To enhance operational efficiency and reduce the risk to clients’ securities, markets regulator Sebi on Wednesday decided to make the process of direct payout of such securities to the client’s account mandatory.
This will become effective from October 14, the Securities and Exchange Board of India (Sebi) said in a circular.
Currently, the clearing corporation credits the pay-out of securities in the pool account of the broker, who then credits the same to the respective client’s demat accounts.
Further, a facility of direct delivery to investors was introduced in February 2001.
After extensive deliberations with the stock exchanges, clearing corporations (CCs) and depositories, Sebi has decided that “the securities for pay-out shall be credited directly to the respective client’s demat account by the CCs”.
Moreover, clearing corporations should provide a mechanism for trading member(TM) or clearing members (CM) to identify the unpaid securities and funded stocks under the margin
Posts in category Business Standard
Sebi mandates process of securities payout directly to client accounts (05-06-2024)
INR Settles Higher Amid Strong Buying In Equities (05-06-2024)
The Indian rupee recovered 14 paise to close at 83.37 (provisional) against the US dollar on Wednesday, tracking strong buying in domestic equities and lower crude oil prices in international markets. Indian markets rebounded sharply on Wednesday, after having suffered heavy losses in the previous session amid concerns that a smaller majority will see Prime Minister Modi face more difficulty in doling out reforms and infrastructure spending. The benchmark S&P BSE Sensex rallied 2,303.19 points, or 3.20 percent, to 74,382.24 as a third term for Prime Minister Narendra Modi appeared certain with the NDA hovering around the 300 mark. The broader NSE Nifty index jumped 735.85 points, or 3.36 percent to 22,620.35 as government and cabinet formation loomed in the background. However, a surging greenback against major crosses overseas and fresh foreign fund outflows restricted gains in the local currency. At the interbank foreign exchange market, the local unit opened at 83.50 and …
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