BSE Brokers' Forum

BSE Brokers' Forum Profile and History

The BSE Brokers' Forum provides with the Comprehensive Group Insurance Indemnity policy without the E&O clause as part of its services to the members. The Forum is also willing to help with the customized policy for the forum members. For the year 2008-09 almost 450+ members have been covered under the policy with the BSE Brokers' Forum's Stock brokers Indemnity Insurance policy. This service of t he Forum is not only ensuring greater compliance but also gives the brokers the advantage of collective bargaining. Thus they now have automated compliance. This clause insures brokers against losses arising out of errors in execution of client orders. For instance, a dealer may punch in the wrong quantum of shares to be bought or sold, or he may mistakenly punch in a 'buy' order instead of a 'sell' order, and vice versa. A standard Stockbrokers Indemnity policy is designed to cover Stockbrokers against losses incurred, in their ordinary business activities, as a consequence of their Legal Liability arising from transactions entered into pursuant to the rules of The Stock Exchange(s) in which they are trading; normally this would include: Rules 1. Loss of securities and/or cash. 2. Counterfeit securities 3. Legal Liability