Stock Exchanges extend deadline for common contract note till August

Mumbai, 2 June-2014, PTI: Leading stock exchanges NSE and BSE have extended the deadline for introducing common contract notes across segments by brokers till August this year.

Stock Exchanges extend deadline for common contract note till August

Stock Exchanges extend deadline for common contract note till August

Earlier, the deadline for launch of common contract notes was April 1.

A contract note is a record of transactions executed by a stock broker, having information like order number, time of a trade, quantity and kind of security purchased or sold and brokerage and taxation rates.

Different segments such as capital market, currency derivatives and futures and options would have a common contract note.

“… Based on the feedback received from the market participants, the date of implementation of the common contract note is extended till August 1, 2014.

“Members are hereby advised to comply with the requirements from August 1, 2014,” the exchanges said in similar-worded circulars.

Currently, trading members have to issue different contract notes for different exchanges, as well as for different segments within the same bourse.

NSE and BSE, in November last year, had announced for having common contract note across segments and across all exchanges. The decision was taken after consulting Sebi (Securities and Exchange Board of India), other exchanges and member association.