 MCX Stock Exchange Limited Membership Department |
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Members Indemnity Insurance Policy (MIIP)
In terms of the, Bye-laws, Regulations and Rules of the Exchange the members of the Exchange are notified as under:
SEBI vide circular no. SMD/SED/RCG/270/96 dated January 19, 1996, has mandated every member of a Stock Exchange to have an insurance cover. Further the Trading Member Undertaking submitted by every member to the Exchange, requires that the member shall subscribe to insurance cover. The Exchange vide circular no. MCX-SX/F&A/22/2008 dated October 27, 2008 advised the members to take insurance policy and provided a facility to comply with the requirement.
All the members who are yet to take insurance cover or whose insurance policy expires are required to get insured with immediate effect and submit a copy of insurance premium receipt to the Membership Department of the Exchange immediately. For facilitating members, we give the following information in this regard.
Members desirous of availing the group indemnity policy from NIA may send an email to membershipmsx@mcx-sx.com or a fax to 022 – 67269575, requesting the Exchange to debit their clearing member’s settlement account towards Insurance Premium. After receipt of such request from the members, the Exchange shall debit the settlement account of the respective clearing members and shall make payment to NIA. NIA shall issue the coverage of the insurance scheme to the members only after the receipt of the premium amount.
The contact details of New India Assurance Co. Ltd. are as under:
The New India Assurance Co. Limited D.O. 112700, 22, 2nd Floor, Mittal Chambers Nariman Point, Mumbai 400021 Contact person: Mr. Deepak Pathare Phone: Office – 022-22020577, 022-22020308 (Direct) Mobile: 9323970275
The contact details of United India Insurance Co. Ltd. are as under
India Insure Risk
Management & Insurance Broking Services Pvt. Ltd. Phone Nos.: 022 - 6610
2936/ 78
It may be noted that members may take insurance cover individually from any IRDA approved insurer of their choice.
Members are advised to take note of the above and comply with the requirement.
Sripriya Senthilkumar Manager
Annexure 1 - Premium Rating Chart & salient features of group policy offered by New India Assurance Co. Ltd Annexure 2 – Quote slip from United India Insurance Co Ltd
For any clarification, kindly contact Ms. Kalpana Mhatre on 022-67318931, Mr. Leena Ranade on 022-67318933, Mr. Praveenkumar Acharya on 022-67318932 or send an email to customerservice@mcx-sx.com
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Annexure-1 |
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
_______________________________________________________________________________________________________________________________________________________________________MCX-SX Members Indemnity Insurance Policy (Blanket Policy for Exchange)
Premium Rating Chart
Basic Premium Rates depends upon Basic Indemnity Limit (Basic Sum Insured) opted by the Proposer / Insured as per the following table. Premium below mentioned is per Trading Member.
1. (b) Basic Premium Rates (Without Error & Omission Cover) Discount of 50% will be allowed on the above mentioned premium rates {as mentioned in 1 (a)} for the policy to be issued “Without Error & Omission” Cover.
Note : 1. Excess 5% of claim amount subject to minimum of Rs.25,000/- for each and every claim. 2. Service Tax @ 10.30% is applicable extra on Basic Premium.
Please note that the Cover is optional and the additional Premium based upon the No. of Branches will be charged as per table given below -
Please also note that minimum Basic Sum Insured to be opted under the Policy depends upon the No. of Branches as above and the Maximum Liability per Branch is limited to 25% of the Basic Sum Insured under the Policy.
(a) Add-On for Intermediaries (on All or None Basis)
1. Net Premium Rate is Rs. 1200 extra for each intermediary.. ST @ 10.30% extra. 2. Maximum Liability is limited to 10% of the Basic Sum Insured under the Policy without re-instatement. 3. Cover is for Error & Omission in punching in rates, quantity & scrip also. 4. Excess of Rs.50,000/- for each and every claim for each and every intermediary. 5. Additional Excess for series of claim for each and every claim for each and every intermediary as below :
(b) Add-On For IPO Book Building –
1. Net Premium Rate is 10% extra of the Basic Premium. ST @ 10.30% extra. 2. Maximum Liability is limited to 25% of the Basic Sum Insured under the Policy without re-instatement.
(Dr. V.W Maitra) Sr.Divisional Manager
Salient Features of Members Indemnity Insurance Policy for the trading members of MCX-SX :
This insurance, subject to terms, conditions, exclusions and limitations, undertakes to make good direct financial loss sustained by the insured subsequent to Retroactive Date and discovered during the policy period while complying with laid down norms and procedures in respect of transaction made through the stock exchange. The coverage available are as under
1. Infidelity of Employees :- Loss resulting solely and directly from dishonest or fraudulent acts by Employees of Insured committed with manifest intent to cause the Insured to sustain such loss or obtain a financial gain for themselves wherever committed and whether committed alone or in collusion with others, including loss of Property through any such acts by Employees.
2. Physical Loss of Securities and /or Property:-
· Securities lost through theft larceny, burglary, robbery, false, pretence, hold up or being damaged, accidentally destroyed or misplaced, fraudulently transferred, whilst such securities are in or upon any premises of the insured . · Loss or damage to Furniture / Fixture by theft or un attempted theft.
3. Incomplete Transactions Indemnity is afforded for direct financial loss resulting from insured’s legal liability to third parties as a direct result of the Insured’s failure to complete any transaction as a result of physical loss, destruction, theft of or damage to securities or the Insured having been deceived as to the identity of any person during physical delivery of securities.
4. Forgery Indemnity is afforded for financial loss by reason of the insured having in good faith acted upon written instructions or advices which purport to have been signed by any client, but such instruction or advice bear a forged for signature or having been altered without the knowledge of the client.
5. Computer Crime Indemnity · Fraudulent Input/modification/destruction of Data. · Fraudulent preparation or modification of Electronic Instruction. · Malicious Destruction of Electronic Data / Data Media (in Premises/ in Physical Transit) · Fraudulent yet thru tested Electronic Communication in System. · Fraudulent input, modification or destruction of data stored or being run or being transmitted. · Fraudulent Electronic Transmission from insured System · Forget Tele fascimile · Computer virus · •Verificational reconstitution Expenses
6. Legal fees :- For defending any claim/suit or Legal Fees (for any claim payable under Section 1A and 1B) subject to prior written consent of the Insurer.
7. Errors & Omissions :- This section is to indemnify the insured against their legal liability to third parties to pay compensatory damage, including claim amounts costs, for any claims made against them as a consequence of transactions entered on the stock exchange.
8. Proprietary Trades The policy can be extended to cover the following risks. · Error & Omission (For Proprietary Trades) · This cover is to indemnify the insured for losses suffered by them due to punching errors of RATE ONLY for proprietary trades done by the trading members.
Add-On Cover:
(ii)Intermediary cover This cover is to indemnify the Insured for losses suffered by them due to punching error (rate, scrip & Quantity) done by all intermediaries.
Note : Information provided above is indicative; please refer Members Indemnity Insurance Policy Clause (mcx-sx/indmn/cls/10) for details.
ANNEXURE-2
QUOTE SLIP 23 October 2009
Name of the Insured : Member’s (Broker’s) Name
Address : 102-A, Landmark, Suren Road, Chakala, Andheri (East), Mumbai 400 093
Type of Policy : Member Indemnity Policy
Period of Insurance : 27/10/2009 to 26/10/2010
Limit of Indemnity : INR 5 Lakhs to INR 50 Lakhs for Basic Cover
Deductible : 5% of claim minimum Rs. 25,000/-. For each &every claim
Territory/ Jurisdiction : India
Retroactive Date : As per expiring
Coverages:
1) Cover extended to branch office of members - Additional premium payable @ 2% Basic Premium per branch 2) Coverage to Member’s customers – Additional Premium payable @ 5% of the Basic Premium per customer 3) Extra Premium to be charged @ 2% of the Basic Premium (per approver), upon the number of approved users 4) If required, higher indemnity limits would be granted at the specific request made by any proposer. 5) Security and/ or Cash/ Property 6) Incomplete Transactions 7) Forgery 8) Computer Crime Indemnity insuring Computer Systems, Electronic Computer Instructions, Electronic Data and Media, Electronic Communications, Insured’s Service Bureau Operations, Electronic Transmissions and Electronic Securities, Forged Telefacsimile, Computer Virus and Verificational Reconstitution expenses 9) Legal Fees 10) Policy to also cover dematerialized securities/ commodities related dealings involving deeds, document slips, papers, instructions, delivery forms including for Physical segment also.
Exclusion:
1) Errors and Omissions 2) Proprietary Trade 3) Against any pecuniary loss suffered by the insured as a direct result of any negligent act, negligent error, negligent commission or omission by their intermediaries and/or their bonafide employees in respect of punching of rates only (and not in respect of quantity or scrip of the securities), taking place in course of insured's business activity.
Note:
All other terms and conditions as per the earlier policy This is not a firm quote, and only highlights the major changes we seek to make in the expiring terms. Other areas of the policies / implications of the above thereon may be decided with concurrence of the relevant parties.
Insurer : United India Insurance Co. Ltd.
Service Tax : 10.36% is applicable on the prices mentioned above
Subjectivities : 1) Signed and dated proposal form to be submitted within 10 days of policy Inception 2) Details of members opting for the policies as per slabs |
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
