All active members of the Exchange are required to maintain a Base Minimum Capital of Rs.1 million with the Exchange. This amount is to be kept in the form of cash (Rs.1,25,000), Fixed Deposit Receipt(s) with bank(s) (Rs.125,000) and in approved shares and securities and/or bank guarantees(Rs.750,000). In case of approved shares and securities, a hair-cut of 15% is applied, i.e., only 85% of the value of securities tendered is considered. The members are permitted to do daily business (i.e., gross purchases + gross sales) upto a maximum of 33.33 times of the base minimum capital plus additional capital deposited by them with the Exchange. The members may also deposit additional capital over and above their base minimum capital with the Exchange for availing of the higher intra-day trading limit and gross exposure limit. The additional capital can be deposited in the form of cash, FDR(s), approved shares and securities and bank guarantees subject to the condition that value of shares deposited in the additional capital is not allowed to exceed 75% of the total value of the additional capital. The valuation of the securities deposited by the members towards the base minimum and additional capital is done by the Exchange weekly, since September 1999, as against monthly intervals earlier. This exercise is carried out to ensure that depreciation in the value of securities due to fall in prices can be collected from the members within the shortest possible time and the base minimum capital is kept intact. The base minimum capital plus additional capital deposited by the members with the Exchange as on August 31, 1999 aggregated to Rs.4.85 billion.