BeYourMoneyManager, आपका पैसा, आप संभालें, Your Money, You Manage: SEBI का Stock Brokers को निर्देश- निवेशकों के Demat Account में F&O सेगमेंट में ट्रेडिंग को लेकर Risk Disclosure (जोखिम प्रकटीकरण)दें

मार्केट रेगुलेटर SEBI ने सभी पंजीकृत Stock Brokers को निवेशकों के Demat Account में F&O सेगमेंट में ट्रेडिंग को लेकर Risk Disclosure (जोखिम प्रकटीकरण)देने का निर्देश जारी किया है। 1 जुलाई 2023 से इसे अनिवार्य बनाया गया है। सेबी ने कहा है कि शेयर बाजार में खुदरा निवेशकों की बढ़ती संख्या को देखते हुए उन्हें जोखिमों के बारे में बताना जरूरी है।

विषय - इक्विटी फ्यूचर्स एंड ऑप्शंस सेगमेंट में व्यक्तिगत व्यापारियों द्वारा व्यापार के संबंध में जोखिम प्रकटीकरण

1. समय के साथ डेरिवेटिव खंड सहित भारतीय प्रतिभूति बाजार में निवेशकों की भागीदारी बढ़ी है। जबकि निवेशकों से अपेक्षा की जाती है कि वे अपने स्वयं के परिश्रम और जोखिम लेने की क्षमता के आधार पर निवेश निर्णय लें, उन्हें डेरिवेटिव में व्यापार से जुड़े जोखिमों के बारे में विस्तृत जानकारी के साथ सशक्त बनाना महत्वपूर्ण है।

2. डेरिवेटिव सेगमेंट में व्यापार करने वाले निवेशकों द्वारा सूचित निर्णय लेने की सुविधा को ध्यान में रखते हुए, इक्विटी फ्यूचर्स एंड ऑप्शंस (एफएंडओ) सेगमेंट में ट्रेडिंग के संबंध में 'जोखिम प्रकटीकरण' शुरू करने का निर्णय लिया गया है।

इस संबंध में SEBI का पूरा सर्कुलर आप देख सकते हैं-

CIRCULAR

Subject - Risk disclosure with respect to trading by individual traders in Equity Futures & Options Segment

1. Over time there has been increased participation of investors in Indian securities market, including, in the derivatives segment. While investors are expected to make investment decisions based on their own due diligence and risk appetite, it is important to empower them with detailed information about the risks associated with trading in derivatives.

2. With a view to facilitating informed decision making by the investors trading in derivatives segment, it has been decided to introduce ‘Risk disclosures’ with respect to trading in equity Futures & Options (F&O) segment.

3. Accordingly, all stock brokers shall display the ‘Risk disclosures’ given at Annexure-I on their websites and to all their clients in the manner as specified below:

3.1. Upon login into their trading accounts with brokers, the clients may be prompted to read the ‘Risk disclosures’ (which may appear as a pop-up window upon login) and shall be allowed to proceed ahead only after acknowledging the same.

3.2. The ‘Risk disclosures’ shall be displayed prominently, covering at least 50 percent area of the screen.

4. All Qualified Stock Brokers (QSBs) shall maintain the Profit and Loss (P&L) data of their clients on continuous basis as per the format given at Annexure-II. The P&L data of the clients shall be retained for at least 5 years.

5. Stock Exchanges and Depositories are directed to:

5.1. bring the provisions of this circular to the notice of their members / participants and also disseminate the same on their websites;

5.2. display the ‘Risk disclosures’ on their respective websites, with a link to study conducted by SEBI.

6. Applicability: The provisions of this circular shall come into force with effect from July 01, 2023.

7. This circular is issued in exercise of powers conferred under Section 11(1) of the Securities and Exchange Board of India Act, 1992, to protect the interests of investors in securities and to promote the development of, and to regulate, the securities market.

8. This circular is available on SEBI website at www.sebi.gov.in under the category "Circulars".

Annexure-I: Risk disclosures

RISK DISCLOSURES ON DERIVATIVES

· 9 out of 10 individual traders in equity Futures and Options Segment, incurred net losses.

· On an average, loss makers registered net trading loss close to ₹ 50,000.

· Over and above the net trading losses incurred, loss makers expended an additional 28% of net trading losses as transaction costs.

· Those making net trading profits, incurred between 15% to 50% of such profits as transaction cost.

Source:

1. SEBI study dated January 25, 2023 on “Analysis of Profit and Loss of Individual Traders dealing in equity Futures and Options (F&O) Segment”, wherein Aggregate Level findings are based on annual Profit/Loss incurred by individual traders in equity F&O during FY 2021-22.

Annexure-II: Data Format

A. Equity F&O Segment

Transaction Cost (Rs.)

Client Identifica tion No.

Period

Product Category

Age

Gender

Income Group

City

PIN Code

No. of transactions during period

(Buy+Sell)

Realized trading Profit/Loss excluding transaction charges during

period (Rs.)

Brokerage + Clearing Fee

Exchang e Fee

Stamp Duty

SEBI

turnove r Fee

STT

GST

Period 1

Index Futures

<20

<5Lacs

Period 2

Index Options

20-30

5-10L

Stock Futures

30-40

Others

10-25L

Stock Options

40-50

Not sepe

25-50L

50-60

50-100L

>60

>100L

Not Available

Notes:

1. Client-set: All Individual Clients (which includes HUF and NRIs; excludes Proprietary traders, institutions, partnership firms etc.)

2. Segment: Equity F&O

3. Period: Financial Year

4. Client level realized trading Profit/Loss during the period is considered.

5. With regard to cases where 1 leg of transaction falls under the period, while the other falls outside, explanation is given as under-

§ Example 1: Period: April 2018 to March 2019. Consider Contract-A with expiry in April 2018.

Contract- A purchased & sold in March 2018 - will not be considered

Contract- A purchased in March 2018, sold in April 2018/ settled on expiry - will be considered

§ Example 2: Period: April 2018 to March 2019. Consider Contract-B with expiry in April 2019.

Contract- B purchased & sold in March 2019 - will be considered

Contract- B purchased in March 2019, sold in April 2019/ settled on expiry - will not be considered

6. Contracts resulting in physical delivery of stocks may be excluded.

7. For PIN Codes - correspondence address may be considered.

B. Cash Segment

Transaction Cost (Rs.)

Client Identific ation No.

Period

Age

Gender

Income Group

City

PIN

Code

No. of transactions during Period (Buy+Sell)

Daily Average holding value during Period (Rs.)

Max. holding value during Period (Rs.)

Realised Trading Profit/Loss excluding transaction charges during Period

(Rs.)

Brokerage

+ Clearing Fee

Exchange Fee