Exchange has observed that some of the Members are maintaining large number of bank accounts named as “Name of Stock Broker - Client Account" and “Name of Stock Broker - Settlement Account" for the purpose of operation carried by them. There has been enhancement in the level of monitoring of such bank accounts in the recent past with the introduction of bank balance reporting to the Exchanges on weekly basis, which stipulates the need for a restriction in the maximum number of client and settlement bank accounts to be maintained by a Member. Further, the restriction on maintenance of such bank accounts will also ease the reporting requirement of the members.

Accordingly, it has been decided in consultation with other Exchanges that a member can maintain maximum of 30 bank accounts named as “Name of Stock Broker - Client Account" and “Name of Stock Broker - Settlement Account" across all segments and exchanges at a time.

Further, in case, member has more than 30 such bank accounts, then members are directed to close the excess bank accounts named as “Name of Stock Broker - Client Account" & “Name of Stock Broker - Settlement Account" by December 31, 2020.

Members are also requested to note that, as per the requirement of SEBI circular SEBI/HO/ MIRSD/MIRSD2/CIR/P/2016/95 dated September 26, 2016 “In case of closure of any of the reported bank accounts, the same shall be communicated to the Stock Exchanges within one week of its closure.”

All Members are advised to take note of the above and comply.

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

Name of officials	Contact No	Email ID
Prashant Sindhwad Prakash Ananthanarayanan Tushar Shetty	022-22728460 022-22728895 022-22728217	bse.inspection@bseindia.com

For and On behalf of BSE Ltd.  

Kiran Sawant

Asst. Gen. Manager

(Brokers’ Supervision)