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of <h1>SEBI Circular: Limited Waivers for Client Code Modifications, Strict Reporting and Action on Frequent Broker Errors.</h1> The circular issued by SEBI addresses modifications of client codes for non-institutional trades on stock exchanges. It allows stock exchanges to waive penalties for client code modifications if the broker can prove a genuine error, but limits such waivers to one per quarter per broker. Proprietary trades cannot be reclassified as client trades and vice versa. Stock exchanges must report quarterly to SEBI on waived penalties and enforce strict actions against brokers with frequent modifications. Exchanges and clearing corporations are instructed to implement these changes and report their status to SEBI, maintaining the conditions from the 2011 circular.
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