BSE asks brokers to submit networth certificate by month-end

Leading stock exchange BSE today asked brokers to submit networth certificate, auditor's report and annual report for the past fiscal through electronic format by month-end.
"Submissions of networth certificate, computation of networth, auditor's report and audited annual accounts (complete annual report) are required to be made online in electronic format through BSE Portal-- BSE Electronic Filing System -- by September 30, 2016," BSE said in a circular.
The exchange has also made a provision in BEFS portal called BEFS Alerts to include a particular email address for receiving alerts in this regard.
In case a member fails to submit the details within the prescribed timeline, the exchange would impose fine and can also deactivate the trading terminals.

A fine of Rs 100 per day will be slapped till the first month from the due date and Rs 200 each day from the second month after due date and Rs 300 per day till the date of submission or date of discontinuation of margin trading facility, whichever is earlier, it said.
"If a member fails to submit the above till March 31, 2017, then in addition to fines, the BOLT Terminals of the defaulting members will be deactivated with effect from April 1, 2017," it added.

Trading members who have traded even for a single day during the financial year 2015-2016 and are inactive as on March 31, 2016 are required to submit only the auditor's report and audited accounts.

A member would be treated as an inactive member as on March 31, 2016 only if he has voluntarily closed the business and informed the exchange about the same.
Besides, a member would be treated as an active member even though he not traded for a single day in 2015-16.