BSE to modify electronic filing system

Leading stock exchange BSE will modify its electronic filing system to help brokers furnish details of their associates online.
The move follows market regulator Sebi coming out with listing guidelines for stock exchanges in January.
Under listing norms, depositories are required to monitor the shareholding limit of trading members or their associates and agents, based on their demat balance, on a daily basis.
To facilitate such monitoring, the stock exchange is required to share the list of all trading members or their associates and agents with the depositories, BSE said in a notice today.
"In order to comply with the requirement...The 'Capturing Member Details' page on BEFS (BSE Electronic Filing System) has been suitably modified for trading members to furnish the details of their associates," the exchange said.

The BEFS page would be made available to the members with effect from March 5.

Further, the exchange has asked trading members to provide information in the BEFS latest by March 15, 2016 and continuously update the same thereafter.
As per Sebi norms, the shareholding threshold of 2 per cent, 5 per cent or 15 per cent (for different classes of investors) as the case may be, will be monitored through depository mechanism.
"The depositories shall put in place a mechanism to ensure that no shareholder of listed stock exchange gets credit of shares beyond 5 per cent or 15 per cent, as applicable," the regulator had said.

The depositories would have to generate an alert when such holding exceeds 2 per cent and monitor the same under intimation to Sebi.
The stock exchanges, both listed and where the securities are listed, and depositories will have to ensure that such mechanism be in place latest by March 31, 2016, Sebi had said.