Securities lending agreements: authorised intermediaries must contract with clearing members and prevent direct lender-borrower arrangements. The circular mandates that Authorised Intermediaries enter into agreements with Clearing Members specifying rights, responsibilities and obligations, include SLB basic conditions and clearly define roles vis-a -vis clients; AIs must prevent direct agreements between lenders and borrowers, may add provisions for execution, risk management and settlement, and must frame a mandatory, binding rights and obligations document for Clearing Members and clients to govern SLB trades.
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Provisions expressly mentioned in the judgment/order text.
Securities lending agreements: authorised intermediaries must contract with clearing members and prevent direct lender-borrower arrangements.
The circular mandates that Authorised Intermediaries enter into agreements with Clearing Members specifying rights, responsibilities and obligations, include SLB basic conditions and clearly define roles vis-a -vis clients; AIs must prevent direct agreements between lenders and borrowers, may add provisions for execution, risk management and settlement, and must frame a mandatory, binding rights and obligations document for Clearing Members and clients to govern SLB trades.
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