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of <h1>SEBI Clarifies Claim Disbursement for Defaulter Brokers with Multiple Memberships under Clause 24; Exchanges to Update Bye-laws.</h1> The circular issued by the Securities and Exchange Board of India (SEBI) provides clarification on Clause 24 of the Comprehensive Guidelines for Investor Protection Fund (IPF) and Customer Protection Fund (CPF) at stock exchanges. It addresses the disbursement of claims in cases where a defaulter broker holds multiple memberships. Any remaining credit after settling eligible claims at various exchanges should be transferred to the IPF/CPF of the respective exchange. Stock exchanges are instructed to amend their bye-laws accordingly, inform member brokers, and report the implementation status to SEBI. This measure aims to safeguard investor interests and ensure regulatory compliance.
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