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of <h1>SEBI Updates Cross Margining Rules for Cash and Derivatives; Enhances Capital Efficiency for Market Participants.</h1> The Securities and Exchange Board of India (SEBI) issued a circular revising the cross margining facility across cash and derivatives segments for all market participants. This facility allows offsetting positions in both segments to reduce margin requirements, enhancing capital efficiency. Eligible positions include index futures and stock futures in the same expiry month. Cross margining benefits are computed in real-time at the client level, requiring separate arbitrage and non-arbitrage accounts for clients. Settlement can initially occur through multiple members but will consolidate to one clearing member over time. In case of default, exchanges can hold or liquidate positions to cover obligations. Exchanges must implement necessary systems and legal agreements to support these changes.
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