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of <h1>SEBI Imposes Strict Penalties for Margin Shortfalls in Equity and Currency Derivatives; Exceptions for Major Market Movements.</h1> The circular mandates penalties for trading members who fail to collect adequate margins from clients in the Equity and Currency Derivatives segments. Penalties range from 0.5% to 1.0% per day based on the shortfall amount, with increased penalties for continued shortfalls beyond three days or more than five days in a month. Exceptions apply if market indices move by 3% or more, where penalties are delayed. Non-reporting and false reporting of margin collections incur severe penalties, including trading suspension. Penalties collected are directed to the Investor Protection Fund. The circular is effective from September 1, 2011, under SEBI's regulatory authority.
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