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of <h1>SEBI Requires Margins for Institutional Cash Market Trades Starting April 21, 2008; Upfront Collection from June 16, 2008.</h1> The circular issued by the Securities and Exchange Board of India (SEBI) mandates that all institutional trades in the cash market will be subject to margin requirements similar to those for other investors. Effective April 21, 2008, margins will be collected on a T+1 basis from custodians upon trade confirmation, shifting to an upfront basis from June 16, 2008. Stock exchanges are instructed to implement necessary systems, amend relevant regulations, and ensure smooth operation by testing software. Exchanges must notify brokers, update their websites, and report implementation status to SEBI. This is done under SEBI's authority to protect investors and regulate the securities market.
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