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NRIs to take CP codes for trading in currency derivatives: NSE circular

Published: Jul 17, 2017

By TIOLCORP News Service

NEW DELHI, JULY 17, 2017: THE Securities and Exchange Board of India (SEBI) had last month issued a circular allowing NRIs to participate in Currency Derivatives (CD) Segment. In furtherance of the same, the National Stock Exchange (NSE) has now issued a circular clarifying that the NRIs shall be required to take CP codes through their Clearing Members. The procedure for taking the CP codes shall continue to be the same as currently available for other categories in the segment through the Collateral Interface for Members (CIM). It was also stated that the user Manual for assistance shall be available on CIM.

The CP codes shall be activated only on receipt of valid documents from the Clearing Members and shall be subsequently activated effective from next trading day. Documents received after 12:00PM shall be processed on next working day. NSCCL will reserve the right to cancel any CP code applied on behalf of NRI.

CP codes issued for NRIs shall only be used for the purpose of trading in Currency Derivatives Segment.

The said NSE circular shall be effective from July 24, 2017.

 

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