"Trading Members are also advised to bring in additional capital by 22nd March, 2013, in case of shortfall as per the revised BMC(Base Minimum Capital) requirement," said the notice on the BSE website.
"Trading Members may please note that the Exchange would be blocking the BMC as per new requirement…(from) end of the day 26th March, 2013 and hence Trading Members will not be able to take exposure on March 28, 2013 on the capital blocked towards BMC," it added.
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Currently all the member brokers of the Exchange, in the cash equity segment, are required to maintain Base Minimum Capital (BMC) of Rs. 10 lakhs based on their type and number of membership rights.
The Securities and Exchange Board of India through a circular in December 2012, increased the minimum capital for certain categories of brokers, going as high as Rs.50 lakhs for those involved in Algorithmic trading.
The new capital requirement is to be implemented by March 31, 2013, according to a statement from the Securities and Exchange Board of India.