| Notification Detail :
Securities and Exchange Board of India
CIRCULAR
CIR/MRD/DP/ 30 /2012 November 22, 2012
To
All Stock Exchanges and Depositories
Dear Sir / Madam,
Sub: Review of the Securities Lending and Borrowing (SLB) Framework
1. The framework for SLB was specified vide circular no. MRD/DoP/SE/Dep/Cir-14 /2007 dated December 20, 2007 and operationalised with effect from April 21, 2008. The SLB framework was revised vide circular no. MRD/DoP/SE/Cir- 31/2008 dated October 31, 2008, circular no. MRD/DoP/SE/Dep/Cir- 01 /2010 dated January 06, 2010 and circular no. CIR/MRD/DP/33/2010 dated October 07, 2010. The framework for SLB is hereby modified as under:
1.1. Introduction of roll-over facility
1.1.1. Any lender or borrower who wishes to extend an existing lent or borrow position shall be permitted to roll-over such positions i.e. a lender who is due to receive securities in the pay out of an SLB session, may extend the period of lending. Similarly, a borrower who has to return borrowed securities in the pay-in of an SLB session, may, through the same SLB session, extend the period of borrowing. The roll-over shall be conducted as part of the SLB session.
1.1.2. Rollover shall not permit netting of counter positions, i.e. netting between the
|
