NATIONAL STOCK EXCHANGE OF INDIA LIMITED DEPARTMENT : FINANCE & ACCOUNTS Download Ref No : NSE/FA/32138

Date : April 01, 2016

Circular Ref. No : 3/2016

Extension of NSE MORE scheme for currency futures and inclusion of currency options as part of “NSE MORE” scheme In our endeavour to bring in new initiatives for the market growth & development and to encourage healthy compliance and governance standards, the Exchange had introduced a scheme captioned as “NSE MORE” (Cir. No. NSE/FA/30644).The scheme has been conceptualized with an objective to reward all types of trading members for maintaining high degree of governance standards on a continuous basis as they contribute to the overall integrity, growth & development of the markets. Without prejudice to our rights and contentions in the legal proceedings, to start with, the scheme had been launched on a pilot basis for trades done in the Currency Futures in the Currency Derivatives Segment of the Exchange for the period September 1, 2015 to March 31, 2016. The scheme is now extended for a period from April 1, 2016 to September 30, 2016. Based on positive feedback received from members on the scheme, and based on requests from members, NSE has now decided to include Currency Options as a part of the scheme, on the terms and conditions described in the Annexures. The scheme for currency options will be offered for the period from April 1, 2016 to September 30, 2016. The applicable transaction charges with effect from April 1, 2016 to all the members (irrespective of the registration) for all trades done in the Currency Futures in the Currency Derivatives Segment of the Exchange will continue to be Rs.1.10 per lakh of traded value in currency futures. Further, the applicable transaction charges (irrespective of the registration) for all trades done in the Currency Options in the Currency Derivatives Segment of the Exchange will be Rs.40 per lakh of premium value in currency options. A copy of the details of the scheme is given in Annexure 1, while the terms and conditions of the scheme are given in Annexure 2. This Circular shall override Circular No. NSE/FA/30644. All members are encouraged to avail the benefits of the “NSE MORE” scheme. National Stock Exchange of India Limited

Yatrik Vin Financial Controller & Treasury Head

Telephone No 26598142

Fax No 26598394

Email id [email protected] / [email protected]

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

Page 1 of 10

Annexure 1 Details of the “NSE MORE” scheme 

Member will register via member portal / ENIT for the scheme.



There is a one-time registration for the scheme. Members already registered for the scheme need not separately register for currency options



For members who have not registered till date and intends to start availing the benefits under the scheme with immediate effect for currency options (i.e. with effect from April 01, 2016 onwards) the members will have to register for the scheme latest by April 15, 2016.



Going forward, all members registered on the 1st calendar day of any month will be eligible to avail the benefit under the scheme immediately with effect from the same month.



Any registrations under the scheme in between the month will be eligible to avail the benefit of the scheme with effect from the 1st trading day of the subsequent month. Particulars Currency Futures Currency Options Transaction Rs. 1.10 per lakh of traded Rs. 40.00 per lakh of premium charges value in currency futures traded value in currency options Elgibile criteria  4 out of 6 compliances •4 out of 6 compliances should be should be satisfied on all satisfied on all days of the month for points days of the month accrual •Member should be active on 90%  Member should be active of the trading days in currency on 90% of the trading options OR average daily premium days in currency futures OR average daily turnover of Rs. 0.50 crores turnover of Rs. 200 crores Compliance 1.No Non fulfillment of settlement obligations in CDS parameters 2.No Position limit Violation in CDS 3.No CTCL mismatch 4.No breach in order to trade ratio in CDS 5.No Margin Violation in CDS 6.100% participation in regular monthly mock trading



Accrual of “NSE MORE” Points : o Once the trading members satisfies the above criteria, points would be accrued to the member on a monthly basis based on the following structure CURRENCY FUTURES Monthly Turnover in currency futures (Rs crores) Turnover between Rs 2,500 Crores to Rs 7,500 Crores Turnover between Rs 7,500 Crores to Rs 12,500 Crores Turnover above Rs 12,500 Crores

Points earned for compliance of each of the condition 1 Point for each compliance for every Rs 24 Crores of turnover between Rs 2,500 Crores to Rs 7,500 Crores 1 Point for each compliance for every Rs 16 Crores of turnover between Rs 7,500 Crores to Rs 12,500 Crores 1 Point for each compliance for every Rs 8 Crores of turnover above Rs 12,500 Crores

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

Page 2 of 10

CURRENCY OPTIONS Monthly Premium Turnover Points earned for compliance of each of the in currency options (Rs crores) condition Turnover Between Rs 10 Crores 1 Point for every Rs 2.5 Crores and Rs 100 Crores Turnover Above Rs 100 Crores



Redemption of “NSE MORE” Points : o o o o o o o o



1 Point for every Rs 0.50 Crores

Each point will be valued at Rs. 100/Minimum 250 points should have been accumulated at the time of redemption. Points accrued in currency futures and options are fungible. The total number of points accrued (including the previous balance of the unredeemed points) will be intimated to the trading members along with the monthly transaction charges bills. The points redeemed will be set off against NSEIL dues. No cash redemption of the accrued points will be allowed. Points earned during the period from April 1st to February 28th of the financial year will have to be redeemed by March 31st of that particular financial year. Any balance of unredeemed points shall lapse automatically on March 31st of the financial year. Further, points earned during the month of March of the financial year (i.e. between March 1st till March 31st) can be carried forward to the next financial year.

The Exchange reserves its rights to modify, replace and/or withdraw the scheme including the terms & conditions attached therewith at any time without any reference to the participants. However, the Exchange would suitably notify the same to the participants.

Notwithstanding what has been stated in this Annexure, the Scheme in its entirety would be subject to and governed by the terms and conditions contained in Annexure 2.

National Stock Exchange of India Limited

Yatrik Vin Financial Controller & Treasury Head

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

Page 3 of 10

Annexure 2 Terms and condition of the “NSE MORE” scheme 1. Definitions 1.1. “Accrual Terms” shall refer to the terms governing the manner of accrual of Reward Points under the Scheme. 1.2. “Active Trade” on a particular calendar day shall mean successfully execute at least a single trade on that day. While determining whether a Participant has Actively Traded on a particular calendar day, cancelled and annulled trades shall not be taken into account. 1.3. “Average Daily Turnover” in relation to a Participant for any calendar month shall refer to the value of turnover obtained by dividing the Monthly Turnover of the Participant in that calendar month by the number of trading days in that calendar month. 1.4. “Business Hours” shall mean the period from 9.30 am and 5.45 pm on any working day, and shall not include Saturday, Sundays and any public holidays on which NSE and NSCCL are declared closed in Mumbai. 1.5. “Financial Year” shall refer to the period from 1st April of one calendar year to March 31st of the subsequent calendar year. 1.6. “Monthly Statement(s)” in relation to a particular Participant shall refer to the statement of account issued to that Participant at the end of each calendar month that inter alia contains the details pertaining to the existing balance of Reward Points of the Participant, a record of accruals and redemptions of Reward Points, and a report of Compliances observed by the Participant for the relevant calendar month. 1.7. “Monthly Turnover” shall mean the value of Currency Futures contracts traded by a Participant in the relevant calendar month for currency futures and premium value of Currency Options traded by a Participant in the relevant calendar month. 1.8. “NSCCL” shall refer to the National Securities Clearing Corporation Limited. 1.9. “NSE” shall refer to National Stock Exchange of India Limited. 1.10. The “Scheme” shall refer to the NSE Membership Opportunities and Relationship Enhancement scheme. 1.11. The “Trading Member” shall mean and include a registered trading member of NSE in the Currency Derivatives Segment (CD) at the relevant time, and shall not include a trading member that has been declared a defaulter, or expelled from membership of NSE. 1.12. “Transaction & Membership Dues” refers to the dues payable by Trading Members of NSE in the form of fees, and shall include dues such as transaction charges, membership fees and annual subscription charges. Transaction & Membership Dues shall however not include any cash and non-cash deposits or monies that are provided to NSE or NSCCL by Trading Members due to regulatory requirements. 1.13. All terms otherwise not defined herein under this Clause shall bear the meaning specifically ascribed to it separately under the provisions contained hereinafter below, or under any applicable Bye Law, Rule, Regulation or Circular of NSE or the Securities and Exchange Board of India (“SEBI”) or any other regulator or statutory body as may be applicable. 2. General 2.1. These terms and conditions (the “Terms and Conditions”) shall govern the Scheme and define the contractual relationship between National Stock Exchange of India Limited (“NSE”) and the participating Trading Members (“Participants”). 2.2. These Terms and Conditions shall apply to Participants in addition to, and not in derogation of their existing rights and obligations in relation to their membership with NSE, including but not limited to obligations in connection with or related to regulatory compliances, continuing membership requirements, or other covenants forming a condition to the membership of the Participant with NSE (together hereinafter referred to as “NSE Membership Requirement/s”), including all covenants Regd. Office : Exchange Plaza, Bandra Kurla Complex, Bandra (E), Mumbai – 400 051

Page 4 of 10

2.3.

2.4.

2.5.

2.6.

2.7. 2.8.

arising out of the application of the Bye Laws, Rules, Regulations and Circulars of NSE. In the event of any conflict between any provision(s) as set out in these Terms and Conditions, and any provisions forming a part of the NSE Membership Requirements, the latter provision(s) shall prevail. Any Participant wishing to participate in the Scheme shall be required to register itself by completing the necessary registration formalities as may be notified by NSE from time to time. Upon successful registration the Participant shall be assigned a unique registration number “Participant Registration Number”. Participants can register for the Scheme by submitting a duly completed application form accessible by Trading Members on their respective account on the Electronic NSE Interface for Trading Members (“ENIT Account”) on the following path: Accounts>NSE MORE Program>NSE MORE Program sign on application form Participants registered on the 1st day of any calendar month shall be eligible to avail the benefits of the Scheme with immediate effect. However, Participants who register after the 1st calendar day during any calendar month shall be eligible to avail the benefits of the scheme only with effect from the 1st trading day of the subsequent calendar month. A Participant can terminate its participation in the Scheme at any time during the subsistence of the Scheme by notifying NSE at least 30 (thirty) days in advance. In such a case, these Terms and Conditions shall continue to apply and bind the Participant after such termination by the Participants in respect of all rights and obligations accrued to the Participant during its participation in the Scheme. All points earned by the Participants as a part of this Scheme must be used in accordance with these Terms and Conditions. The present Terms and Conditions supersede all previous documents containing such Terms and Conditions in relation to this Scheme, directly, indirectly, or by implication. All numerical computations done under this Scheme resulting in fractions shall be rounded off to the closest whole number of a lower value. All benefits accrued to Participants during their participation in the Scheme shall stand revoked ipso facto in the event the Participant ceases to be a Trading Member of NSE. However, any obligations incurred by Participants during their participation in the Scheme shall continue to bind the Participants regardless of the status of their participation in the Scheme.

3. Structure and applicability of the Scheme 3.1. This Scheme is applicable for trades by Trading Members in Currency Futures and Currency options on NSE. 3.2. The Scheme has been introduced in recognition of the importance of continued compliance and good governance to the Exchange, the regulators, the Participants, and Investor community to mitigate risks, and build investor confidence. Accordingly, this Scheme aims to encourage and reward Participants on the basis of their Monthly Turnover, subject to such Participants‟ compliance with key regulatory and compliance requirements of NSE by rewarding Participants through a point based reward system in proportion to their level of compliance. The Scheme involves the following key elements: 3.2.1.

3.2.2.

Participants will be eligible to earn redeemable points based on their Monthly Turnover, which can be redeemed against all Transaction & Membership Dues of the Participant towards NSE for a specified monetary value (“Reward Points”) However, as a condition for Participants to earn Reward Points in currency futures, Participants shall be required to satisfy at least one of the following conditions (“Volume Criteria”): 3.2.2.1. The Participant should Actively Trade in Currency Futures for at least 90% of the trading days in the calendar month; OR

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

Page 5 of 10

3.2.2.2. 3.2.3.

3.2.4.

3.2.5.

The Participant should have achieved an Average Daily Turnover of at least Rs. 200 Crores for the calendar month. However, as a condition for Participants to earn Reward Points in currency options, Participants shall be required to satisfy at least one of the following conditions (“Volume Criteria”): 3.2.3.1. The Participant should Actively Trade in Currency Options for at least 90% of the trading days in the calendar month; OR 3.2.3.2. The Participant should have achieved an Average Daily Premium Turnover of at least Rs. 0.50 Crores for the calendar month. Participants will also be required to communicate their compliance levels to NSE by satisfying certain minimum compliances pre-identified by NSE (“Compliance Criteria”), as will be specified in detail further below. The redemption of Reward Points by Participants will be subject to further terms and conditions specified by NSE (“Redemption Terms”), as will be explained in detail further below.

4. Accrual Terms for currency futures 4.1. Reward Points shall be awarded to Participants in direct proportion to their total Monthly Turnover for the relevant calendar month in the following manner: 4.1.1. Participants shall not earn any Reward Points till they exceed a minimum Monthly Turnover of Rs. 2500 Crore. 4.1.2. If the Monthly Turnover exceeds Rs. 2500 Crores but is less than or equal to Rs. 7500 Crores, a Participant shall earn 1 Reward Point for every incremental turnover worth Rs. 24 Crores in excess of the Monthly Turnover of Rs. 2500 Crores. 4.1.3. If the Monthly Turnover exceeds Rs. 7500 Crores but is less than or equal to Rs. 12500 Crores, a Participant shall earn 1 Reward Point for every incremental turnover worth Rs. 16 Crores in excess of the Monthly Turnover of Rs. 7500 Crores. 4.1.4. If the Monthly Turnover exceeds Rs. 12500 Crores, a Participant shall earn 1 Reward Point for every incremental turnover worth Rs.8 Crores in excess of the Monthly Turnover of Rs. 12500 Crores. 4.1.5. In every case, a Reward Point earned shall be multiplied by the number of compliance achieved by Participant under the Compliance Criteria. 4.2. An illustration of the Accrual Terms is provided in the table herein below: Incremen Number of Total Reward Monthly Turnover t Size Compliances Points Accrued 4 (min) 833 Turnover between Rs 2,500 For every Crores to Rs 7,500 Crores 24 Crores 6 (max) 1250 Turnover between Rs 7,500 Crores to Rs 12,500 Crores

For every 16 Crores

4

833 + 1250

6

1250 + 1875

Turnover above Rs 12,500

For every 8 Crores

4

No Limit

6

No Limit

5. Accrual Terms for Currency Options 5.1. Reward Points shall be awarded to Participants in direct proportion to their total Monthly Turnover for the relevant calendar month in the following manner: 5.1.1. Participants shall not earn any Reward Points till they exceed a minimum Monthly Premium Turnover of Rs. 10 Crore. 5.1.2. If the Monthly Premium Turnover exceeds Rs. 10 Crores but is less than or equal to Rs. 100 Crores, a Participant shall earn 1 Reward Point for every

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

Page 6 of 10

5.2.

5.3. 5.4.

5.5.

incremental premium turnover worth Rs. 2.50 Crores in excess of the Monthly Premium Turnover of Rs. 10 Crores. 5.1.3. If the Monthly Premium Turnover exceeds Rs. 100 Crores, a Participant shall earn 1 Reward Point for every incremental turnover worth Rs.0.50 Crores in excess of the Monthly Premium Turnover of Rs. 100 Crores. 5.1.4. In every case, a Reward Point earned shall be multiplied by the number of compliance achieved by Participant under the Compliance Criteria. An illustration of the Accrual Terms is provided in the table herein below: Monthly Premium Incremen Number of Total Reward Turnover t Size Compliances Points Accrued Premium Turnover between For every 4 (min) 144 Rs 10 Crores to Rs 100 2.50 6 (max) 216 Crores Crores For every 4 No Limit Premium Turnover above 0.50 Rs 100 6 No Limit Crores Each Reward Point accrued under this Scheme shall be valued at Rs 100/- only. Reward Points for a particular calendar month shall accrue to the Participant only at the end of that calendar month. 5.4.1. In the event these Terms and Conditions, or the Bye Laws, Rules, or Regulations of NSE that affect these Terms and Conditions, undergo any material amendments resulting in amended terms and conditions (“Amended Terms and Conditions”) that supersede the original terms and conditions (“Original Terms And Conditions”): 5.4.1.1. Prior to the effective date of the Amended Terms and Conditions (“Effective Amendment Date”), Participants shall be awarded Reward Points for compliance with the Original Terms and Conditions and 5.4.1.2. From the Effective Amendment Date onwards, Reward Points shall be awarded only on the basis of the Amended Terms and Conditions. The Reward Points earned by a Participant under a particular Participant Registration Number cannot be transferred or assigned to any Participant using a different Participant Registration Number. No third party shall have any claim against/over the Reward Points accrued to a Participant.

6. Redemption Terms 6.1. Reward Points earned by a Participant shall be redeemable only against the Participant‟s NSEIL Dues. Under no circumstances shall any Participant be allowed to redeem Reward Points for cash. 6.2. Participants can only redeem Reward Points prospectively, subject to the remaining Redemption Terms. Participants shall not be allowed to retrospectively redeem Reward Points against dues that have been already cleared under any circumstances. 6.3. As a condition for redemption of Reward Points, a Participant shall be required to have a minimum balance of 250 Reward Points in its account at every instance of redemption 6.4. Reward Points earned on the basis of the Monthly Turnover of any calendar month during a Financial Year, from the month of April till the month of February of that Financial Year can only be redeemed before the 31st of March of that Financial Year. Unredeemed Reward Points in any Financial Year shall automatically lapse. 6.5. Reward Points that are redeemed but not utilized shall remain in the account of the Participant as credit balance which may be set off against Transaction & Membership Dues.

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

Page 7 of 10

6.6.

6.7. 6.8.

6.9.

If a Reward Point is partially redeemed, the remaining value of the Reward Point shall remain in the account of the Participant as credit balance which may be set off against Transaction & Membership Dues. Reward Points earned on the basis of the Monthly Turnover in the month of March in any Financial Year shall be carried forward to the subsequent Financial Year. In order to redeem Reward Points: 6.8.1. Participants shall be required to raise a request (“Redemption Requests”) through their respective ENIT Accounts by submission of a duly completed redemption form (“ENIT Redemption Form”) accessible on the following path: NSE MORE Program redemption request 6.8.2. Redemption Requests that are not raised through the ENIT Redemption Form shall not be accepted. Redemption Requests can be raised on any trading day during a calendar month (“Redemption Window”). Redemption Requests raised outside the Redemption Window shall not be entertained.

7. Compliance Criteria 7.1. In order to satisfy the Compliance Criteria, Participants have to fully satisfy all the requirements under the applicable Bye Law, Rules, Regulations and Circulars of NSE and SEBI in relation to at least 4 of the following compliances (“Compliance/s”): 7.1.1. No Non fulfillment of settlement obligations in CDS 7.1.2. No Position limit Violation in CDS 7.1.3. No CTCL mismatch 7.1.4. No breach in order to trade ratio in CDS 7.1.5. No Margin Violation in CDS 7.1.6. 100% participation in regular monthly mock trading 7.2. The Compliance Criteria shall apply for each month separately. Non-compliances shall be recorded against such dates on which such non-compliance is discovered or reported. 7.3. Failure to comply with the Compliance Criteria in one calendar month shall not affect the Participants‟ ability to satisfy the Compliance Criteria in any other calendar month. 7.4. Proper satisfaction of the Compliance Criteria by any Participant shall be evaluated on the basis of the internally generated reports of NSE and/or NSCCL in relation to each Compliance. 7.5. In the event a particular Compliance is not applicable in a calendar month, for the purposes of the Scheme, such Compliance shall be deemed to have been complied with during that calendar month by all Participants. 8. Reservation of Rights 8.1. NSE unconditionally reserves its right to cancel or replace the Scheme, transfer its rights and obligations in relation to the Scheme, and make alterations or amendments or modifications to the Terms and Conditions including amendments to the „Compliance Terms‟, „Accrual Terms‟, and „Redemption Terms‟ at any time without reference to the Participants. Participation in the Scheme shall be subject to these Terms and Conditions and shall be deemed to constitute acceptance by the Participants of such Terms and Conditions as may be amended from time to time. All amendments to the Terms and Conditions would be notified on the website „www.nseindia.com‟ (the “Site”) from time to time, and by way of Circulars that would be notified to the Participants. All Participants are responsible for keeping themselves informed of all notifications on the Scheme which are posted on the Site or otherwise. 8.2. In the event any Participant is found by NSE to have made any material misrepresentations, or violated any of the terms and conditions, NSE reserves its right

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

Page 8 of 10

to cancel the participation of any Participant in the Scheme, and partially or wholly revoke the Reward Points accrued to the Participant till the time of such cancellation. 9. Responsibilities 9.1. NSE shall maintain and provide suitable facilities to allow all Participants to check their Reward Points balance, a record of past redemptions exercised by the Participant, and the status of any Participant with regard to any disqualifications from earning Reward Points in that calendar month, at their convenience. 9.2. NSE shall issue a monthly statement of accounts (“Monthly Statements”) to the Participants at the end of each calendar month. The Monthly Statements shall include the following details: 9.2.1. An opening balance of Reward Points 9.2.2. A record of Reward Points earned during a month 9.2.3. A record of Reward Points redemptions during a month 9.2.4. The closing balance of Reward Points in the Participant‟s account 9.2.5. A report of Compliances by the Participant along with necessary details 9.3. The Participant shall be responsible for verifying the Monthly Statements for any errors or discrepancies, and shall notify NSE of any observed errors or discrepancies in relation to a particular Monthly Statement within 15 days of the receipt of that Monthly Statement. 9.4. The Participants shall be solely responsible to ensure the correctness of any information maintained by NSE in relation to their participation in the Scheme, and promptly notify NSE of any errors, omissions or inconsistencies that they observe in the information stored by NSE in order to ensure that they are able to fully and properly avail the benefits of the Scheme. All Participants are advised to regularly check all relevant information in relation to their participation in the Scheme. While NSE shall maintain all Participant related information on a “best efforts” basis, it shall not be responsible for any errors, omissions or inconsistencies in respect of the Participants‟ information. 9.5. Participants shall maintain and be prepared to furnish all relevant and necessary documentary records and evidence to indicate material satisfaction of the Compliance Criteria, if required by NSE. NSE shall not be responsible for any loss of documents pertaining to any Participant. While NSE shall try its best to retain the necessary information and documentation pertaining to the Participants to ensure that Reward Points are accurately computed, NSE does not warrant or represent, expressly or by implication, that it shall retain any information pertaining to the Participants and their participation in the Scheme that is otherwise not required for regulatory / statutory compliances. 10. Grievance Procedure and Dispute resolution 10.1. Any other dispute or difference in relation to, or arising out of, participation in the Scheme, or the applicability or interpretation of these Terms and Conditions (“Grievance”), shall be referred to the sub-committee empowered by the Pricing Committee of NSE, or officials as may be designated by such sub-committee (the “Relevant Authority”) for adjudication and resolution, and the decision of the Relevant Authority in relation to the Grievance shall be final and binding. 10.2. In case any Participant is aggrieved by the decision of the Relevant Authority, the Participant may request NSE to refer the decision of the Relevant Authority to the Pricing Committee for a review. The decision of the Pricing Committee in this regard shall be final and binding. 11. Disclaimers 11.1. Notwithstanding anything to the contrary contained in this Agreement, in no event shall NSE be liable to any Participant or third party for any loss of profits, loss of use, business interruption, loss of data or records, loss of clients, cost of cover or any direct, indirect, special, incidental or consequential damages of any kind in connection with or arising out of participation in the Scheme, including without limitation due to Regd. Office : Exchange Plaza, Bandra Kurla Complex, Bandra (E), Mumbai – 400 051

Page 9 of 10

11.2.

delay in services, cancellation or revocation of participation and/or accrued Reward Points by NSE, alleged breach of contract or tortious conduct, regardless of whether NSE has advised any Participant or third party of the possibility of such losses or damages or otherwise. The benefits accruing to the Participants through their participation in the Scheme shall not under any circumstances be construed or interpreted in any manner to justify, endorse, encourage or condone any non-compliance with any NSE Membership Requirements, the Bye Laws, Rules, Regulations and Circulars of NSE, other regulatory or statutory requirements, or any other obligation, even if such noncompliance does not affect the benefits conferred under the Scheme. The benefits conferred under this Scheme, or the disqualification of any Participant from the Scheme, shall be without prejudice to any other action that NSE might be empowered to take in relation to any non-compliance by any Participant in relation to its membership with NSE. Decisions taken by the Relevant Authority or the Pricing Committee in relation to any dispute, difference or Grievance arising from this Scheme, or pertaining to these Terms and Conditions, shall be without prejudice to any proceeding or hearing including without limitation those that might be initiated or pending before any judicial or statutory authority, committee, tribunal or court.

12. Governing Law 12.1. These Terms and Conditions shall in all respects be governed by and construed in accordance with the laws of India as applicable from time to time. National Stock Exchange of India Limited

Yatrik Vin Financial Controller & Treasury Head

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

Page 10 of 10