TMI BlogSettlement of Running Account of Client’s Funds lying with Trading Member (TM)X X X X Extracts X X X X X X X X Extracts X X X X ..... M) 1. In order to safeguard the interests of investors, SEBI in 2018 had mandated settlement of running account of client s funds on first Friday of the quarter/month. This has been incorporated as clause 47 of Master Circular on Stock Brokers issued on May 17, 2023 . 2. Broker s Industry Standards Forum (ISF) had represented various problems faced by brokers due to single day of settlem ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 3 : 3.1. Clause 47.1.1 stands modified as follows: 47.1.1 The TM, after considering the End of the Day (EOD) obligation of funds across all the Exchanges, shall settle the running accounts at the choice of the clients on quarterly and monthly basis, on the dates stipulated by the Stock Exchanges. 3.2. To ensure uniformity and clarity on dates of such monthly and quarterly settlement ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... olve a monitoring mechanism for this purpose. 4. The provisions of this circular shall be applicable with effect from the quarterly settlement of Jan-Mar 2024 and monthly settlement of January 2024. 5. All other provisions under Clause 47 of the circular dated May 17, 2023 shall continue to remain applicable. 6. Stock Exchanges shall: 6.1. bring the provisions of this Circular to t ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... in exercise of powers conferred under Section 11(1) of the Securities and Exchange Board of India Act, 1992 , to protect the interests of investors in securities and to promote the development of, and to regulate the securities markets. Yours faithfully Amrita Shukla Deputy General Manager Tel. No: 022 26449882 amrita@sebi.gov.in - Circular - Trade Notice - Public No ..... X X X X Extracts X X X X X X X X Extracts X X X X
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