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Handling of Clients’ Securities by Trading Members(TM) / Clearing Members (CM) - SEBI - SEBI/HO/MIRSD/MIRSD-PoD-1/P/CIR/2022/153

Extract

..... o;4.2 With regard to securities that have not been paid for in full by the clients (unpaid securities), a separate client account titled - “client unpaid securities account” shall be opened by the TM/CM. Unpaid securities shall be transferred to such “client unpaid securities account” from the pool account of the concerned TM/CM. 4.3 The securities kept in the ‘client unpaid securities account’ shall either be transferred to the demat account of the respective client upon fulfilment of client’s funds obligation or shall be disposed off in the market by TM/CM within five trading days after the pay-out. The unpaid securities shall be sold from the Unique Client Code (UCC) of the respective client. Pro .....

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Handling of Clients’ Securities by Trading Members(TM) / Clearing Members (CM) - SEBI

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..... and also about the right of TM/CM to sell such securities in event of failure by client to fulfill their obligation. 3.4. If the client fulfills its funds obligation within five trading days after the pay-out, TM/CM shall release the pledge so that the securities are available to the client as free balance. 3.5. If the client does not fulfill its funds obligation, TM / CM shall dispose off such unpaid securities in the market within five trading days after the pay-out. TM/CM, before disposing the securities, shall give an intimation (email / SMS) to the client, one trading day before such sale. 3.6. The unpaid securities shall be sold in the market with the Unique Client Code (UCC) of the respective client. Profit/loss on the sale transact .....

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Handling of Clients’ Securities by Trading Members(TM) / Clearing Members (CM) - SEBI

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..... account, specified in SEBI Circular no. CIR/HO/MIRSD/DOP/CIR/P/2019/75 dated June 20, 2019 and SEBI/HO/MIRSD/ MIRSD_DPIEA/P/CIR/2022/83 dated June 20, 2022 shall stand modified to the extent as stated hereinabove. 5. Stock Exchanges, Depositories and Clearing Corporations shall put in place appropriate systems to ensure compliance of the provisions of this circular. 6. The provisions of this circular shall come into effect from March 31, 2023. 7. Stock Exchanges, Depositories and Clearing Corporations are directed to: 7.1. bring the provisions of this circular to the notice of their members / participants and also disseminate the same on their websites; 7.2. make necessary amendments to the relevant Bye-laws, Rules and Regulations for the i .....

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Handling of Clients’ Securities by Trading Members(TM) / Clearing Members (CM) - SEBI

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