BSE has decided to offer 'Liquidity Enhancement Incentive
Programmes Schemes (LEIPS)' to as many as 163 securities exclusively listed on
the stock exchange.
Under LEIPS both market makers and general market
participants get incentives
As per Sebi regulations, stock exchanges can introduce
incentive schemes for brokers and intermediaries to enhance liquidity in
illiquid securities in the equity cash and derivative segments.
The eligible securities belong to 'XC' group, which is a new
sub-group implemented by BSE for companies listed exclusively on it.
The equities with a six monthly average (full) market cap of
more than Rs 100 crore and having more than 1,000 public shareholders are classified
under "XC" sub-segment.
Further, BSE said that registration for market makers for
the set of companies under LEIPS scheme will be available in BSE Electronic
Filing System (BEFS) from April 4, 2016.
Active trading members of equity segment of the exchange can
follow a simple process to register themselves for this LEIPS scheme as a
market maker by filling a registration form.
Members should also have net worth of Rs 1 crore and there
should not be any disciplinary action against the member in last one year.
"...securities eligible for market making are subject
to change from time to time depending on listing and surveillance
actions," BSE said.
In a separate circular, BSE said that online bidding process
for selection of market maker for BSE Exclusive securities (belonging to XD
group) will begin from April 4.
The bidding process will be conducted in BSE's iBBS
(Internet Based Book Building System)platform from April 4 to April 20 from
10:00 am to 6:00 pm daily.
It further said that 539 securities are eligible for market
making.
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