Cross margining facility extended across cash and derivatives, enabling client-level margin offsets and reduced spread margin benefits. SEBI extends cross margining across exchange-traded equity cash and equity derivatives to all market participants, allowing offset of specified derivative and underlying cash positions (with prioritized matching and eligible replicated baskets) to reduce aggregate margin. A spread margin is levied on eligible offsetting positions and benefits are computed at client level in real time and passed to clients; institutional investors receive benefits after trade confirmation. Clients may use arbitrage and non-arbitrage accounts under a unique client code. Exchanges must update systems, rules, and agreements; in default exchanges may hold or liquidate cross-margined positions and apply proceeds across segments.