv, xvii and Rule xviii, so far as they can, apply to the admission or

continuation of any partner in such firm.

xxi. A limited liability partnership as defined in the Limited Liability Partnership Act, 2008 (6

of 2008), shall also be eligible to be elected as a Member of the Exchange, if:

(i) such “limited liability partnership” undertakes to comply with such financial

requirements and norms as may be provided by the SEBI for registration of such limited

liability partnerships under subsection (1) of section 12 of the SEBI Act;

(ii) the designate partners of the ‘limited liability partnership’ are not disqualified from

being Members of the Exchange under sub rule (i) Rule xiv and sub-rule (iii), (v), (xi), (xii) and

(xiv) of Rule xv or Rule xvii except sub-rule (i) and sub-rule (iv) thereof and the designated

partners of the ‘limited liability partnership’ had not held the offices of Directors in any company

or body corporate or partner in any firm or ‘limited liability partnership’, which had been a

Member of the Exchange and had been declared defaulter or expelled by the Exchange; and

(iii) not less than two designated partners of the limited liability partnership’ are persons

who possess a minimum experience of two years:-

(a) in dealing in securities; or

(b) as portfolio managers; or

xxii. Any provident fund represented by its trustees, of an exempted establishment under

the Employees’ Provident Funds and Miscellaneous Provisions Act, 1952 (19 of 1952), shall also be

eligible to be elected as a Member of the Exchange.

xxiii. Membership Application

Every person desirous of becoming a Member of the Exchange shall apply to the Exchange

for admission as a Member of the Exchange, in the prescribed form which shall be provided by the

Exchange at such fee that the Exchange may decide from time to time in the relevant Regulations

and the Membership shall be subject to compliance of all the Bye- Laws, Rules, and Regulations of

the Exchange specified by the Exchange from time to time.

A. As per the SEBI Stock Brokers Regulations, 1992 any person desirous of becoming a Member

of a stock Exchange shall comply with the terms and conditions as may be specified by SEBI for

such registration from time to time. The application for such registration shall be made in the form

prescribed by SEBI and routed through the Exchange, along with the applicable fees.

B. The Exchange shall collect from every Member of the Exchange the fee payable by him as

specified in Stock Brokers Regulations, 1992.

C. A Member of the Exchange carrying on the activity of buying, selling or dealing in commodity

derivatives, shall not undertake any activity other than the activity of buying, selling or dealing in

securities, unless permitted by SEBI.”

D. However, a Member of the Exchange would not be disqualified if such Member is engaged in

“business in goods related to the underlying” and /or “business in connection with or incidental to or

consequential to trades in derivatives.”

महाराष्ट्र शासन राजपत्र, भाग दोन-संकीर्णणण सूचना व जाहि�राती,

गुरुवार ते बुुधवार, मार्चच ६-१२, २०२५/फााल्गुन १५-२१, शके १९४६

xxiv. Admission And Admission Fee

The Board or a Committee appointed and empowered by the Board for the purpose may admit

an applicant as a Member of the Exchange provided that the applicant satisfies the conditions set

out in these Articles, the Bye-Laws, Rules and Regulations made thereunder. The Board or the

Committee as aforesaid or any person authorised by the Relevant Authority may interview and/or

test the applicant before admitting the applicant as a Member of the Exchange. In case of rejection

of the application for admission to the Membership of the Exchange, the reason for such rejection

shall be recorded in writing.

Provided that if the Membership has been refused by the Committee appointed for the purpose,

the applicant shall have the right to appeal to the Board against the decision of the said Committee.

The applicant shall meet the net worth requirement, capital adequacy norms, fees, deposits,

etc., as decided by the Board of the Exchange or the SEBI, whichever is higher, from time to time in

the relevant Business Rules.

a. Subject to the approval and decision of the Board or a Committee appointed and empowered

by the Board for the purpose, every person applying for the Membership of the Exchange shall

pay, along with the Membership application, non-refundable admission fee or any other fee/deposit

as may be specified by the Board, from time to time. Where, however, a retiring Member of the

Exchange or the legal heir(s) of a deceased Member of the Exchange nominate(s) a person eligible

for admission as a Member of the Exchange under these Rules, to succeed the established business

of the retiring or deceased Member of the Exchange who is his ‘Family Member’ such nominee shall

be admitted as a Member of the Exchange provided he is found otherwise qualified, eligible and fit

for the Membership of the Exchange by the Board or a Committee under these Rules.

b. A Member of the Exchange on admission shall not be entitled to exercise any of the rights

or privileges of Membership until he shall have paid in full the non- refundable admission fee and

any other fee or deposit as may be decided by the Board, and the annual subscription for the year

of admission for the specific category of Membership to which he has sought the admission. Where

such Member fails to make such payment within such number of days of receipt of the intimation of

his admission, as may be decided by the Exchange from time to time, his admission shall be deemed

to have been cancelled ab initio and he shall be deemed never to have been admitted as a Member

of the Exchange and the amount remitted to the Exchange shall be forfeited.

xxv. Admission Under Misrepresentation

The Governing Board may expel a Member of the Exchange, if in its opinion to be recorded in

writing, such Member has in or at the time of his application for admission to Membership of the

Exchange or during the course of the inquiry made by the Governing Board preceding his admission

–

i made any wilful misrepresentation; or

ii suppressed / concealed any material information required of him as to his financial

position, including financial liabilities, character and antecedents.

iii has directly or indirectly given false particulars or information or made a false

declaration.

xxvi. Procedure Subsequent To Admission

i. A letter of intimation of Membership shall be issued to the newly admitted Member.

ii. Publication of Notice: When a Member of the Exchange is admitted and a letter of

intimation as provided above is issued to the Member of the Exchange, notice of such admission

shall be published on the website of the Exchange or notified by way of broadcast to the Members

of the Exchange through the automated trading system or any other system of the Exchange.

महाराष्ट्र शासन राजपत्र, भाग दोन-संकीर्णणण सूचना व जाहि�राती,

गुरुवार ते बुुधवार, मार्चच ६-१२, २०२५/फााल्गुन १५-२१, शके १९४६

xxvii. Register of Members

a. The Exchange shall maintain a register and index of Members of the Exchange. In the

may be considered appropriate by the Relevant Authority may be collected and recorded for

the use of the Exchange. In case of any change in these records, the Members shall be liable

to intimate the Exchange and take permission prior to carrying out such changes. Further all

other details of the Members of the Exchange may be stored on the system in electronic form

apart from the hard copies of the details as provided by the Members of the Exchange along

with the application form, which shall be stored appropriately.

b. Every Member of the Exchange shall notify the Exchange in writing about any change

in the information provided by the Member of the Exchange at the time of admission or at a

later stage to the Exchange. The Exchange shall indicate the changes in respect of which the

Member of the Exchange should take prior approval from the Exchange. In case the Member

fails to do so, then the Exchange shall charge penalty and/or take further disciplinary action

as may be required.

xxviii. Subscription

a. Every Member of the Exchange shall pay the subscription, fee, deposit or any other

charges as may be fixed by the Board, from time to time.

b. If any Member of the Exchange fails or neglects to pay subscription, fee, deposit or any

other levies as required by the Board for a continuous period of six (6) months, the Board may

declare such Member of the Exchange as a defaulter within the meaning of these Rules.

c. Provided that such defaulting Member of the Exchange shall be at liberty to apply for

re-admission as a Member of the Exchange by complying with the provisions of these Rules as

applicable to re-admission of defaulters.

xxix. Security Deposit

a. Provision as to security deposit: The Exchange may prescribe payment of initial security

deposit from a Member payable at the time of his admission. A new Member of the Exchange

shall, not later than such number of days as may be specified by the Exchange, from the date

of intimation in writing by the Exchange conveying its decision on admission, provide security

deposit of a sum and in such mode(s) as may be decided by the Governing Board from time

to time and shall maintain such Base Minimum Capital with the Exchange at all times. The

Exchange may also decide to bifurcate such security deposit into refundable and non-refundable

security deposits and may allow trading and exposure limit only on such part of the security

deposit, as it may deem fit.

b. Provision for Additional deposit: The Member of the Exchange shall be entitled to provide

additional deposits in order to get higher limits to trade and settle. Base Minimum Capital.

c. Form of Base Minimum Capital: The Base Minimum Capital to be paid by a Member of

the Exchange shall be payable in such form, as specified by the Exchange subject to such terms

and conditions as the Exchange may from time to time stipulate.

d. First Charge/Paramount Lien on Base Minimum Capital (BMC), Base Capital, initial

or Additional deposit: The Base Minimum Capital, Base Capital, initial and additional security

deposit provided by a Member of the Exchange or designated partner or representative Member

of the Exchange shall be subject to a first charge and paramount lien on any sum due to the

Exchange or to the Clearing Corporation by him or by the partnership or of the LLP of which he

is a designated partner or by the company/body corporate in which he is a designated director/

nominee or holds a place of profit or has holding in share capital as one of the promoters. Such

Base Minimum Capital and additional base capital shall also be subject to further charge and

paramount lien for the purpose of fulfilment of his engagements, obligations and liabilities or

महाराष्ट्र शासन राजपत्र, भाग दोन-संकीर्णणण सूचना व जाहि�राती,

गुरुवार ते बुुधवार, मार्चच ६-१२, २०२५/फााल्गुन १५-२१, शके १९४६

of the partnership or of the LLP of which he is a designated partner or of the company/body

corporate in which he is a designated director/nominee or holds a place of profit or holds share

capital as one of the promoters, arising out of or incidental to any transactions made subject to

the Rules, Bye-Laws and Regulations of the Exchange or anything done in pursuance thereof.

e. Utilization of Base Minimum Capital: Every Member shall deposit Base Minimum

Capital (“BMC”) with the Exchange as specified by the Exchange and / or SEBI, whichever

is higher, from time to time. BMC shall be kept in a separate account by the Exchange. BMC

shall, after defraying all such costs, charges and expenses as are allowed under the Rules, Bye-

laws and Business Rules to be incurred by the Exchange, be utilized in the following order of

priority:

a. Exchange Dues including subscriptions, debts, fines, fees, charges and other moneys

due to the Exchange and/or SEBI;

b. Payment of arbitration fee and dues payable by the Member on account of pending

arbitration awards.

Further, the Exchange may debit from the deposits or other monies of the Member lying

with his Clearing Member(s), in excess of his/ their dues, for payment of above dues.

f. Return of Base Minimum Capital or additional base capital to Members of the

Exchange or Designated Partners : On the termination of his Membership of the Exchange, the

Base Minimum Capital and the additional base capital not applied under the Rules, Bye- Laws and

Regulations of the Exchange shall, at the cost of the Member of the Exchange or designated partner,

be repaid subject to such terms and conditions as may be decided by the Governing Board from

time to time and transfer either to him or as directed by him or, in the absence of such direction to

his legal heirs/legal representatives after recovering all the dues of the Exchange and the Clearing

Corporation. Please check the language – not clear to me.

However, the Exchange shall return back only such amount as may have been collected as a

deposit in the form of Base Minimum Capital refundable or additional deposit for providing trading

and clearing limits, subject to settlement of all pending dues and also settlement of all outstanding

contracts subject to lockin period specified by SEBI form time to time. Such deposits or contributions,

which are collected as non – refundable deposits, shall not be refunded.

g. Suspension on Failure to Maintain Base Minimum Capital : When a Member of the

Exchange or designated partner or representative Member fails to provide Base Minimum Capital

as and when specified by the Exchange, the Relevant Authority shall order deactivation of the trader

work station/s suspending his business forthwith. A broadcast message of such deactivation shall

immediately be released for information of other Members of the Exchange and such deactivation

shall continue until further capital is provided by the defaulting Member of the Exchange to meet

with the requirement of Base Minimum Capital.

h. Letter of Declaration: A Member of the Exchange or designated partner or representative

Member providing Base Minimum Capital under the provisions of the Rules of the Exchange shall

sign a letter of declaration and/or other specified documents in the form prescribed in these Rules

or in the Regulations.

i. Nomination Form for Return of Base Minimum Capital and other Credit Amounts

lying with the Exchange: A Member of the Exchange may lodge with the Exchange, nomination

in the form prescribed for receiving the repayment/return of the Base Minimum Capital and other

credit amounts/collateral lying with the Exchange.

xxx. Lien on Deposits/Funds

a. The security deposit, margin, contribution to settlement guarantee fund and/or any other

fund of a Member of the Exchange arising under these Rules, Bye- Laws, and Regulations shall be

charged with the due repayment of all debts and obligations of such Member of the Exchange to the

भाग दोन (संकीर्णणण)–७

महाराष्ट्र शासन राजपत्र, भाग दोन-संकीर्णणण सूचना व जाहि�राती,

गुरुवार ते बुुधवार, मार्चच ६-१२, २०२५/फााल्गुन १५-२१, शके १९४६

Exchange/Company, to the SEBI, to other Members of the Exchange; to the Clearing Corporation,

and to any person arising out of contracts entered into and/or transacted under the Articles of

Association, the Bye-Laws, Rules and Regulations of the Exchange. All such debts and obligations

to the Exchange and/ or SEBI shall rank in priority to all other claims; the debts to other Members

of the Exchange shall rank pari passu and be entitled to have a charge on the residue thereof, if any,

subject to such first charge; after payment thereof, the residue, if any, shall be charged with all dues

to any person under any award made in any arbitration proceeding held under the provisions of the

Articles, Bye-Laws, Rules and Regulations; and, after the above said appropriations, the residue

thereof, if any, shall vest unconditionally with the Exchange.

b. On the termination of his Membership of the Exchange or on death or liquidation of the

Member of the Exchange, all deposits, if any, not applied under the Bye- Laws, Rules and Regulations

of the Exchange, shall at the cost of the Member of the Exchange be repaid either to him/it or as

directed or in the absence of such direction to the nominees or legal representatives.

महाराष्ट्र शासन राजपत्र, भाग दोन-संकीर्णणण सूचना व जाहि�राती,

गुरुवार ते बुुधवार, मार्चच ६-१२, २०२५/फााल्गुन १५-२१, शके १९४६

5. PARTNERSHIPS

A. Firms As Members of The Exchange

a. A partnership firm shall be eligible for admission as a Member of the Exchange provided it

fulfils the following:

i) The firm is duly registered with the Registrar of Firms;

ii) The deed of partnership is approved by the Exchange;

iii) The deed of partnership contains a provision to the effect that the business of the firm

shall at all times be carried out so as to comply with the Bye-Laws, Rules and Regulations of

the Exchange, for the time being in force;

iv) The partners of the firm are acceptable to the Exchange; and

v) The deed of partnership permits individual partners of the firm from carrying on

business of commodities /securities trading and/or clearing in their individual capacity or as

partners in other irms;

vi) The Firm is not declared as a defaulter by any other Commodity Exchange or a period

of five years has elapsed from the date of declaring it as a defaulter.

b. The firm has undertaken to fulfil the following:

i. The Exchange shall be informed of any change in the partnership deed or of partners

within one (1) month of such change and if any such change is unacceptable to the Exchange,

the firm shall upon receipt of such written communication desist from such action and if the

firm fails to comply, the Exchange shall have the right to suspend the rights and privileges

of such Member of the Exchange, for a period as may be decided by the Board, or expel such

Member of the Exchange;

ii. The deed of partnership will include such provisions as the Exchange may from time to

time require;

iii. The firm and its partners have undertaken unconditionally to fulfil any condition or

requirement which the Exchange may insist upon for admission and continuance as a Member

of the Exchange, from time to time; and

iv. Obtain prior approval in case of any addition of new partner(s) or change in partner(s)

of the firm not amounting to dissolution of the firm.

c. No change in the name of an existing partnership shall be effected without prior intimation

to the Exchange and its approval; and if it is so approved, it shall be posted on the notice Board /

website of the Exchange.

d. None of the partners shall assign or in any way encumber his interest in the firm.

e. No person shall at the same time be a partner in more than one partnership firm carrying on

the business of commodities /securities trading and/or clearing.

f. Notice of every change of partners, upon approval, shall be posted on the notice Board of the

Exchange.

g. Upon dissolution of the firm, firm shall cease to be a Member of the Exchange

h. The erstwhile partners of a dissolved firm, other than those who are Members of the Exchange

in their personal capacity, shall have absolutely no right, privilege, entitlement or concession of a

Member of the Exchange, or any claim against the Company or the Exchange in connection with his

partnership business, by virtue of having been a partner in the erstwhile partnership firm.

i. Any partnership that violates any of the provisions herein above, after being afforded an

opportunity of being heard, shall be liable to be suspended by the Board for such period as may be

decided by the Board and/or expelled from the Membership of the Exchange.

भाग दोन (संकीर्णणण)–७अ

महाराष्ट्र शासन राजपत्र, भाग दोन-संकीर्णणण सूचना व जाहि�राती,

गुरुवार ते बुुधवार, मार्चच ६-१२, २०२५/फााल्गुन १५-२१, शके १९४६

B. Partnerships by Members of the Exchange

a. A Member of the Exchange desirous of carrying on business in partnership or admitting

any person or persons as new partner or partners shall take approval of the Board or any other

Relevant Authority in advance giving the names and particulars of the partners and the name

of the partnership firm in the form, if any, prescribed. The existing Membership of the desirous

Member of the Exchange shall then be transferred to the Partnership firm on admission of such

firm as a Member of the Exchange. All regulatory compliances shall thereafter be in the name

of the firm.

b. Every such application shall be accompanied by such information and a copy of the draft

deed of partnership, initially in connection therewith as may be required by the Board or any

other Relevant Authority . Thereupon, after giving permission, the Board or any other Relevant

Authority shall record the partnership. When the partnership is entered into, a signed copy of

the deed of partnership shall be delivered to the Exchange for the purpose of record within one

month of its execution.

c. No change in the name of an existing partnership shall be effected without prior

intimation to the Board or any other Relevant Authority and its approval.

d. None of the partners shall assign, or in any way encumber, his interest in the firm.

e. No Member of the Exchange shall at the same time be a partner in more than one such

partnership firm.

f. Notice of the formation of partnership, the names of partners and every change therein

shall be posted on the notice Board or any other Relevant Authority of the Exchange.

g. When the firm so constituted is dissolved, the firm shall cease to be a Member of the

Exchange and thereupon only the original Members of the Exchange holding Membership in

their individual capacity, and who was /were partner(s) thereof may carry on business in own

individual names, but subject to the payment of the admission fee or deposit, if any, that shall

be payable by him in accordance with the Bye-Laws, Rules and Regulations in that behalf.

h. The Members of the Exchange which are partnership firms must communicate to the

Exchange in writing under the signatures of all the partners or surviving partners any change

in such partnership either by dissolution, retirement, death or reconstitution or otherwise.

i. A partner of a firm who is not a Member of the Exchange shall have absolutely no right,

privilege, entitlement or concession of a Member of the Exchange, or any claim against the

Company or the Exchange in connection with his partnership business, by virtue of he/she

being a partner in the partnership with a Member of the Exchange. Provided that he shall be

jointly and severally responsible for all dues, claims or demands pending, if any, against the

partnership firm.

j. Any notice to the Exchange intimating dissolution of a partnership shall contain a

statement as to which partner of the Member of the Exchange undertakes the responsibility

of settling all outstanding liabilities, but that shall not deem to absolve the other partner or

partners of his or their responsibility from such liabilities.

k. The Member of the Exchange, who is the partner of any partnership firm, which is

a Member of the Exchange, shall be primarily liable and responsible for all dues, claims or

demands against the partnership by the Company or the Exchange and also the liabilities of

the partnership to the Exchange and its Members of the Exchange. Provided that the other

partners shall also be jointly and severally responsible for all dues, claims or demands pending,

if any, against the partnership firm.

l. Any Member of the Exchange entering into partnership with any person who is not a

Member of the Exchange without the previous approval of the Board or any other Relevant

Authority , shall, on proof thereof, before the Board or any other Relevant Authority and upon

a resolution of the Board or any other Relevant Authority to that effect, be liable to be expelled

महाराष्ट्र शासन राजपत्र, भाग दोन-संकीर्णणण सूचना व जाहि�राती,

गुरुवार ते बुुधवार, मार्चच ६-१२, २०२५/फााल्गुन १५-२१, शके १९४६

from the Membership of the Exchange. Any partnership and/or Member of the Exchange who

is a partner of such partnership that violates any of the provisions herein above, after being

afforded an opportunity of being heard, shall be liable to be suspended by the Board or any

other Relevant Authority for such period as may be decided by the Board or any other Relevant

Authority and/or expelled from the Membership of the Exchange.

C. Register Of Partnerships

a. The Exchange shall maintain a register of partnerships. In the register of partnerships,

there shall be entered the names of partnerships recognized by the Exchange in accordance

with these presents and the partners thereof together with their respective addresses, the date

of recognition and any change

in the partnerships and names together with the relevant dates of recognition and any

changes in the partnerships and name together with the relevant dates.

b. So long as the name of the firm is included in the register of partnerships, the individual

partners thereof shall not carry on the business of clearing, registering and settling any

transaction or contract in their individual names.

D. Limited Liability Partnership (LLP) As Member Of The Exchange

i. LLP shall be eligible for admission as Member of the Exchange provided it fulfills the

following:

a. It is registered under the Limited Liability Partnership Act, 2008;

b. The LLP agreement is approved by the Exchange;

c. The LLP agreement contains a provision to the effect that the business of the LLP

shall at all times be carried out so as to comply with the Bye-Laws, Rules and Regulations

of the Exchange, for the time being in force;

d. The partners and designated partners of the LLP are acceptable to the Exchange;

e. The LLP agreement permits individual partners of the LLP from carrying on

business of commodities /securities trading and/or clearing in their individual capacity or

as partners in other LLP;

f. In case of an LLP in which all the partners are body corporates or in which one

or more partners are individuals and body corporates, at least two individuals who are

partners of such LLP or nominee of such body corporates shall act as designated partners.

ii. The LLP has undertaken to fulfill the following:

a. The Exchange shall be informed of any change in the LLP agreement or of partners/

designated partners within one (1) month of such change and if any such change is

unacceptable to the Exchange, the LLP shall upon receipt of such written communication

desist from such action and if the LLP fails to comply, the Exchange shall have the right to

suspend the rights and privileges of such Member of the Exchange for such period as may

be decided by the Exchange or expel such Member of the Exchange;

b. If so required by the Exchange, such other information including the list of partners

along with the sharing pattern of the Limited Liability Partnership will be furnished to

the Exchange;

c. The LLP agreement will include such provisions as the Exchange may from time

to time require;

d. The LLP and its designated partners have undertaken unconditionally to fulfill

any condition or requirement which the Exchange may insist upon for admission and

continuance as a Member of the Exchange from time to time; and

e. No new partner shall be admitted by LLP without the prior approval of the

Exchange.

महाराष्ट्र शासन राजपत्र, भाग दोन-संकीर्णणण सूचना व जाहि�राती,

गुरुवार ते बुुधवार, मार्चच ६-१२, २०२५/फााल्गुन १५-२१, शके १९४६

iii. No change in the name of an existing LLP shall be effected without prior intimation to

the Exchange and its approval; and if it is so approved, it shall be posted on the Notice Board

of the Exchange.

iv. None of the partners/designated partners shall assign or in any way encumber his

interest in the LLP.

v. No person shall at the same time be a partner in more than one LLP carrying on the

business of commodities/securities trading and / or clearing.

vi. Notice of every change of partners of LLP, approval, shall be posted on the Notice Board

of the Exchange.

vii. An LLP shall cease to be a Member of the Exchange upon its dissolution or winding-up.

viii. Partners of the LLP must communicate to the Exchange in writing under the signatures

of all the partners or surviving partners any change in such partnership either by dissolution,

retirement, death, winding-up or reconstitution or otherwise.

ix. The erstwhile partners of a dissolved LLP, other than those who are Members of the

Exchange in their personal capacity, shall have absolutely no right, privilege, entitlement or

concession of a Member of the Exchange, or any claim against the Company or the Exchange

in connection with the LLP business, by virtue of having been a partner in the erstwhile LLP.

x. A Partner of LLP which is a Member of the Exchange, shall not carry on business in

commodities /securities trading and clearing, either, as a proprietor , partner of a Partnership

Firm, partner of another LLP or director of any other company/body corporate which is Member

of the Exchange, except with the previous approval of the Exchange.

xi. Any notice to the Exchange intimating dissolution of an LLP shall contain a statement

as to who undertakes the responsibility of settling all outstanding contracts and liabilities of

the dissolved/wound up LLP but that shall not be deemed to absolve the other partner/s of his/

their responsibility for such outstanding contracts and liabilities.

xii. Any LLP that violates any of the aforesaid provisions, after being afforded an opportunity

of being heard, shall be liable to be suspended by the Relevant Authority for such period as may

be decided by the Relevant Authority and/or expelled from the Membership of the Exchange.

महाराष्ट्र शासन राजपत्र, भाग दोन-संकीर्णणण सूचना व जाहि�राती,

गुरुवार ते बुुधवार, मार्चच ६-१२, २०२५/फााल्गुन १५-२१, शके १९४६

6. CORPORATE MEMBERSHIP

A. Bodies Corporate as Members Of The Exchange

a. No company / body corporate shall be eligible for admission as a Member of the Exchange

unless:

i) The memorandum and articles of association of the company are approved by the

Exchange

ii) The objects for which the company is established shall include carrying on business

in commodities and/or to clear and settle transactions/contracts in commodities.

iii) Company/body Corporate has not been declared as a defaulter by any other

Commodity Exchange or a period of five years has elapsed from the date of declaring it as

a defaulter.

b. The company has undertaken to fulfill the following:

i. To obtain prior approval from the Exchange for any change in its status or

constitution which would include,

1. amalgamation, demerger, consolidation or any other kind of corporate

restructuring falling within the scope of section 391 of the Companies Act, 1956 (1 of

1956) or the corresponding provision of any other law for the time being in force;

2. change in its managing director(s), whole-time director(s) or director(s)

appointed in compliance with clause (v) of sub-rule (4A) of rule 8 of the Securities

Contracts (Regulation) Rules, 1957; and

3. any change in control over the body corporate.]

ii. The list of shareholders along with the shareholding pattern of the company will be

furnished to the Exchange, if so desired by the Exchange;

iii. The Articles of Association of the company will incorporate such provisions as the

Exchange may from time to time require;

iv. The company has undertaken unconditionally to fulfil any condition or requirement,

which the Exchange may insist upon for admission as a Member of the Exchange;

v. The business of the company shall at all times be so managed as to comply with the

Bye-Laws, Rules and Regulations of the Exchange as may be applicable from time to time.

vi. A director of a company that is a Member of the Exchange shall not carry on

business in commodities trading and clearing, either, as a proprietor, partner of a firm or

a LLP or director of any other company which is a Member of the Exchange, except with

the previous approval of the Exchange

vii. If there is any change in the shareholding pattern of the company, which is not

acceptable to the Board of the Exchange, the Board may take such action as it may think

appropriate.

In respect of other forms of organization, the Exchange may decide the eligibility

requirement, terms and conditions of the Membership of the Exchange.

B. Board to Approve Business Names

The Members of the Exchange desirous of carrying on their business under a particular

business or firm or trade name or style shall intimate such name to the Exchange in writing. The

Exchange may refuse to allow a Member of the Exchange to carry on business under a name which

it considers misleading, if such name varies from the name of the body corporate or firm, and in such

cases the Member of the Exchange shall be at liberty to choose any other name with the approval

of the Exchange.

महाराष्ट्र शासन राजपत्र, भाग दोन-संकीर्णणण सूचना व जाहि�राती,

गुरुवार ते बुुधवार, मार्चच ६-१२, २०२५/फााल्गुन १५-२१, शके १९४६

C. Trade Names Register To Be Kept

Where any Member of the Exchange has obtained the permission or approval of the Exchange

to carry on business under a business or trade or firm name, the particulars thereof shall be entered

in the register of business names, which shall be open for inspection by Members of the Exchange.

D. Appointment Of Approved Users

A Member of the Exchange carrying on business on the Exchange shall be entitled to appoint

persons who are in his own exclusive employment or are his authorised persons as approved users

with the permission of the Exchange for operating the trader work stations connected with the

automated trading system of the Exchange and entering orders in such system/segment on behalf

of such Member/Trading Member.

A Member of the Exchange desirous of appointing approved users shall apply for the permission

of the Board in such form as the Board may from time to time prescribe. The Board shall frame,

from time to time, Rules and Regulations for the appointment, operations and cessation of approved

users.

महाराष्ट्र शासन राजपत्र, भाग दोन-संकीर्णणण सूचना व जाहि�राती,

गुरुवार ते बुुधवार, मार्चच ६-१२, २०२५/फााल्गुन १५-२१, शके १९४६

7. AUTHORIZED PERSON

1. Appointment Of Authorized Person

1.1 Member(s) of the Exchange may appoint one or more Authorized Persons after obtaining

specific prior approval from the Exchange.

1.2 The approval as well as the appointment shall be specific for each such Authorized Person.

2. Procedure For Appointment

2.1 A Member of the Exchange may apply to the Exchange, in such format as may be

notified by the Exchange for appointment as “Authorized Person”.

2.2 On receipt of the application for approval of the appointment of an Authorized Person

from its Member, the Exchange may:

a) accord approval on satisfying that the person is eligible for appointment as

Authorized Person, or

b) refuse approval on satisfying that the person is not eligible for appointment as

Authorized Person.

2.3 The Exchange will have the discretion to refuse or withdraw permission if any,

granted/to be granted to any Authorized Person at any time without assigning any reason,

if the Exchange, in its absolute discretion, considers such refusal / withdrawal to be in the

interest of the market.

3. Eligibility Criteria

3.1 Individuals

a. An individual is eligible to be appointed as “Authorized Person” if he is a citizen of

India;

b. is not less than 18 years of age;

c. has not been convicted of any offence involving fraud or dishonesty;

d. has a good reputation and character;

e. has passed at least 10th standard or equivalent examination from an institution

recognized by the Central Government/State Government; and

f. The approved users and / or sales personnel of Authorized Persons shall have the

necessary certification of the respective segments at all points of time.

3.2 A Partnership Firm, LLP Or A Body Corporate

A partnership firm, LLP or a body corporate is eligible to be appointed as Authorized Person;

a. If all the partners or directors, as the case may be, comply with the requirements

contained in clause above.

b. The object clause of the partnership deed or of the Memorandum of Association contains

a clause permitting the person to deal in securities/ contracts.

3.3 Infrastructure

The Authorized Person must have necessary infrastructure, viz., adequate office space,

equipment, manpower and such other infrastructural facilities, which the Exchange may prescribe

from time to time, to effectively discharge the activities on behalf of the Member.

4. Conditions of Appointment

4.1 On being appointed as an “Authorized Person” of a Member of the Exchange, such

person or entity shall not, during continuation of being an Authorized Person of such Member,

qualify for becoming Authorized Person of any other Member of the Exchange.

भाग दोन (संकीर्णणण)–८

महाराष्ट्र शासन राजपत्र, भाग दोन-संकीर्णणण सूचना व जाहि�राती,

गुरुवार ते बुुधवार, मार्चच ६-१२, २०२५/फााल्गुन १५-२१, शके १९४६

4.2 The Authorized Person shall not receive or pay any money or deal in deliveries of

commodities in its own name or account. All receipts and payments of money and dealings in

commodities shall be in the name or account of the concerned Member of the Exchange of whom

he is appointed as the Authorized Person.

4.3 The Authorized Person shall receive his remuneration- fees, charges, commission,

salary, etc. for his services only from the Member of which it is an “Authorized Person” and

he shall not charge any amount under whatever head from the clients of the Member of the

Exchange.

4.4 All acts of omission and commission of the Authorized Person shall be deemed to be

those of the Member.

4.5 The Member and the Authorized Person shall enter into written agreements(s) in the

form(s) specified by the Exchange. The agreement shall, inter alia, cover scope of the activities,

responsibilities, confidentiality of information, commission sharing, termination clause, etc.

4.6 The permission granted by the Exchange for any Authorized Person is only to facilitate

the Members to trade on the Exchange platform through persons authorized by them and such

permission shall not be construed in any manner whatsoever to waive, reduce or affect the

liability and responsibility of the Member in such matter.

4.8 The Member shall be responsible for all acts of omission and commission of the

Authorized Person.

4.9 A partner or director of an Authorised Person shall not be appointed as an Authorized

person of another Member of the Exchange.

In addition to the conditions prescribed above, an applicant shall fulfill all conditions that may

be prescribed by SEBI from time to time.

5. Withdrawal of Approval

Approval given to an Authorized Person may be withdrawn by the Exchange:

5.1 on receipt of a request to that effect from the Member or the Authorized Person concerned,

subject to compliance with the requirements that may be prescribed by the Exchange;

5.2 on being satisfied that the continuation of the Authorized Person is detrimental to the

interests of investors or the commodities securities market.

5.3 on becoming ineligible under clause 3 above at a subsequent date.

5.4 upon the directions of the SEBI.

6. Obligations Of The Members Of The Exchange

6.1 The Member shall permit the Authorized Person to admit or introduce clients and

accept orders from the clients on their behalf only after receipt of communication regarding

registration of Authorized Person by the Exchange subject to conditions mentioned in other

sub-rules mentioned hereunder.

6.2 The Member shall be responsible for all acts of omission and commission of his

Authorized Person and/or their employees, including liabilities arising therefrom.

6.3 If any trading terminal is provided by the Member to an “Authorized Person” the place

where such trading terminal is located shall be treated as branch office of the Member.

6.4 The Member shall display at each such branch office, additional information such

as, particulars of Authorized Person in charge of that branch, terms and conditions of his

appointment, timelines for dealing through Authorized Person, etc. as may be specified by the

Exchange.

महाराष्ट्र शासन राजपत्र, भाग दोन-संकीर्णणण सूचना व जाहि�राती,

गुरुवार ते बुुधवार, मार्चच ६-१२, २०२५/फााल्गुन १५-२१, शके १९४६

6.5 The Member shall notify changes, if any, in the Authorized Person to all registered

Clients of that branch at least 30 days before such change or such other days as may be specified

by the SEBI or the Exchange.

6.6 The Member shall conduct periodic inspection of the branches assigned to Authorized

Persons and records of the operations carried out by them, as prescribed by the Exchange.

6.7 It shall be the responsibility of the Member to audit the records of its Authorized

Person to ensure that they comply with the Rules, Bye- Laws and Regulations of the Exchange.

6.8 The client dealing through an Authorized Person shall be registered with the Member

only. The funds, monies, commodities/ securities or warehouse receipts, as the case may be, of

the clients shall be settled directly between the Member and client. No fund or commodities

/ securities of the clients shall be transferred/ deposited /credited into any account of an

Authorized Person.

6.9 All documents like contract notes, statement of funds and commodities / securities etc.

would be issued by the Member to the client. Authorized Person may provide administrative

assistance in procurement of documents and settlement, but shall not issue any documents to

client in its own name.

6.10 On noticing irregularities, if any, in the operations of an Authorized Person, the

Member shall forthwith seek withdrawal of approval, withhold all monies due to Authorized

Person till resolution of client grievances, alert clients in the location where Authorized Person

operates, file a complaint with the police, and take all measures as may be required to protect

the interest of its clients and the market.

6.11 Members shall ensure that no orders are executed at the Authorized Person’s end

before all documents as prescribed by the Exchange or the SEBI, are obtained from each such

client.

6.12 Uploading of details pertaining to the Unique Client Code shall be the responsibility

of the Member and the Authorized Person cannot create or allot Unique Client Code to any

client.

6.13 All documents as mentioned above should be available with the Member for audit and

inspection as and when required by the Exchange or the SEBI.

7. Obligations Of The Exchange

7.1. The Exchange shall maintain a database of all the Authorized Persons, which shall

include the following:

a) PAN number of Authorized Person and in case of partnership or body corporate,

PAN number of all the partners or directors as the case may be along with photographs.

b) Details of the Member with whom the Authorized Person is registered.

c) Locations of the branch assigned to the Authorized Person.

d) Number of terminals and their details given to each Authorized Person.

e) Withdrawal of approval of an Authorized Person.

f) Change in the status or constitution of Authorized Person.

g) Disciplinary action taken by the Exchange against any Member for violations of

the SCRA/ SEBI Act, Byelaws, Rules, Regulations of the Exchange or directions of the

SEBI, as the case may be, by the Authorized Person.

All the above details except (a) above, shall be made available on the website of the

Exchange.

भाग दोन (संकीर्णणण)–८अ

महाराष्ट्र शासन राजपत्र, भाग दोन-संकीर्णणण सूचना व जाहि�राती,

गुरुवार ते बुुधवार, मार्चच ६-१२, २०२५/फााल्गुन १५-२१, शके १९४६

7.2 While conducting the inspection of the Member, the Exchange may, also conduct an

inspection of branches where the terminals of Authorized Persons are located and records of

the operation are carried out by them.

7.3 Any dispute between a client and an Authorized Person shall be treated as a dispute

between client and the Member and the same shall be redressed by the Exchange accordingly.

7.4 In case of withdrawal of approval of an Authorized Person due to disciplinary action

or upon the regulatory directive, the Exchange shall issue a press release and disseminate the

names of such Authorized Persons on its website citing the reason for withdrawal or cancellation

of approval.

8. Number of Work Stations

The Governing Board shall determine from time to time the number of Trader Work Stations

that may be provided to a Member of the Exchange and the number of approved users a Member of

the Exchange shall be entitled to employ.

9. Constituted Attorney

Power To Appoint Attorney As Good As Authorized Representatives

a. A Member of the Exchange may give a power of attorney to any person to carry on or

supervise his business in the Exchange or to clear and sign contracts, reports and statements

on his behalf in respect of transactions in the Exchange; provided the person so appointed is

at least twenty-one years of age, is in all other respects eligible for election as a Member of the

Exchange and his appointment is previously approved by the Board.

b. Any power of attorney granted by the Member of the Exchange or any change thereof

may be intimated by the Exchange by posting a notice of the fact on the notice Board of the

Exchange.

c. A register of constituted attorneys shall be maintained by the Exchange in which shall

be entered the names of the constituted attorneys and the names of the appointing Members

of the Exchange and any changes thereof, together with the dates on which the authority is

granted and/or rescinded, which shall be open for inspection by the Members of the Exchange.

d. Nothing contained in these presents shall absolve the Member of the Exchange granting

the power of attorney from responsibility for the acts or omissions of his attorney.

e. No person shall be entitled to admission to the offices of the Exchange or offices of the

Exchange by reason only that he holds a power of attorney from a Member of the Exchange.

f. No Member or constituted attorney /authorized representative or Remiser shall manage

portfolio for any passive client. The Member shall keep record of each order placed by the client

in the form of written or electronic document or the voice recording instrument. Such record

shall be preserved and maintained at least for two years and in disputed cases, till six months

from the final disposal of dispute, at a place notified by the Member of the Exchange.

महाराष्ट्र शासन राजपत्र, भाग दोन-संकीर्णणण सूचना व जाहि�राती,

गुरुवार ते बुुधवार, मार्चच ६-१२, २०२५/फााल्गुन १५-२१, शके १९४६

8. TERMINATION OF MEMBERSHIP

a. Loss Of Membership

a) Any Member of the Exchange shall cease to be a Member of the Exchange on the

happening of any one or more of the following instances:

i. By death;

ii. By Dissolution in case of partnership firm or LLP;

iii. By expulsion in accordance with the Bye laws, Rules and Regulations and also the

provisions herein contained;

iv. By being declared as a defaulter in accordance with these presents, the Bye-Laws,

Rules and Regulations or any other commodity Exchange;

v. He is adjudged bankrupt or a receiving order in bankruptcy is made against him or

he is proved to be insolvent;

vi. He is convicted of an act involving moral turpitude;

vii. By resignation/surrender of Membership;

viii. He is declared as lunatic;

ix. Being a company/body corporate, it ceases to maintain or have the characteristics

of eligibility under the provisions of the Rules and Articles of the Exchange or is wound up;

x. He is declared as bankrupt/insolvent;

xi. Failure to submit any document(s) for SEBI registration or application submitted

to SEBI for registration is withdrawn by the Exchange or rejection of application for

registration by the SEBI;

xii. Certificate of registration with SEBI is cancelled;

Notwithstanding anything contained in any other provisions of the Articles, Bye-

Laws, Rules and Regulations of the Exchange, the expulsion of Members of the Exchange

from the Membership of the Exchange, whether bodies corporate, partnerships, individuals

or such other persons as are admitted as Member of the Exchange, shall be final and

conclusive.

b. Nomination, Transmission, Surrender and Declaration of Defaulter

In case an individual, who is a Member of the Exchange in his own name or is the sole proprietor

of the Membership of the Exchange dies, his legal representatives or the authorised representatives

or approved users, if any, on behalf of such deceased shall not continue to carry on any business in

the name of Membership of the deceased except for the purpose of winding up outstanding business

of the deceased.

After the death of an individual who is the Member of the Exchange in his own name or is

the sole proprietor of the Membership of the Exchange, his heirs, or his legal representatives may

request the Board to transmit the Membership of the deceased to his heir who is otherwise eligible

for the Membership of the Exchange and the Board may in their absolute discretion transmit the

Membership in the name such heir.

No fresh admission fee shall be charged from the person in whose name the Membership is

transmitted under this Article.

A Member shall also be entitled to surrender his Membership. In case of such surrender, the

Membership so surrendered shall lapse. Such surrender of Membership shall be valid, only after

approval thereof by the Relevant Authority of the Exchange and also subject to compliance with

such procedure, terms and conditions, as may be laid down by the Exchange. The application for

महाराष्ट्र शासन राजपत्र, भाग दोन-संकीर्णणण सूचना व जाहि�राती,

गुरुवार ते बुुधवार, मार्चच ६-१२, २०२५/फााल्गुन १५-२१, शके १९४६

surrender of Membership, once filed, is irrevocable and irreversible unless allowed by the Relevant

Authority authorized to approve the surrender applications, upon being satisfied with the reasons

for such revocation. After approval by the Relevant Authority , the erstwhile Member shall be

entitled to get his refundable security deposit, subject to settlement of all pending dues and claims,

if any and also subject to minimum lock in period specified by the Exchange.

c. Nomination

Every Member of the Exchange shall be entitled to nominate another person as his successor

to the Membership of the Exchange subject to the conditions and restrictions set forth hereinafter

or in the Regulations of the Exchange. Where, however, the legal heir(s) of a deceased Member of

the Exchange nominate(s) a person eligible for admission as a Member of the Exchange under these

presents to succeed the established business of the deceased Member of the Exchange, who is his

father, uncle, brother or son or such other person who in the opinion of the Board, is a close relative,

such nominee shall be admitted as a Member of the Exchange provided he is otherwise qualified and

eligible for Membership of the Exchange under these presents.

1. Forms of Nomination

i. Form for Member of the Exchange nominating during his lifetime: A Member of the

Exchange may lodge with the Exchange nomination in the form prescribed by the Exchange

tendering his resignation from Membership of the Exchange. This nomination in favour of

a person other than a family Member shall be valid if lodged with the Exchange during the

lifetime of the Member of the Exchange and shall automatically get revoked, if the Member of

the Exchange expires before this nomination form is lodged with the Exchange.

ii. Form of Nomination in Favour of a Family Member: A Member of the Exchange may

lodge with the Exchange nomination in the prescribed form, tendering his resignation from

Membership. This nomination lodged by a Member of the Exchange during his lifetime in

favour of a family Member shall be valid until substituted by a fresh nomination.

iii. Form for Legal Heirs/Legal Representatives: Legal heirs/legal representatives shall

be required to lodge with the Exchange nomination in the prescribed form, exercising right of

nomination vested in them in respect of the deceased Member of the Exchange.

a. The Membership of the Exchange shall be transferable on payment of such fee

as the Exchange may prescribe from time to time provided that such transfer shall be

effected only from the date of the approval by the Board. The Board shall have the power

to refuse transfer of Membership if in the interest of the Exchange; it is expedient to do so.

b. The Board shall also be competent to decide other terms and conditions relating to

transfer of Membership from time to time.

c. Notice of Nomination: A notice of the proposed nomination shall be posted on the

notice Board or notified by way of broadcast through the automated trading system of the

Exchange. Within 15 calendar days of the posting/notifying, as the case may be, of such

notice, any person or any Member of the Exchange may file claims against the Member

of the Exchange in respect of whom the nomination has been made and/or the persons in

whose favor the nomination has been made and any claim not so filed, within the said

period, shall be rendered liable for summary rejection and may not be considered by the

governing Board.

d. Dues and Claims: The Governing Board shall not approve a nomination unless

the nominating Member of the Exchange, and in the case of a deceased Member, his legal

heirs/legal representatives or the person/s in whose favor the nomination has been made,

shall have paid and satisfied in full:

i. Dues of the Exchange: Such subscriptions, debts, fines, fees, charges and

other monies due to the Exchange and/or the Clearing Corporation payable by the

nominating Member of the Exchange or by the legal heirs/legal representatives on

महाराष्ट्र शासन राजपत्र, भाग दोन-संकीर्णणण सूचना व जाहि�राती,

गुरुवार ते बुुधवार, मार्चच ६-१२, २०२५/फााल्गुन १५-२१, शके १९४६

behalf of the deceased Member of the Exchange.

ii. Liabilities relating to contracts: Such debts, liabilities, obligations and claims

arising out of any contract made by the nominating or deceased Member of the

Exchange, subject to the Rules, Bye-laws and Regulations of the Exchange, as shall

have been admitted by the Governing Board or the Membership Committee and all

amounts due or payable by the nominating or deceased Member of the Exchange to

the Settlement/Trade Guarantee Fund or any other fund of the Exchange.

e. Nomination: If a nominee is not eligible under the Rules or Regulations of the

Exchange or if a nominee be rejected by the Governing Board, a fresh nomination or

nominations may be submitted to the Exchange, until a nominee is admitted as a Member

of the Exchange.

f. Interview: A candidate for admission shall appear personally before any meeting of

the Membership Selection Committee/Governing Board for an interview.

2. Rules for Nomination:

i The nomination may be made by a Member of the Exchange whether before or after his

resignation and shall be in such form or forms as the Board may, from time to time, prescribe.

ii The legal representatives of a deceased Member of the Exchange or his heirs, with the

sanction of the Board, may nominate any person eligible under these presents for admission to

Membership of the Exchange as a candidate for admission in the place of the deceased Member

of the Exchange.

iii A Member of the Exchange who has resigned from Membership of the Exchange shall

be entitled to exercise the power of nomination hereby conferred only if he had been a Member

of the Exchange for a period of not less than three (3) years prior to the date of his resignation.

Provided further that the requirement as to Membership of the Exchange for three (3) years

shall not apply to succession by nomination on death of a Member of the Exchange.

iv A Member of the Exchange who intends to resign may also exercise the aforesaid power of

nomination, provided that in his letter of nomination, the nominating Member of the Exchange

shall also tender his resignation as Member of the Exchange to take effect immediately upon

the admission of the nominee as a Member of the Exchange.

v If any person so nominated is found ineligible for admission as a Member of the Exchange

under the provisions of these presents or if the Board rejects the application of the nominee for

Membership of the Exchange, the nominating Member of the Exchange or nominating legal

representatives of a deceased.

vi Where a Member of the Exchange makes a nomination before resigning and has

tendered his resignation thereafter, and if the application of the nominee for Membership of the

Exchange is rejected by the Board, the resignation of the nominating Member of the Exchange

shall not take effect until his nominee has been admitted as a Member of the Exchange.

vii The person so nominated by a Member of the Exchange or by his legal representatives

shall send in his application for Membership of the Exchange in accordance with these presents

and the application shall be dealt with on its merits and no nominee shall be entitled to be

admitted by reason only of his having been nominated unless he is duly qualified in accordance

with these presents.

viii A person applying for Membership of the Exchange with a nomination as aforesaid

shall be bound to pay such fee as prescribed in the Bye-Laws, Rules and Regulations of the

Exchange. Provided that, the Board may decline to consider the nomination made by a Member

of the Exchange or legal representative of a deceased Member of the Exchange unless all

amounts due by the Member of the Exchange or the deceased Member of the Exchange to the

Exchange arising out of the contracts cleared and/or transacted by the nominating Member

महाराष्ट्र शासन राजपत्र, भाग दोन-संकीर्णणण सूचना व जाहि�राती,

गुरुवार ते बुुधवार, मार्चच ६-१२, २०२५/फााल्गुन १५-२१, शके १९४६

9. DEFAULT

1. Declaration of Defaulter

A Trading Member may be declared a defaulter by direction / circular / notification of the

Relevant Authority if-

(a) he is unable to fulfill his obligations; or

(b) he admits or discloses his inability to fulfill or discharge his duties, obligations and liabilities;

due on a closing-out effected against him under the Bye Laws, Rules and Business Rules or

(d )he fails to pay any sum due to the Exchange or to submit or deliver to the Exchange on the

due date, delivery and receive orders, statement of differences and securities, balance sheet and

such other clearing forms and other statements as the Relevant Authority may from time to time

prescribe; or

e) if he fails to pay or deliver to the Relevant Authority all monies, securities and other assets

due to a Trading Member who has been declared a defaulter within such time of the declaration of

default of such Trading Member as the Relevant Authority may direct; or

(f) if he fails to pay, fulfill or discharge his duties, obligations and liabilities to his Clearing

Member;

(g) if he fails to abide by the arbitration award / order passed by the Investor Grievance Redressal

Committee or Panel /conciliator as laid down under the Bye Laws, Rules and Business Rules; or

h) if he, being an individual and /or partnership firm, /it, being a company incorporated under

the Companies Act, files an application a petition before a Court of Law for adjudication of himself

as an insolvent or an insolvency application is filed against it in accordance with the provisions of

the Insolvency and Bankruptcy Code 2016 or any other analogous bankruptcy laws applicable to

him / it, as the case maybe.

2. Declaration of default and / or expulsion by other recognized stock Exchange /

Clearing Corporation

Without prejudice to the foregoing, if a Trading Member is either expelled and / or declared

a defaulter by any other recognized stock Exchange or recognized Clearing Corporation, the said

Trading Member may be expelled and / or declared a defaulter by the Exchange after providing an

opportunity of being heard to such member, unless SEBI directs otherwise from time to time.

Notwithstanding anything contained in this Bye-law, the trading facility of the Trading Member

shall be withdrawn immediately after the receipt of information of expulsion and / or declaration of

default by any other recognized stock Exchange or recognized Clearing Corporation.

3. Failure to fulfil Obligations

The Relevant Authority may order a Trading Member to be declared a defaulter if he fails to

meet an obligation to a Trading Member or constituent arising out of Exchange transactions.

4. Relevant Authority To Frame Procedures For Declaration Of Default

The Relevant Authority shall be entitled to specify appropriate provisions and procedures

consistent with the Rules, Bye-laws and Business Rules for and in connection with declaration of a

Trading Member as a defaulter and realization of claims against the defaulter, its constituents or

others and their respective assets.

5. Action Against Associate In Case Of Declaration Of Default

On a Trading Member being declared a defaulter, the Relevant Authority may take appropriate

action against the associates of such defaulter Member.

The term “associate/s” shall have such meaning as may be defined by SEBI in this regard, from

time to time.

भाग दोन (संकीर्णणण)–९

महाराष्ट्र शासन राजपत्र, भाग दोन-संकीर्णणण सूचना व जाहि�राती,

गुरुवार ते बुुधवार, मार्चच ६-१२, २०२५/फााल्गुन १५-२१, शके १९४६

6. Insolvent a Defaulter

A Trading Member, being an individual and/or partnership firm, /it, being a company

incorporated under the Companies Act, an application is admitted against him/ it in accordance

with the provisions of the Insolvency and Bankruptcy Code 2016 or any other analogous bankruptcy

laws applicable to him / it, as the case maybe, shall be declared a defaulter although he/it may not

have at the same time defaulted on any of his / its obligations on the Exchange provided however

the time for preferring an appeal against such order under the applicable Acts, if any, has expired.

7. Trading Member’s Duty to Inform

A Trading Member shall be bound to notify the Exchange immediately if there be a failure by

any Trading Member to discharge his liabilities in full.

8. Compromise Forbidden

A Trading Member of the Exchange guilty of accepting from any Member of the Exchange

anything less than a full and bonafide money payment in settlement of a debt arising out of a

transaction in securities shall be suspended for such period as the Relevant Authority may determine.

9. Notice of Declaration of Default

On a Trading Member being declared a defaulter a notice to that effect shall be placed on the

website of the Exchange and on such other place, as the Relevant Authority deems fit.

10. Inviting of Claims

Manner of filing/inviting claims from investors, eligiblity of claims, determination of claims

and disbursement of claims shall be as specified by SEBI/Exchange/Relevant Statutory Authority

from time to time.

11. Defaulter’s Books and Documents

i. When a Trading Member has been declared a defaulter, the Exchange shall take charge

of all his books of accounts, documents, papers and vouchers either in physical or electronic

mode (“records”) to ascertain the state of his affairs and the defaulter shall hand over such

books, documents, papers and vouchers to the Exchange.

ii. List of Debtors and Creditors: The defaulter shall file with the Exchange within such

time of the declaration of his default as the Exchange may direct a written statement containing

a complete list of his debtors and creditors and the sum owing by and to each.

iii. Defaulter to give information: The defaulter shall submit to the Exchange or Relevant

Authority such statement of accounts, information and particulars of his affairs as the Relevant

Authority may from time to time require and if the Relevant Authority so desires, he shall

appear before the Relevant Authority at its meeting in connection with his default.

iv. Vesting of Assets:The Relevant Authority shall call in and realize the deposits in any

form, margin money, other amounts lying to the credit of and securities deposited by the defaulter

and recover all monies, securities and other assets due, payable or deliverable to the defaulter

by any other Member/constituent in respect of any transaction or dealing made subject to the

Bye- laws, Rules and Regulations of the Exchange and/or all other assets/amounts/securities

belonging to other parties which the Exchange may be entitled to realize and appropriate. All

these assets shall vest ipso facto, on declaration of a Member as a defaulter in the Exchange

for the benefit of and on account of any dues or obligations of the defaulter to the Exchange,

Clearing Corporation, SEBI, Constituents, Investor Protection Fund of the Exchange, other

recognized stock Exchanges and Clearing Corporations, other Trading Members and approved

banks in the manner provided in the Rules and/or as may be prescribed by SEBI from time to

time.

In case both the Clearing Member and its constituent Trading Member are declared a defaulter,

the Relevant Authority of the Exchange and Clearing Corporation shall work together to realize the

assets of both the Clearing Member and the Trading Member.

महाराष्ट्र शासन राजपत्र, भाग दोन-संकीर्णणण सूचना व जाहि�राती,

गुरुवार ते बुुधवार, मार्चच ६-१२, २०२५/फााल्गुन १५-२१, शके १९४६

12. Closing-out

(a) Constituents having open transactions with the defaulter shall close out such transactions

on the Stock Exchange after declaration of default. Such closing out shall be in such manner as

may be prescribed by the Relevant Authority from time to time. Subject to the regulations in this

regard prescribed by the Relevant Authority , when in the opinion of the Relevant Authority ,

circumstances so warrant, such closing out shall be deemed to have taken place in such manner as

may be determined by the Relevant Authority or other authorised persons of the Exchange.

(b) Differences arising from the above adjustments of closing out shall be claimed from the

defaulter or paid to the Relevant Authority for the benefit of constituent of the defaulter.

Provided that, if the Relevant Authority in its discretion deems fit, and subject to such terms

and conditions as it may specify, all, some or any of the open positions/dealing of any constituent(s)

of the Member as may be decided by the Relevant Authority may, instead of being closed out, be

transferred to any other Member who agrees to accept such transfer.

13. Accounts of Relevant Authority

The Exchange shall keep a separate account in respect of all monies, securities and other assets

of the defaulter vested with the Relevant Authority and shall defray therefrom all costs, charges

and expenses incurred in or about the collection / realization of such assets or in or about any

proceedings it takes in connection with the default.

14. Report

The Exchange shall present to the Relevant Authority a report relating to the assets realized,

the liabilities outstanding / discharged and any other affairs of the defaulter.

15. Scale of Charges

The costs, charges and expenses incurred in respect to the collection / realization / maintenance

of all monies, securities and other assets of the defaulter or in respect to any proceedings thereof

shall be such sum as approved by the relevant Authority from time to time.

16. Application of Assets

The Relevant Authority shall realize and apply all monies, rights and assets of the defaulter

which have vested in or which have been received by the Exchange and all other assets and money

of the defaulter including the money, securities and warehouse receipts receivable by him from any

other Member or Constituent, money, securities and warehouse receipts of the defaulter lying with

the Exchange / Clearing Corporation or credit balances lying in the Exchange, security deposits,

any bank guarantees furnished on behalf of the defaulter, fixed deposit receipts discharged or

assigned to or in favour of the Exchange, monies or contribution deposited with the Exchange by

the defaulter, any security created or agreed to be created by the defaulter or any other person in

favour of the Exchange and/or all other assets/amounts/securities belonging to other parties which

the Exchange may be entitled to realize and appropriate for the obligations of the defaulter to the

following purposes and in the following order of priority, viz:

a) The payment of such subscriptions, debts, fines, fees, charges and other money as

shall have been determined by the Relevant Authority to be due to the Exchange or Clearing

Corporation or SEBI, in the order of priority as mentioned hereinabove.

b) Dues to the extent of principal amount to Constituents of the defaulter the payments of

which have been admitted by the Relevant Authority . Provided that if the amount is insufficient

then the amounts shall be distributed pro rata amongst the Constituents of the defaulter.

Provided however that if any amount is payable by such constituent to the defaulter, then the

Relevant Authority shall be entitled to set-off such amount /obligation payable by such constituent

against the amount payable from the defaulters’ assets.

भाग दोन (संकीर्णणण)–९अ

महाराष्ट्र शासन राजपत्र, भाग दोन-संकीर्णणण सूचना व जाहि�राती,

गुरुवार ते बुुधवार, मार्चच ६-१२, २०२५/फााल्गुन १५-२१, शके १९४६

Any amounts determined and payable to the constituents, shall be distributed / paid either by

crediting his account or in such other manner as the Relevant Authority directs. If any amounts,

determined and payable, remain unclaimed for prescribed period, the same shall be dealt with

or disposed of by the Relevant Authority as it deems fit. If any person(s) entitled to receive the

amounts, has expired or wound up, all such amounts due to such person(s) shall be paid to his legal

representative or heirs or successors.

c) To reimburse the Investor Protection Fund for any payments made therefrom.

d) Dues to the extent of principal amount to any other recognized stock Exchange / Clearing

Corporation

After meeting the claims under (a to c) above, the amounts, if any, shall be disbursed to any

other recognized Stock Exchange / Clearing Corporation for the purpose of meeting the obligations

of the defaulter as Member of that Stock Exchange / Clearing Corporation. If the defaulter is a

Member of more than one recognized stock Exchange / Clearing Corporation, then the remaining

amount shall be distributed amongst all such recognized stock Exchanges / Clearing Corporations

and if the remaining amount is insufficient to meet the claims of all such stock Exchanges / Clearing

Corporations, then the remaining amount shall be distributed pro rata among all such stock

Exchanges / Clearing Corporations;

e) To reimburse the Investor Protection Fund of other recognized stock Exchanges. Balance

amount, if any, shall be distributed pro rata amongst stock Exchanges for reimbursing their

respective Investor Protection Fund to the extent of claims settled out of the Investors Protection

Fund.

f) Dues to the extent of principal amount to other Trading Members and Clearing Members,

the payments of which have been admitted by the Relevant Authority . Provided that if the amount

is insufficient then the amounts shall be distributed pro rata amongst other Trading Members and

Clearing Members.

Provided however that if any amount is payable by such Trading Members and Clearing

Members, then the Relevant Authority shall be entitled to set-off such amount /obligation payable

by such Trading Members and Clearing Members against the amount payable from the defaulters’

assets.

Any amounts determined and payable to other Trading Members and Clearing Members,

shall be distributed/ paid either by crediting his account or in such other manner as the Relevant

Authority directs. If any amounts remain unclaimed for prescribed period, the same shall be dealt

with or disposed of by the Relevant Authority as it deems fit. If any person(s) entitled to receive the

amounts has expired or wound up, all such amounts due to such person(s) shall be paid to his legal

representative or heirs or successors.

g) For clearing the dues of a clearing bank to the extent of the principal amount; if there are

more than one clearing banks then the amounts, if any, shall be distributed amongst all clearing

banks on a pro rata basis;

h) Surplus assets, if any, may be released to the defaulter in accordance to the process prepared

under guidance of SEBI /as directed by SEBI from time to time with the decision of Relevant

Authority ;

Provided that if the defaulter has expired then the surplus assets, if any, shall be released to

the legal heirs / successors of the defaulter as the Relevant Authority may decide from time to time.

In case the assets of the defaulter realized by the Exchange is insufficient to meet the liabilities

of the Trading Member under the Rules, Byelaws and Regulations of the Exchange, then the claims

shall be satisfied from the other assets (common pool of assets) of the defaulter realized in the

manner as may be prescribed by SEBI from time to time.

महाराष्ट्र शासन राजपत्र, भाग दोन-संकीर्णणण सूचना व जाहि�राती,

गुरुवार ते बुुधवार, मार्चच ६-१२, २०२५/फााल्गुन १५-२१, शके १९४६

17. Certain Claims Not To Be Entertained

The Relevant Authority shall not entertain any claim against a defaulter:

a) which arises out of a contract in securities dealings in which are not permitted or which

are not made subject to Bye Laws, Rules and Regulations of the Stock Exchange or in which

the claimant has either not paid himself or colluded with the defaulter in evasion of margin

payable on bargains in any security; Or

b) which arises from any arrangement for settlement of claims in lieu of bona fide money

payment in full on the day when such claims become due; Or

c) which is in respect of a loan with or without security; Or

d) which is not filed with the Relevant Authority within such time of date of declaration of

default as may be prescribed by the Relevant Authority , Or

e) in terms of the framework prescribed by SEBI/ Exchange from time to time.

18. Claims Of Relevant Authority

A claim of a defaulter whose estate is represented by the Relevant Authority against another

defaulter shall not have any priority over the claims of other creditor Trading Members but shall

rank with other claims.

19. Assignment Of Claims On Defaulter’s Estate

A Trading Member being a creditor of a defaulter shall not sell, assign or pledge its claim on

the estate of such defaulter without the consent of the Relevant Authority .

20. Proceedings in name of or against the Defaulter

The Relevant Authority shall be empowered to:

a. initiate any proceedings in a court of law either in the name of the Exchange or in the

name of the defaulter against any person for the purpose of recovering any amounts due to the

defaulter,

b. initiate any proceedings in a court of law either in the name of the Exchange or in

the name of creditors (who have become creditors of the defaulter as a result of transactions

executed subject to and in accordance with Bye-laws, Rules and Business Rules of the

Exchange) of the defaulter against the defaulter for the purpose of recovering any amounts

due from the defaulter. The defaulter as well as the creditors of the defaulter shall be deemed

to have appointed the Exchange as their constituted attorney for the purpose of taking such

proceedings.

21. Clearing Member responsible for dues of Trading Members

Notwithstanding that a Trading Member is suspended or declared a defaulter, the Clearing

Member who has agreed to clear such Trading Member’s trades/contracts shall be liable to satisfy

the obligations/liabilities of the defaulter Trading Member arising out of dealings/transactions done

on the Exchange and or such other amounts as may be specified by the Relevant Authority .

22. Charge on Defaulter’s Assets

For the purpose of satisfying the liabilities/obligations of a defaulter under the Rules, Bye Laws

and Regulations, the Exchange shall have a first charge on all assets and properties of the defaulter

Member, wherever situated and of whatsoever nature, as security for the repayment of such money

/obligation and the payment of interest thereon.

23. Revocation of Defaulter Status

The Defaulter shall cease to be a Defaulter upon payment of his/ its dues, as per the procedure

prescribed by the Exchange /SEBI/Relevant Statutory authority from time to time.

महाराष्ट्र शासन राजपत्र, भाग दोन-संकीर्णणण सूचना व जाहि�राती,

गुरुवार ते बुुधवार, मार्चच ६-१२, २०२५/फााल्गुन १५-२१, शके १९४६

10. DISCIPLINARY PROCEEDING, PENALTIES SUSPENSION AND EXPULSION

1. Disciplinary Jurisdiction

The Relevant Authority may expel or suspend and/or fine under censure and/or warn and/or

withdraw any of the Membership rights of a Trading Member if it be guilty of contravention, non-

compliance, disobedience, disregard or evasion of any of the Bye Laws, Rules and Regulations of the

Exchange or of any resolutions, orders, notices, directions or decisions or rulings of the Exchange or

the Relevant Authority or of any other Committee or officer of the Exchange authorised in that behalf

or of any conduct, proceeding or method of business which the Relevant Authority in its absolute

discretion deems dishonorable, disgraceful or unbecoming a Trading Member of the Exchange or

inconsistent with just and equitable principles of trade or detrimental to the interests, good name

or welfare of the Exchange or prejudicial or subversive to its objects and purposes.

2. Penalty for Misconduct, Unbusinesslike Conduct and Unprofessional Conduct

In particular and without in any way limiting or prejudicing the generality of the provisions

in Rule (1) above, a Trading Member shall be liable to expulsion or suspension or withdrawal of all

or any of its Membership rights and/or to payment of a fine and/or to be censured, reprimanded or

warned for any misconduct, unbusinesslike conduct or unprofessional conduct in the sense of the

provision in that behalf contained herein.

3. Code Of Conduct

i. Every Member of the Exchange shall be bound to promote to the best of his ability the objects

and interests of the Exchange and to protect and safeguard the interests of his clients trading on

the Exchange. The following shall constitute examples of good business practices. A Member shall

be liable to expulsion, suspension and/ or to payment of a fine for any violation of good business

practices:

a. Members of the Exchange shall furnish a Risk Disclosure statement or any such

statement, as may be prescribed by the Exchange, to all the clients willing to trade through

them. This statement shall contain all the risks relating to contracts. Members of the Exchange

shall insist that all such clients must read this statement before participating in a futures

contract.

b. Members of the Exchange shall not accept any order from any client unless the Risk

Disclosure statement is read and acknowledged in writing by such client;

c. Every Member shall access Byelaws, Rules and Regulations and notices, circulars,

orders and instructions issued by the Exchange from time to time and shall also provide all

relevant information to his clients, before executing any order on behalf of such client.

d. Members of the Exchange shall not encourage, abet nor allow their clients to evade

margin, security deposits, etc. in respect of trading on the Exchange and other financial and

non financial compliance;

e. A Member shall furnish to his clients all information pertinent to contracts, contract

months, commencement months and deliveries, etc. as notified by the Exchange.

f. Members shall explain the role of the Clearing Corporation and the scope and benefits

of the same to his clients.

g. No Member or person associated with the Member shall guarantee any profits, returns

or avoidance of loss to any client.

h. A Member in the conduct of his business shall observe high standards of commercial

honour of just and equitable principles of trade.

i. Members shall adhere to the Rules, Business Rules and Bye - laws of the Exchange and

shall comply with such operational parameters, rulings, notices, guidelines and instructions of

the Relevant Authority as may be applicable from time to time.

महाराष्ट्र शासन राजपत्र, भाग दोन-संकीर्णणण सूचना व जाहि�राती,

गुरुवार ते बुुधवार, मार्चच ६-१२, २०२५/फााल्गुन १५-२१, शके १९४६

j. In conducting his business activities, a Member shall act honestly and fairly, in the best

interests of his constituents

k. A Member shall have and employ effectively the resources and procedures which are

needed for the proper performance of his business activities.

l. No Member shall shield or assist any Member or fail to report regarding any Member

whom he has known to have committed a breach or evasion of any Rules, Bye-Laws or Business

Rules of the Exchange/Clearing Corporation or of any resolution, order, notice or direction

there under to the Exchange or any Relevant Authority .

m. Except with the permission of the Relevant Authority , business shall not be transacted

by the Member in contracts which have been suspended from official quotation.

n. Members shall ensure that the fiduciary and other obligations imposed on them and

their staffs by the various statutory acts, rules and Business Rules are complied with.

o. Members shall ensure that any employee who commits the Members or Participants to

a transaction has the necessary authority to do so.

p. Members shall ensure that employees are adequately trained in operating in the

commodities/ securities market, in which they execute trades / transactions, are aware of their

own, and their organization’s responsibilities as well as the relevant statutory acts governing

the Member, the Rules, Business Rules and Bye-laws of the Exchange including any additions

or amendments thereof.

q. When entering into transactions on behalf of constituents, the Member shall ensure

that they abide by the Code of Conduct and as enumerated in the Rules.

r. No Member or person associated with a Member shall make improper use of constituent’s

positions in contracts or commodities.

s. The Member shall not disclose the name and beneficial identity of a constituent to any

person except to the Exchange or any other Relevant Authority as and when required by it.

t. A Member shall not –

a) make bids and/or offers for contracts with an intention of creating a false or misleading

appearance with respect to the market for, or the price of any contracts or;

b) make a transaction or give an order for the purchase or sale of contracts, the execution of

which would involve no change of beneficial ownership, unless the Member had no knowledge

that the transaction would not involve a change in the beneficial ownership of contracts.

u. No Member shall publish and circulate or cause to be published or circulated, any notice,

circular, advertisement, newspaper article, investment service or communication of any kind

which purports to report any transaction as a purchase or sale of any contracts unless such

Member can establish if called for, that such transaction was a bonafide purchase or sale of

such contract; or which purports to quote the purchase/ sale price for any contract unless such

Member can establish if called for that such quotation represents a bonafide order of such

contract.

v. A Member shall be responsible subject to the Rules, Bye-laws and Business Rules, for

all the actions including trades originating through or with Trading Member Id and User Id of

the Member.

w. A Member who has received in any capacity any information as to the purchase/sale

of contracts, shall under no circumstance make use of such information for the purpose of

soliciting purchases/sales.

ii. Every Member of the Exchange shall abide by all the Bye-Laws, Rules and Regulations of

the Exchange as well as notices, circulars, orders and instructions issued by the Exchange from

time to time. Any Member shall be liable to expulsion, suspension and/or to payment of a fine for

any of the following acts or omissions:

महाराष्ट्र शासन राजपत्र, भाग दोन-संकीर्णणण सूचना व जाहि�राती,

गुरुवार ते बुुधवार, मार्चच ६-१२, २०२५/फााल्गुन १५-२१, शके १९४६

a. Refusal to abide by awards: For neglecting or refusing to submit to, abide by and carry

out any award or decision or order of any arbitrators or, surveyors or any Committee or the

Board or Relevant Authority , made in conformity with Articles of Association of the Company

or the Bye- Laws, Rules and Regulations.

b. Unbecoming conduct: For acting in any manner detrimental to the interest of the

Exchange or unbecoming of a Member.

c. Misconduct: For any misconduct in his dealing with or relations to the Exchange or

any Member or Members thereof or for any disreputable or fraudulent transactions with any

person whether a Member or not of which complaint is made to the Managing Director or

Relevant Authority , any Standing Committee or the Board by one or more Members or clients

and is found to be valid by the Relevant Authority .

d. Disobedience: For violating, disobeying or disregarding any Bye-Laws or any enactment,

order, ordinance or notification issued by the State or the Union Government in respect of

trading in any commodities /securities, or the provisions of SCRA and Rules and Regulations

made thereunder and SEBI Act and Rules and Regulations made thereunder and any directions

issued by the SEBI or the Exchange.

e. Misinformation: For publishing or permitting to be published in any newspapers,

circulars, or otherwise, any misrepresentation relating to the trade in any commodities or

contracts, calculated to mislead the Members and/or the public.

f. Indifference and willful negligence: For not complying with any notice or request made

to him by or on behalf of the Managing Director, any Committee or the Board or the Relevant

Authority requiring him to attend any meeting of the Board or of any Committee or to produce

any books, documents, correspondence or other papers in his possession, power or control,

or for refusing or neglecting to answer any question put to him by the Managing Director,

any Committee or the Board or the Relevant Authority , as the case may be, relevant to any

business at any such meeting.

g. Failure to pay any dues: For failure to pay any amount due under these Rules and

Regulations and order and instructions issued thereunder by the Exchange, and/or arbitration

or any other fees when due or for non-payment of any fine imposed on him pursuant to these

Rules or for failure to pay any other amount due by him under these Rules or under any order

of the Chief Executive, any Committee or the Board or the Relevant Authority within ten days

after the same shall become payable.

h. Action detrimental to the Exchange: For any misconduct, in the sense of sub- sections

referred to above inclusive as below, in his dealing with or relations to the Exchange.

i. Willful or intentional non –fulfillment of contractual obligations or fraudulent or

flagrant breach of contract.

ii. Frivolous repudiation of contract.

iii. Refuse to refer any question in dispute to arbitration, survey or an appellate

Committee or Umpire.

iv. Communicating secretly or indirectly with any arbitrator, surveyor, umpire or

Member of appellate Committee to which the dispute has been referred to under the Bye-

Laws, Rules and Regulations.

v. For any conduct, act or omission knowingly carried out to subvert the objects

and purposes of the company and the Exchange, as provided in the Memorandum and

Articles of Association of the company, or which is subversive of the Bye-Laws, Rules

and Regulations of the Exchange, or which defeats the agreements entered into by the

company or the Exchange with other organisations, agencies or entities for promoting the

interests and activities of the Company and the Exchange.

महाराष्ट्र शासन राजपत्र, भाग दोन-संकीर्णणण सूचना व जाहि�राती,

गुरुवार ते बुुधवार, मार्चच ६-१२, २०२५/फााल्गुन १५-२१, शके १९४६

vi. For any conduct, act, omission or negligence which renders the Member liable to

be declared a ‘defaulter’ by the Board, the Relevant Authority or the Clearing Corporation

under any of the provisions of the Bye- Laws, Rules and Regulations of the Exchange and/

or orders, circulars, notices and instructions issued by the Exchange.

vii. Disclosure of one client’s open position to other clients or Members.

iii. Whenever the Managing Director or any of the designated officials or any of the Committees

shall consider either by reason of complaint made to him or them in writing by one or more Members

of the Exchange or by reason of any knowledge or information that there is sufficient reason for

inquiring as to whether there has been any act or omission on the part of a Member of the Exchange

rendering him liable to expulsion, suspension and/or payment of a fine, the Relevant Authority may

give notice in writing to such Member or to any other Member requiring him to appear before any

Committee or the Board within such time as stated in the notice.

iv. The Relevant Authority shall hear the Member with regard to whom it is proposed to

recommend any resolution for expulsion, suspension and or imposition of a fine under these Rules,

and hear the evidence or statements of himself or any witnesses present on his behalf at any such

meeting. The Relevant Authority may also require the Member to produce for inspection any books,

documents, correspondence or papers in his possession or under his control or that of his firm or

company.

v. Whenever the Relevant Authority is of the opinion that a Member of the Exchange has become

liable to expulsion, the Board may by resolution passed by majority of their Members present and

voting expel such Member permanently from all rights of Membership, except the right to go for

arbitration in respect of matters prior to such expulsion. Such resolution shall be final and binding.

The Board or any other authority shall not be called upon to give any explanation or reason thereof;

vi. Whenever the Relevant Authority shall be of opinion that a Member has become liable to

suspension and/or payment of a fine the Boardmay suspend him for any term not exceeding six

calendar months from all rights of Membership except the right to go to arbitration for matters in

dispute prior to such suspension. In addition to suspension or in lieu thereof a fine of Rs 1 lakh may

be leveived by the Relevant Authority , Failure to pay such fine within the stipulated period shall

render a Member liable to suspension, if he has not been suspended already, or expulsion, if he has

been only suspended.

vii. Before passing any resolution under Bye-Law v. and vi above, the Exchange shall give the

Member concerned a notice in writing stating that there is a for the expulsion, suspension and/

or fining of such Member and requiring him to attend a meeting of the Committee called for the

purpose at which the said Member may produce whatever evidence or statements he wishes to

present in his defence.

viii. A suspended Member shall during the period of suspension be deprived of and excluded

from all the rights and privileges of Membership, except in respect of transactions outstanding at

the time of suspension which he shall be bound to fulfil and in regard to which he shall be subjected

to all the obligations and have all the rights thereof and of these Rules including the obligation

and right to go to arbitration. The suspended Member shall also be liable to pay all fines, calls,

subscriptions, and other moneys due or to become due from him during his suspension in the same

manner as if he had not been suspended.

ix. A Member expelled by the Board shall forfeit all the rights and privileges of Membership

including those conferred on him by the Bye-Laws, Rules and Regulations and he shall as from

the date of the resolution cease to be a Member, but he shall continue to be liable for and fulfil

his obligations to the Exchange or to any other Member at the date of his expulsion and for these

purposes shall have the right and be under obligation to go to arbitration under these Rules.

x. In case a Member of the Exchange has been suspended, deactivated, expelled and / or declared

defaulter, no other Member of the Exchange shall do business for or on behalf of such Member.

भाग दोन (संकीर्णणण)–१०

महाराष्ट्र शासन राजपत्र, भाग दोन-संकीर्णणण सूचना व जाहि�राती,

गुरुवार ते बुुधवार, मार्चच ६-१२, २०२५/फााल्गुन १५-२१, शके १९४६

4. Misconduct, Un-Business like Conduct, Unprofessional Conduct And Prohibition

Of Fraudulent And Unfair Trade Practices

Members shall be liable to expulsion, suspension and / or withdrawal of all or any of its

Membership rights and / or to payment of a fine and / or to be censured, reprimanded or warned

for any misconduct, unbusinesslike conduct or unprofessional conduct, fraudulent and unfair trade

practices in the sense of the provision in that behalf contained herein.

i. Misconduct: Members shall be deemed guilty of misconduct for any of the following

or similar acts or omissions namely:

a. Fraud: If it is convicted of a criminal offence or commits fraud or a fraudulent act which

in the opinion of the Relevant Authority renders it unfit to be a Member;

b. Violation: If it has violated provisions of any statute governing the activities, business

and operations of the Exchange, Members and Commodities business in general;

c. Improper Conduct: If in the opinion of the Relevant Authority it is guilty of dishonourable

or disgraceful or disorderly or improper conduct on the Exchange or of willfully obstructing the

business of the Exchange;

d. Failure To Testify or Give Information : If it neglects or fails or refuses to submit to the

Relevant Authority or to a Committee or an Officer of the Exchange authorised in that behalf,

such books, correspondence, documents and papers or any part thereof as may be required

to be produced or to appeal and testify before or cause any of its partners, attorneys, agents,

authorized representatives or employees to appear and testify before the Relevant Authority or

such Committee or officer of the Exchange or other person authorised in that behalf;

e. Failure to Submit Audited Accounts: If it neglects or fails or refuses to submit its audited

accounts to the Relevant Authority within such time as may be prescribed by the Relevant

Authority from time to time.

f. Failure to Compare or Submit Accounts with Defaulters’ Committee: If it neglects or

fails to compare its accounts with the Defaulters’ Committee , if constituted or to submit to it

a statement of its accounts with a defaulter or a certificate that it has no such account or if it

makes a false or misleading statement therein;

g. Failure to Cooperate with Officials of the SEBI / Exchange Inspection / Audit or Otherwise

: If it fails to cooperate with the Auditors/ officials of the SEBI / Exchange inspection / audit

including system inspection/ Audit and or fails to furnish or submit any required documents,

books of accounts, records, documents etc.

h. False or Misleading Returns: If it neglects or fails or refuses to submit or makes any

false or misleading statement in its clearing forms or returns required to be submitted to the

Relevant Authority under the Bye Laws, Rules and Business Rules;

i. Vexatious Complaints: If it or its agent brings before the Relevant Authority or a

Committee or an officer of the Exchange or other person authorised in that behalf a charge,

complaint or suit which in the opinion of the Relevant Authority is frivolous, vexatious or

malicious;

j. Failure to Pay Dues and Fees: If it fails to pay its subscription, fees, arbitration charges

or any other money which may be due by it or any fine or penalty imposed on it.

ii Un-businesslike Conduct: A Member shall be deemed guilty of un-businesslike

conduct for any of the following or similar acts or omissions namely:

a. Fictitious Names: If it transacts its own business or the business of its constituent in

fictitious names;

b. Fictitious Dealings: If it makes a fictitious transaction or gives an order for the purchase

or sale of goods/commodities /securities the execution of which would involve no change of

ownership or executes such an order with knowledge of its character;

महाराष्ट्र शासन राजपत्र, भाग दोन-संकीर्णणण सूचना व जाहि�राती,

गुरुवार ते बुुधवार, मार्चच ६-१२, २०२५/फााल्गुन १५-२१, शके १९४६

c. Circulation of Rumors: If it, in any manner, circulates or causes to be circulated, any

rumors

d. Prejudicial Business: If it makes or assists in making or with such knowledge is a party

to or assists in carrying out any plan or scheme for the making of any purchases or sales or

offers of purchase or sale of commodities /securities for the purpose of upsetting the equilibrium

of the market or bringing about a condition in which prices will not fairly reflect market values;

e. Market Manipulation and Rigging: If it, directly or indirectly, alone or with other

persons, effects transactions in any commodity to create actual or apparent active trading in

such commodity/security or raising or depressing the prices of such commodity for the purpose

of inducing purchase or sale of such commodity/goods by others;

f. Unwarranted Business: If it engages in reckless or unwarrantable or un-business like

dealings in the market or effects purchases or sales for its constituent’s account or for any

account in which it is directly or indirectly interested which purchases or sales are excessive in

view of its constituent’s or his own means and financial resources or in view of the market for

such commodity /security;

g. Compromise: if it connives at a private failure of a Member or accepts less than a full and

bonafide money payment in settlement of a debt due by a Member arising out of a transaction

in contracts / commodities;

h. Dishonoured Cheque: if it issues to any other Member or to its constituents a cheque

which is dishonoured on presentation for whatever reasons;

i. Failure to carry trading with constituents: If it fails in the opinion of the Relevant

Authority to carry out its committed transactions with its constituents;

j. Assured Fixed Returns on Investments: if it indulges, directly or indirectly, in any

activity in the nature of assuring fixed returns on investments, portfolio management services,

etc

k. Unsatisfactory Financial Condition: When in the opinion of the Relevant Authority it is

in such financial condition that it cannot be permitted to do business with safety to its creditors

or the Exchange.

iii Unprofessional Conduct: Members shall be deemed guilty of unprofessional

conduct for any of the following or similar acts or omissions namely:

a. Business in Commodities /securities in which Dealings not Permitted: If it enters into

dealings in contracts/ commodities in which dealings are not permitted;

b. Business for Defaulting Constituent: If it deals or transacts business directly or

indirectly or executes an order for a constituent who has within its knowledge failed to carry

out engagements relating to commodities /securities and is in default to another Member

unless such constituent shall have made a satisfactory arrangement with the Member who is

its creditor;

c. Business for Insolvent: If without first obtaining the consent of the Relevant Authority

it directly or indirectly is interested in or associated in business with or transacts any business

with or for any individual who has been bankrupt or insolvent even though such individual

shall have obtained his final discharge from an Insolvency Court;

d. Business without Permission when Under Suspension: If without the permission of

the Relevant Authority it does business on its own account or on account of a principal with

or through a Member during the period it is required by the Relevant Authority to suspend

business on the Exchange;

e. Business for or with Suspended, Expelled and Defaulter Members: If without the special

permission of the Relevant Authority it shares brokerage with or carries on business or makes

any deal for or with any Member who has been suspended, expelled or declared a defaulter;

भाग दोन (संकीर्णणण)–११

महाराष्ट्र शासन राजपत्र, भाग दोन-संकीर्णणण सूचना व जाहि�राती,

गुरुवार ते बुुधवार, मार्चच ६-१२, २०२५/फााल्गुन १५-२१, शके १९४६

f. Business for Employees of Other Members: If it transacts business directly or indirectly

for or with or executes an order for an authorized representative of another Member without

the written consent of such employing Member;

g. Business for Exchange Employees: If it makes a speculative transaction in which an

employee of the Exchange is directly or indirectly interested;

h. Advertisement: If it advertises contrary to guidelines if any, issued by the Relevant

Authority for advertisement by the Members.

i. Evasion of Margin Requirements: If it willfully evades or attempts to evade or assists

in evading the margin requirements prescribed by the Relevant Authority and/or in Bye Laws

and Business Rules;

j. Brokerage Charge / Clearing Fees: If it deviates from or evades or attempts to evade the

Bye Laws and Business Rules relating to charging and sharing of brokerage/clearing fees.

k. Dealings with entities prohibited to buy or sell or deal: If it deals, directly or indirectly,

in the course of its business with or transacts any business with or for any entity, which has

been prohibited by the SEBI to buy or sell or deal in the commodity market.

iv Fraudulent And Unfair Trading Practices

a. No Trading Member shall buy, sell or deal in security contracts in a fraudulent manner

or indulge in any unfair trade practices including market manipulation.

b. Without prejudice to generality of the provisions contained in the above clause, no

person shall indulge in market manipulation, namely:

i. effect, take part in or enter into either directly or indirectly transactions in security

contracts, which are likely to have the effect of artificially raising or depressing or

stabilising the price of security contracts;

ii. indulge in any act, which is calculated to create a false or misleading appearance of

trading on the security market or, results in reflection of prices of security contracts based

on transactions, which are not genuine trade transactions ; or

iii. purchase or sell any commodity security not intended to effect transfer of beneficial

ownership but as a device to maintain, inflate, depress, or cause fluctuations in the market

price of security contracts; or

iv. pay, offer or agree to pay or offer, directly or indirectly, to any person to purchase

or sell any contract in security with the sole object to maintain, inflate, depress, or cause

fluctuations in the market price of commodity contracts/ security contracts.

c. No person shall make a statement, or disseminate information which is misleading in a

material particular which is likely to induce the sale of securities contracts by other persons or

is likely to have the effect of maintaining or stabilising the market price of securities contracts

if, when he makes or disseminates the information:

i. he does not care whether the statement or information is true or false;

ii. he knows or ought to reasonably know that the statement or information is false

or misleading in material.

d. No Member Shall

i. engage in any act, practice in course of his business, which would operate as a

fraud or deceit upon any person in connection with the purchase or sale of any securities

/ contracts; or

ii. buy, sell or deal in securities / contracts on his own behalf or on behalf of a person

associated with him pending the execution of the order of his constituent or of his company

or director for the same contracts in commodity futures/ securities; or

महाराष्ट्र शासन राजपत्र, भाग दोन-संकीर्णणण सूचना व जाहि�राती,

गुरुवार ते बुुधवार, मार्चच ६-१२, २०२५/फााल्गुन १५-२१, शके १९४६

iii. delay the transfer of commodities /securities or securities / contracts in the name

of the transferee which results in the price of the commodities /securities or /contracts in

securities increasing; or

iv. involve in any activity in the nature of any off-market trades, illegal trades,

trades executed outside the Exchange platform or any such activity prohibited under the

provisions of the SCRA and Rules and Regulations made thereunder and SEBI Act and

Rules and Regulations made thereunder or relevant Bye Laws, Rules and Regulations of

the Exchange.

v. indulge in falsification of his books, accounts and records; or

vi. When acting as an agent execute a transaction with a constituent at a price other

than the price at which it was executed on the Exchange or other than the price it was off-

set against the transaction of another constituent; or

vii. either take opposite position to an order of a constituent or shall execute opposite

orders which he is holding in respect of two constituents except in the manner laid down

by the Exchange.

v. Trading Member’s Responsibility For Partners, Agents And Employees

A Trading Member shall be fully responsible for the acts and omissions of its authorised officials,

attorneys, agents, authorised representatives and employees and if any such act or omission be

held by the Relevant Authority to be one which if committed or omitted by the Trading Member

would subject it to any of the penalties as provided in the Bye Laws, Rules and Regulations of the

Exchange then such Trading Member shall be liable therefor to the same penalty to the same extent

as if such act or omission had been done or omitted by itself.

भाग दोन (संकीर्णणण)–११अ

महाराष्ट्र शासन राजपत्र, भाग दोन-संकीर्णणण सूचना व जाहि�राती,

गुरुवार ते बुुधवार, मार्चच ६-१२, २०२५/फााल्गुन १५-२१, शके १९४६

11. SUSPENSION/EXPULSION OF MEMBER

i. Suspension On Failure To Provide Margin Deposit And/Or Capital Adequacy

Requirements

The Relevant Authority shall require a Trading Member to suspend its business when it fails to

provide the margin deposit and/or meet capital adequacy norms as provided in the Bye Laws, Rules

and Regulations and the suspension of business shall continue until it furnishes the necessary

margin deposit or meet capital adequacy requirements. The Relevant Authority may expel a Trading

Member acting in contravention of this provision.

ii. Suspension of Business

The Relevant Authority may require a Trading Member to suspend its business in part or in

whole:

a. Prejudicial Business : When in the opinion of the Relevant Authority , the Trading

Member conducts business in a manner prejudicial to the Exchange by making purchases or

sales of securities or offers to purchase or sell securities for the purpose of upsetting equilibrium

of the market or bringing about a condition of demoralisation in which prices will not fairly

reflect market values, or

b. Unwarrantable Business : When in the opinion of the Relevant Authority it engages in

unwarrantable business or effects purchases or sales for its constituent’s account or for any

account in which it is directly or indirectly interested which purchases or sales are excessive in

view of its constituent’s or its own means and financial resources or in view of the market for

such security, or

c. Unsatisfactory Financial Condition : When in the opinion of the Relevant Authority it is

in such financial condition that it cannot be permitted to do business with safety to its creditors

or the Exchange.

iii. Removal of Suspension

The suspension of business under clause ii above shall continue until the Trading Member

has been allowed by the Relevant Authority to resume business on its paying such deposit or on its

doing such act or providing such thing as the Relevant Authority may require.

Penalty for Contravention

A Trading Member who is required to suspend its business shall be expelled by the Relevant

Authority if he acts in contravention of this provision.

Trading Members and others to testify and give information A Trading Member shall appear and

testify before and cause its partners, attorneys, agents, authorised representatives and employees

to appear and testify before the Relevant Authority or before other Committee(s) or an officer of the

Exchange authorised in that behalf and shall produce before the Relevant Authority or before other

Committee(s) or an officer of the Exchange authorised in that behalf, such books, correspondence,

documents, papers and records or any part thereof which may be in its possession and which may

be deemed relevant or material to any matter under inquiry or investigation.

iv. Explanation Before Suspension Or Expulsion

A Trading Member shall be entitled to be summoned before the Relevant Authority and afforded

an opportunity for explanation before being suspended or expelled but in all cases the findings of the

Relevant Authority shall be final and conclusive.

v. Temporary Suspension

a. Notwithstanding what is contained in clause (iv) herein above if in the opinion of the

Managing Director it is necessary to do so, he may, for reasons to be recorded in writing,

temporarily suspend a Trading Member, pending completion of the proceedings for suspension

महाराष्ट्र शासन राजपत्र, भाग दोन-संकीर्णणण सूचना व जाहि�राती,

गुरुवार ते बुुधवार, मार्चच ६-१२, २०२५/फााल्गुन १५-२१, शके १९४६

under this chapter by the Relevant Authority , and no notice of hearing shall be required for

such temporary suspension and such temporary suspension shall have the same consequences

of suspension under this chapter.

b. A notice to show cause shall be issued to the Trading Member within five working days

of such temporary suspension.

c. Any such temporary suspension may be revoked at the discretion of the Managing

Director, for reasons to be recorded in writing, if the Managing Director is satisfied that the

circumstances leading to the formations of opinion of the Managing Director to effect temporary

suspension, have ceased to exist or are satisfactorily resolved.

d. A Trading Member aggrieved by the temporary suspension may appeal to the Relevant

Authority , provided that such appeal shall not automatically suspend the temporary suspension

unless otherwise directed by the Relevant Authority .

vi. Effect Of Suspension Of Registration By SEBI

Notwithstanding anything contained in any of the Byelaws and Rules of the Exchange, if the

registration of a Trading Member is suspended by SEBI, such Trading Member shall ipso facto

stand suspended from the Trading Membership of the Exchange for the period of suspension, so

imposed by SEBI or till such suspension is in force.

vii. Imposition of Penalties

The penalty of suspension, withdrawal of all or any of the Membership rights, fine, censure or

warning may be inflicted singly or conjointly by the Relevant Authority . The penalty of expulsion

may be inflicted by the Relevant Authority .

viii. Pre-determination of Penalties

The Relevant Authority shall have the power to pre-determine the penalties, the period of any

suspension, the withdrawal of particular Membership rights and the amount of any fine that would

be imposed on contravention, non-compliance, disobedience, disregard or evasion of any Bye Law,

Rules or Regulation of the Exchange or of any resolution, order, notice, direction, decision or ruling

thereunder of the Exchange, the Relevant Authority or of any other Committee or officer of the

Exchange authorised in that behalf.

ix. Permission Necessary For Legal Representation

No person shall have the right to be represented by professional counsel, attorney, advocate

or other representative in any investigation or hearing before the Relevant Authority or any other

Committee unless the Relevant Authority so permits.

x. Failure To Pay Fines And Penalties

If a Trading Member fails to pay any fine or penalty imposed on it within such period as

prescribed from time to time by the Relevant Authority after notice in writing has been served on

it by the Exchange it may be suspended by the Relevant Authority until it makes payment and if

within a further period as prescribed from time to time it fails to make such payment it may be

expelled by the Relevant Authority .

xi. Board’s discretion in lieu of suspension/expulsion

a. The Board or the Relevant Authority in its absolute discretion may in any case suspend

a Member of the Exchange in lieu of the expulsion warranted or may withdraw one or any of the

Membership rights or impose a fine in lieu of suspension or expulsion warranted and may direct

that the guilty Member of the Exchange be censured or warned or may reduce or remit any such

penalty on such terms and conditions as it deems fair and equitable.

b. The Board or the Relevant Authority may of its own motion or on appeal by the Member of

the Exchange concerned reconsider and may rescind, revoke or modify its resolution withdrawing

महाराष्ट्र शासन राजपत्र, भाग दोन-संकीर्णणण सूचना व जाहि�राती,

गुरुवार ते बुुधवार, मार्चच ६-१२, २०२५/फााल्गुन १५-२१, शके १९४६

all or any of the Membership rights or fining, censuring or warning any Member of the Exchange.

In a like manner the Board or the Relevant Authority may rescind, revoke or modify its resolution

suspending any Member of the Exchange.

Provided that where any expulsion, suspension or other penalty as aforesaid is imposed in

accordance with the directions of the SEBI, Government or other authority issued in exercise of

any powers conferred on them by the Act or the Rules framed thereunder, then the Board or the

Relevant Authority shall not exercise the power to rescind or revoke or modify the same, except with

the previous sanction of the authorities concerned

xii. Effect Of Suspension Of Member Of The Exchange

The suspension of a Member of the Exchange shall have the following:

a. The suspended Member of the Exchange shall, during the term of his suspension, be

deprived of and excluded from all the rights and privileges of Membership of the Exchange but

he may be proceeded against by the Board or the Relevant Authority for any offence committed

by him either before or after his suspension and the Board shall not be debarred from taking

cognisance of and adjudicating on or dealing with any claim made against him under these

presents, Bye- Laws, Rules and Regulations;

b. The suspension shall not affect the rights of the Exchange and/or other Members of the

Exchange who are creditors of the suspended Member of the Exchange;

c. The suspension shall create a vacancy in any office or position held by the suspended

Member of the Exchange;

d. The suspended Member of the Exchange shall be bound to fulfil contracts outstanding

at the time of his suspension; and

e. The suspended Member of the Exchange shall not, during the term of his suspension,

clear and register any contracts at the Exchange, provided that he may with the permission of

the Board close out through other Members of the Exchange the transactions outstanding at

the time of his suspension.

xiii. Effect Of Expulsion Of A Member Of The Exchange

The expulsion of a Member of the Exchange shall have the following consequences:

a. The expelled Member of the Exchange shall forfeit to the Exchange his rights of

Membership of the Exchange and all his rights and privileges as a Member of the Exchange

including any right to the use of or any claim upon or any interest in any property or funds with

the Exchange including guarantee fund; but any liability of any such Member of the Exchange

to the Exchange or to any Member of the Exchange shall continue and remain unaffected by

his expulsion;

b. The right of nomination shall vest in the Exchange/Board and shall not be exercised by

the expelled Member of the Exchange;

c. The expulsion shall create a vacancy in any office or position held by the expelled Member

of the Exchange;

d. The expulsion shall not affect the rights of the Exchange and Members of the Exchange

who are creditors of the expelled Member of the Exchange; and

e. The expelled Member of the Exchange shall be bound to fulfill transactions and

obligations outstanding at the time of his expulsion and he may with the permission of the

Board or the Relevant Authority close such outstanding transactions with or through another

Member of the Exchange.

f. Consequences of declaration of defaulter to follow:

महाराष्ट्र शासन राजपत्र, भाग दोन-संकीर्णणण सूचना व जाहि�राती,

गुरुवार ते बुुधवार, मार्चच ६-१२, २०२५/फााल्गुन १५-२१, शके १९४६

The provisions of Rules, Bye-Laws and Business Rules/ Regulations pertaining to default, shall

become applicable to the Member expelled from the Exchange as if such Member has been declared

a defaulter.

g. No Member shall transact business for or with or share brokerage with the expelled Member.

xiv. Board To Notify Suspension, Expulsion And Default Of A Member Of The

Exchange

Notice shall be given to the Member of the Exchange concerned and to the Members of the

Exchange in general, by a notice on the notice Boards of the Exchange or on the trading system,

Exchange of the expulsion or suspension of or of the suspension of business by a Member of the

Exchange or of any other penalty imposed upon him or his partners, attorneys, agents, authorized

representatives or other employees. The Board or the Relevant Authority may in its absolute

discretion and in such manner as it thinks fit notify or cause to be notified to the Members of the

Exchange and Members of the Exchange or to the public that any person who is named in such

notification has been expelled, suspended, penalised, or declared a defaulter or has suspended his

business or ceased to be a Member of the Exchange. No action or other proceedings shall in any

circumstances be maintainable by such person against the Exchange or the Board or the Relevant

Authority or any Member of the Board or any officer or employee of the Exchange for the publication

or circulation of such notification.

महाराष्ट्र शासन राजपत्र, भाग दोन-संकीर्णणण सूचना व जाहि�राती,

गुरुवार ते बुुधवार, मार्चच ६-१२, २०२५/फााल्गुन १५-२१, शके १९४६

12. SAVING CLAUSE

a. Nothing contained in the Rules, Bye-laws and Regulations (New Rules, Bye-laws and

Regulations) shall affect the Rules, Bye-laws and Regulations (Old Rules, Bye-laws and Regulations)

which were in force and operation prior to New Rules, Bye-laws and Regulations came into force in

relation to any deals and/or contracts, rights and obligations accrued and arisen, action/s, decision/s,

disciplinary proceedings initiated, pending, decided or any proceedings pending and/or decided etc.

thereunder and all such matters shall continue to be governed under the Old Rules, Bye-laws and

Regulations.

b. All dealings and/or contract entered into and/or executed after New Rules, Bye-laws and

Regulations come into force and all matters including rights, duties, obligations, actions proceedings

arising pursuant thereto shall be subject to and be governed in accordance with New Rules, Bye-laws

and Regulations of the Exchange and circulars/directions issued by Exchange/Relevant Authority

from time to time.

c. Power To Provide Clarification

In case of any difficulty in implementing the provisions of Old Rules, Bye-laws and Regulations

or New Rules, Bye-laws and Regulations or in case of a conflict between Old Rules, Bye-laws

Regulations and New Rules, Bye-laws and Regulations, the Exchange has the power to provide

clarification, if the circumstances demand and such clarification shall be final and binding on all

persons.

d. Reference to provisions of Old Rules, Bye-laws and Regulation

On New Rules, Bye-laws and Regulations coming into force, any reference to the provisions of

old Rules, Bye-laws and Regulations may be construed to refer to the corresponding provision as

provided in the New Rules, Bye-laws and Regulations unless the context requires otherwise.

Date: 05.01.2025,

KAUSHAL A. MEHTA,

Place: Mumbai.

Head - Legal.

ON BEHALF OF GOVERNMENT PRINTING, STATIONERY AND PUBLICATION, PRINTED AND PUBLISHED BY DIRECTOR,

RUPENDRA DINESH MORE, PRINTED AT GOVERNMENT CENTRAL PRESS, 21-A, NETAJI SUBHASH ROAD, CHARNI ROAD,

MUMBAI 400 004 AND PUBLISHED AT DIRECTORATE OF GOVERNMENT PRINTING, STATIONERY AND PUBLICATIONS,

21-A, NETAJI SUBHASH ROAD, CHARNI ROAD, MUMBAI 400 004. EDITOR : DIRECTOR, RUPENDRA DINESH MORE.