SEC unveils new rules on commodity trading
The Securities and Exchange Commission (SEC) has disclosed new principles on warehousing, insurance the board, and different prerequisites to guarantee dynamic items exchanging environment.
As indicated by the new guideline, each stockroom that stores products to be exchanged on an enrolled trade will apply to be enlisted by SEC, which will keep a register of all distribution centres that will be distributed on its site.
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SEC said a distribution centre applying for enrollment ought to submit confirmation of possession or enlisted rent deed or lease arrangement alongside a disclaimer from the proprietor of the stockroom/property, giving a waiver of proprietorship concerning products put away in such distribution centre.
The standard additionally expresses: "The distribution centre ought to be situated in a spot with admittance to the framework to help its activities and have adequate room for leaving and development of huge vehicles, have a proficient framework for stacking/dumping of Commodity including a legitimate system for isolation of various types/nature of ware.
"They are to present a Standard Operating Procedure (SOP) which will cover the accompanying among others: Procedures for acknowledgement of items to be kept and conveyance of wares; methods for gauging, testing of products to be saved in consistence with industry principles, the technique for check of wares and correspondence to investors, and methodology for keeping up the nature of the merchandise put away by relevant details.
"Others are the system for Know your contributor, security strategy for guaranteeing the wellbeing of the merchandise, the methodology for the utilization of current designs for capacity of products, technique for deciding and tending to misfortunes because of robbery, fire, thievery, extortion, carelessness and power majeure occasions, the method for inner confirmation of stock, strategy for the upkeep of distribution centre and conservations of stock, classic design and set of working responsibilities for each staff.
"Key officials are to satisfy the fit and legitimate rules as given in these guidelines; the CMC is required to keep up the qualification standards given by the commission and inform the commission quickly on the off chance that it stops to satisfy any of the conditions; gave in the principles."
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