NSE asks brokers to have in place insurance cover for FY18

Mumbai: Top stock exchange NSE has asked its brokers to ensure that their respective insurance cover is in order for current fiscal and submit the details of their policies in electronic format by July 31.

As per market regulator Sebi norms, it is mandatory for every stock broker to have an insurance cover.

"Trading Members are requested to ensure that their 'Stock Brokers Indemnity Policy' is in order for the period 2017-18 with effect from June 1, 2017," the National Stock Exchange (NSE) said in a notice today.

"Trading Members are required to submit the details for the same through Electronic NSE Interface for Trading Members (ENIT) on or before 31st July, 2017," it added.

Failure to submit the details on ENIT within the timeline would attract a levy of late submission charges of Rs 100 per day till the date of submission of required details.

ENIT is a fully electronic, Internet enabled application.