An application for acquiring exchange membership, concluding an exchange membership agreement and acquiring trading licence must include the documents and certificates listed in General Terms of Service of the BSE Ltd., Book Three - Regulations on Exchange Membership.The CEO shall issue a decision within thirty days after receipt of an application that abides by all the conditions in full.An exchange membership agreement takes effect at the date specified in the CEO’s decision. (onset of exchange membership)
In respect of a submitted application for exchange membership, the Trading Committee has the power to issue an opinion, and the Exchange shall notify the Trading Committee on all applications for exchange membership and, should the Trading Committee request so, shall make available the documentation received with the application to the Trading Committee.
If an application fails to conform to the provisions of law or to a condition required by an exchange rule, the CEO shall instruct the applicant in writing within thirty (30) days to submit any missing documents and shall identify the inadequate documentation item by item.
Applicants must deliver missing documents to the Exchange within ten exchange days of the receipt of the instructions specifying the inadequate documentation.
After missing documents are received or upon the expiration of the deadline specified above, the CEO evaluates the acquisition of a section membership based on the documents available to it.
The period for evaluating an application for an exchange membership agreement restarts on the date the applicant submits missing documents.
If an applicant who is already an exchange member applies for trading rights for another stock exchange product, product group or section, the applicant does not have to resubmit all the documentation already submitted if their contents continue to be valid at the time the new application is submitted. However, the applicant is mandated to issue a declaration to the Exchange to the effect that the contents of the documents are unchanged and continue to be true.