Description

BSE has released the penalty report for client code modifications of non-institutional trades for December 2025, available for download in the Equity Transaction Folder on Extranet.

Summary

BSE has made available the penalty report for client code modifications of non-institutional trades conducted during December 2025. The report (file name: PM1225.Clg) has been uploaded to the Equity Transaction Folder on BSE Extranet and is based on Exchange Notices dated July 29, 2011 and August 26, 2011. Trading members are required to download and save this report for future reference.

Key Points

  • Penalty report covers December 2025 client code modifications
  • Report file name: PM1225.Clg
  • Available in Equity Transaction Folder on BSE Extranet
  • Applies to all segments (Equity, Derivatives, Currency, Debt)
  • Based on Exchange Notice No. 20110729-24 (July 29, 2011) and 20110826-4 (August 26, 2011)
  • Members must save the file for future reference

Regulatory Changes

No new regulatory changes. This circular implements existing penalty framework established in 2011 for client code modifications.

Compliance Requirements

  • Trading members must download the penalty report from BSE Extranet
  • Members should save the PM1225.Clg file for their records
  • Members with penalties should review modifications made during December 2025
  • For queries or clarifications, contact BSE Trading Operations:

Important Dates

  • Report Period: December 2025
  • Notice Date: January 13, 2026
  • Download Available: January 13, 2026

Impact Assessment

Operational Impact: Medium - Trading members who modified client codes for non-institutional trades during December 2025 need to review the penalty report and take necessary action. This is a routine monthly compliance process that affects operational procedures and may result in financial penalties for non-compliant modifications.

Market Impact: Low - This is an internal compliance matter between BSE and its trading members with no direct market-wide implications.

Member Impact: Medium - Affected trading members will need to account for any penalties assessed and review their client code modification processes to ensure compliance with exchange regulations.

Impact Justification

Routine monthly penalty report affecting trading members who modified client codes; requires review for potential penalties but is a regular compliance process.