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Settlement of Running Account of Client’s Funds lying with Trading Member (TM) - SEBI - SEBI/HO/MIRSD/DOP/P/CIR/2021/577

Extract

..... IR/P/2019/75 dated June 20, 2019, settlement of running account for securities has been discontinued and therefore, SEBI circulars dated December 03, 2009 and September 26, 2016, are now applicable for settlement of running account of client’s “funds” only. 3. Further, SEBI, vide circular no. SEBI/HO/MIRSD/DOP/CIR/P/2020/28 dated February 25, 2020, discontinued title transfer of securities to the demat account of TM for margin purposes and TM shall accept collateral from the clients in the form of securities only by way of ‘margin pledge’ created in the Depository system. 4. SEBI had extensive consultations with Stock Exchanges and industry representatives, to devise a framework to mitigate the risk of misuse o .....

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Settlement of Running Account of Client’s Funds lying with Trading Member (TM) - SEBI

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..... argin requirement 225% of the margin Securities pledged/ repledged Client fund balance Excess client funds retained A B C=225%*B D E F=E- [(C-D) +A] 1 110000 100000 225000 200000 300000 165000 2 50000 20000 45000 15000 50000 0 3 150000 100000 225000 280000 ^ 180000 30000 ^ Excess securities of ₹ 55,000 (i.e. 280000-225000) is not required to be unpledged. 5.2.3. TM will first adjust the value of securities (after applying appropriate haircut) accepted as collateral from the clients by way of ‘margin pledge’ created in the Depository system for the purpose of margin and value of commodities (after applying appropriate haircut) respectively and thereafter TM shall adjust the client funds. 5.2.4. It is clarified that the exce .....

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Settlement of Running Account of Client’s Funds lying with Trading Member (TM) - SEBI

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..... his own funds and securities and not using any of the client’s fund. 5.8. Once the TM settles the running account of funds of a client, an intimation shall be sent to the client by SMS on mobile number and also by email. The intimation should also include details about the transfer of funds (in case of electronic transfer - transaction number and date; in case of physical payment instruments - instrument number and date). TM shall send the retention statement along with the statement of running accounts to the clients as per the existing provisions within 5 working days. 5.9. Client shall bring any dispute on the statement of running account, to the notice of TM within 30 working days from the date of the statement. 6. Stock Exchanges .....

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Settlement of Running Account of Client’s Funds lying with Trading Member (TM) - SEBI

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