35.1 The BSE may limit the Participants trading services (bid orders) subject to the Trading Cap limit fixed by the BSE, in accordance with the following formula:

Cap Limit = Collateral + (Capital x Risk Factor)
(Number of Settlement Days + Reserve Settlement Days) X Maximum Risk

35.2 The 'Risk Factor' referred to in sub-Article (35.1) above shall be 1/3, 'Settlement Days' shall be 3 working days, 'Reserve Settlement Days' shall be 3 working days, and the 'Maximum Risk' shall be 10% per day.

35.3 The BSE may increase or decrease the Participant's Trading Cap Limit, depending on relevant factors such as the Participant's frequency and volume of his trading activities, his financial position, solvency, ability to increase his contribution to the Guarantee Fund, his past experience in the settlement of transactions executed, the client's financial position, liquidity of securities and volume of the transactions intended to be executed.