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of <h1>SEBI Updates Financial Close-Out and Auction Rules for Corporate Bonds; Mandates 1% Markup on Trade Date Prices.</h1> The circular from the Securities and Exchange Board of India (SEBI) addresses the financial close-out and auction framework for corporate bonds traded on stock exchanges. It modifies the penalty structure for financial close-outs in cases of delivery shortages, mandating that financial close-outs occur at the highest price on the trade date, with a 1% markup. Additionally, stock exchanges must implement a uniform auction mechanism for settlement shortages by March 31, 2017. Exchanges are instructed to update their systems and regulations accordingly and inform member brokers. This circular aims to protect investors and promote market development under SEBI's regulatory authority.
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