BSE asks brokers to submit clients' funding details

BSE today asked stock brokers operating in the cash segment to submit by May 8 the total amount funded to clients last month on the exchange's electronic filing system.
As per BSE norms, trading members have to provide information on the amount funded as margin obligation on the behalf of clients, funding related to settlement obligations for institutional and non-institutional clients, among others.
"All the trading members who were active during the month of April, 2017 are required to upload client funding details for the month of April, 2017 through BSE Electronic Filing System (BEFS)," the BSE said in a circular.

"Client funding option for the month of April, 2017 would be enabled in the BEFS from May 1 till May 8, 2017," the exchange added.
BSE also said trading members who do not fund the clients have an option of submission of undertaking in the BEFS.
"In case a trading member chooses to submit an undertaking, the member is not required to upload nil funding every month and the system will treat the funding as nil till he revokes the undertaking," BSE said.
"If the trading member does funding to the clients subsequently, he would be required to revoke the undertaking through an option available in the BEFS and then upload the client funding details," it added.