19th November 2012




All Trading Members of the Exchange are hereby informed that The Calcutta Stock Exchange Limited, hereinafter referred to as “Exchange” prescribed the Code of Advertisement for its Trading Members.


All Trading Members are requested to take note of the same, strictly adhere to the code and seek prior approval of the Exchange before publishing the advertisement.


Code of Advertisement


The code of Advertisement is as follows:


1.    The term ‘advertisement’ as referred in this code means and includes any communication in the form of document, pamphlets, circulars, brochures, notice or any research reports or any other literature or information, material published, or designed for use in a newspaper, magazine or other periodical, radio, television, telephone or tape recording, video tape display, signs or bill boards, motion pictures, telephone directories (other than routine listings) or other public media, whether in print or audio visual form.

2.    The Advertisement shall contain the name of the Trading Member, SEBI Registration No (all registration numbers and names of the Exchanges in case of multiple memberships) / Trading Member ID allotted by Exchange and logo of the Trading Member, if any.

3.    The advertisement must be truthful, fair and clear in all aspects.  Advertisements shall be accurate, true, fair, clear, complete, unambiguous and concise.


4.    The advertisement should not contain any confusing, misleading/incorrect or offensive information.

5.    Advertisements shall not contain statements which are false, misleading, biased or deceptive, based on assumption/projections and shall not contain any offensive information.

6.    The advertisement shall be considered misleading/incorrect if:

a.    they bear statements of benefits of trading without simultaneous mention of material risks, if any, associated with such investments.

b.    inaccurate portrayal of past performance or its portrayal in a manner which implies that past gains or income will be repeated and contain anything that is prohibited

7.    The Advertisement should be free from inaccuracies and should not contain anything that is otherwise prohibited.

8.    Advertisement shall not contain any information accuracy of which is depended on the assumptions.


9.    No Trading Member shall publish and circulate or cause to be published or circulated, any advertisement or communication of any kind which purports to report any transaction as a purchase or sale.


10. Trading Member has to specify the risk factors in the same font and size as that of other materials and placed in such positions that the readers’ attention is drawn to such risk factor.


11. In the event there are any charts, illustrations, articles etc in the advertisement the source of such materials should be mentioned.


12. The advertisement shall not be so designed in content and format or in print as to be likely to be misunderstood, or likely to disguise the significance of any statement. Advertisement shall not contain statements which directly or by implication or by omission mislead the investor.


13. Advertisement shall not contain any promise or guarantee of assured return to the general investors.


14. No advertisement shall directly or indirectly discredit other advertisements or make unfair comparisons


15. In the event of suspension of any Trading Member by the Exchange, the Trading Member so suspended shall not issue any advertisement either singly or jointly with any other Trading Member, during the period of suspension.


16. Exchange reserves the right to call for the advertisement and/or such other information/explanation as it may require, after the publication of the said advertisement. Exchange shall have 'cease and desist' powers in this behalf.


17. The copy of such advertisement should be retained for a period of three years.


18. A copy of the advertisement must be submitted to the Exchange seven days in advance before its issue.


19. The Trading Member should communicate to the Exchange the name of the authorised person designated to ensure the correctness of the information given in any advertisement.

  1. If the advertisement is found to violate any of the clauses hereof and the provisions of the Bye-laws of the Exchange or rules framed by the SEBI in this regard, the Trading Member shall be liable for disciplinary proceedings of the Exchange. Any violation/breach of the  above Advertisement Code may result in initiation of disciplinary proceedings by the Exchange against the Trading member(s)

21. These norms shall be applicable to any other investment/consultancy agencies associated with the Trading Member concerned.

22. The advertisement should not have any adverse reference regarding the reputation of any other Trading Member and also of the Exchange.

23. Trading Member shall ensure that their clients/constituents shall not issue advertisements soliciting business.

24. In the event of any proceeding /action initiated against a Trading Member by a regulatory body other than the Exchange, the Exchange reserves the right to direct the trading member to refrain from issuing any advertisement for such a period as it may deem fit.

25. In the event of any trading member of the Exchange having any grievance against any other trading member consequent upon the publication of advertisement of the other trading member, the Exchange shall be informed of the same in writing within a period of 7 Days from the date of such publication for necessary remedial measures if any by the

26. The Trading Member will indemnify the Exchange for any claim that may arise from the advertisement given by the Trading Member.

27. Trading Members of the Exchange are permitted to use the following logo of the Exchange for any of their advertisements/promotional activities subject to prior written approval by the Exchange Authorities.


                                                                                                       Sripriya Senthilkumar

Dy.General Manager (SEO)