Bse Fixes Norms For Remesiers

The Bombay Stock Exchange (BSE) has finalised norms for the remesier to operate at the exchange.

The remesier, an agent of the broker, is primarily involved in getting business in securities on a commission basis.

The exchange has set out the following terms and conditions for the remesier:

A remesier will pay a one-time non-refundable registration fee of Rs 5,000 at the time of every fresh registration.

He can be registered with only one exchange member-broker. His appointment would have to be first approved by the governing board of the exchange. However, there is no limit on the number of remesiers appointed by a member.

 

He should not be an employee of any individual or any organisation.

He shall not act as a sub-broker anywhere as long as he continues to operate as a remesier.

Any dispute between the member and the remesier relating to or arising out of any transaction done on the exchange will be subject to arbitration as provided in the rules, bye-laws and regulations of the exchange.

A member may, with special consent from the governing board, employ an ex-member as a remesier.

The remesier will not make bargains in his own name or on behalf of his employer or any other member when on the floor of the exchange. A remesier acting in violation of this provision will be suspended or expelled by the board.

A register of remesiers in which the names of all remesiers, the dates of their appointment and discharge, and names of members employing them will be maintained by the exchange The register will be open to inspection by the exchange president or the governing board.