Disbursement rules: surplus from a defaulter broker's multiple memberships must be credited to the exchange IPF/CPF to protect investors. Where a defaulter broker has multiple exchange memberships, any amount remaining after satisfying eligible claims of the exchange, SEBI and other exchanges shall be credited to the IPF/CPF of the exchange; exchanges must amend bye laws, notify members, and report implementation to operationalise this disbursement sequence.
Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
Provisions expressly mentioned in the judgment/order text.
Disbursement rules: surplus from a defaulter broker's multiple memberships must be credited to the exchange IPF/CPF to protect investors.
Where a defaulter broker has multiple exchange memberships, any amount remaining after satisfying eligible claims of the exchange, SEBI and other exchanges shall be credited to the IPF/CPF of the exchange; exchanges must amend bye laws, notify members, and report implementation to operationalise this disbursement sequence.
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