To help trading members for easy submission of requests, NSE today said it will begin a new facility for acceptance of the same to change their membership class from normal to 'Alpha' and vice-versa electronically from the next week.
The new electronic facility will become effective November 29, the National Stock Exchange (NSE) said in a circular.
The exchange has announced "a facility for acceptance of request from trading members to change their membership class from normal to Alpha and vice-versa, through its dedicated electronic member interface -- ENIT -- to achieve efficient application management".
Alpha is a special class of membership designed to provide quick, easy and cost-efficient access to the trading platform.
Under this class, membership is offered separately for capital market and futures and options (F&O) segments as well as a combination of both the segments together.
For admission to the capital market (CM) segment, members need to keep a deposit of Rs 20 lakh. The figure is Rs 25 lakh for F&O and Rs 45 lakh for both the segments combined. However, the exchange does not charge any admission fee these segments under the scheme.
The exchange also set a Rs 50 lakh net worth requirement for trading and self clearing in the CM segment as also for trading only in the F&O segment. For trading and self clearing in the F&O space, the net worth requirement is Rs 1 crore and Rs 3 crore for trading and clearing in the same segment.
To support trading members for easy submission of various requests, the exchange has been taking various initiatives.
Earlier in September, NSE had introduced a facility for acceptance of message and user distribution change requests through an electronic platform.
Prior to that, it had also begun a facility of digital submission of Securities Lending and Borrowing scheme enablement request. It had also decided to do away with physical submission of documents by stock brokers seeking approval for offering direct market access trading facility to their clients.
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