NATIONAL STOCK EXCHANGE OF INDIA LIMITED DEPARTMENT : INSPECTION Download Ref.No.: NSE/INSP/29662

Date : May 8, 2015

Circular Ref.No.: 232/2015

To All Members Sub : Clarification on Client funding This has reference to Exchange circular NSE/INSP/20638 dated April 26, 2012. In partial modification to the above mentioned circular, it is clarified that the Member may grant further exposure to the clients beyond fifth trading day reckoned from pay-in date to the extent of availability of excess of client's fully paid securities over his debit balance, deposited with the Member. On the date of further exposure, such securities shall be valued at the previous day closing rate as reduced by the appropriate haircut at a rate not less than the VAR margin rate of the security on that day(i.e. previous day). While granting exposure, Members shall ensure that the securities are free and unencumbered in all respects and are not utilized for margin purposes in any segments of Stock Exchange/s. Such Securities should be in dematerialized form actively traded on the National Exchanges and are not declared as illiquid securities by any of the Exchanges. Members are requested to take note of the same.

In case of any clarifications, Members may contact our below offices:

CENTRE

CONTACT NO.

E MAIL ID

Ahmedabad

079-49008632

[email protected]

Chennai

044-28479915 / 17

[email protected]

Delhi

011-23459143/146

[email protected]

Kolkata

033-40400411 / 406

[email protected]

Mumbai

022-25045224 / 227

[email protected]

Regd. Office : Exchange Plaza, Bandra Kurla Complex, Bandra (E), Mumbai – 400 051

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For and on behalf of National Stock Exchange of India Limited

Dr. Dinesh Kumar Soni Assistant Vice President

Telephone No 1800 2200 51

Fax No +91-22-26598194

Email id [email protected] o.in

Regd. Office : Exchange Plaza, Bandra Kurla Complex, Bandra (E), Mumbai – 400 051

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Clarification on Client funding - NSE

May 8, 2015 - extent of availability of excess of client's fully paid securities over his debit ... Telephone No. Fax No. Email id. 1800 2200 51. +91-22-26598194.

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