Action Taken Report for Observations Reported in Inspection of Authorised Persons

NOTICE

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To All Members,

This has a reference to the Exchange notice. no. 20251010-71 dated October 10, 2025, regarding the indicative disciplinary actions to be applied by Trading Member (TM) against their Authorised Persons (APs) in case of non-compliance identified during AP inspections.

In order to ensure timely action by TM for non-compliances observed during inspection of APs, members are advised to take necessary disciplinary action in accordance with the guidelines prescribed in the aforesaid notice within 2 months from the end of quarter and submit Action Taken Report (ATR) along with status of closure of observation to the Exchange within 3 months from the end of quarter. For instance, for quarter April-June, AP inspection reports are required to be submitted by July 31ˢᵗ, disciplinary action for non compliances observed during inspection of APs shall be taken by August 31ˢᵗ and the ATR for non-compliance observed during same quarter shall be submitted by September 30ᵗʰ.

However, with respect to all non-compliances observed during the AP inspections for which termination has been prescribed under the aforesaid Exchange notice, TM are advised to take disciplinary action against the concerned APs within seven days from the date of receipt of the said AP's inspection report from auditor/ identification of non compliance.

This notice will be applicable for AP inspection reports for July–September 2026 quarter and onwards.

The operational guidelines for submission of ATR shall be communicated separately.

All members are advised to take note of the same and ensure compliance.

For and on behalf of BSE Ltd.

Kaustubh Mundada
Assistant Vice President
Member Oversight

Kalpesh Ganger
Manager
Member Oversight