Mumbai, Mar 20: The Bombay Stock Exchange (BSE), in a move to revamp the objection procedure, has asked receiving brokers to raise the objection in respect of identified shares against the introducing broker instead of the delivering broker. The decision to this effect was taken at the meeting of the concerned department on March 4.However, the receiving member of such shares under objection would continue to return the said shares to the clearing house in original along with the set of photocopies of the same. More precisely, in those cases where the introducing member is not a BSE broker, the objection would be raised against the first introducing member at the BSE.
The introducing member would then be required to lodge their claims with the bad-delivery cell of the exchange.
"In case where the introducing member is a defaulter the receiving member would be required to raise their objection against the member subsequent to the said defaulter member,'' a release addressed to the brokers said.
Copyright © 1998 Indian Express Newspapers (Bombay) Ltd.
