VaR margin upfront collection required; adjust against collateral and release on pay-in, exchanges must amend rules. SEBI requires VaR based margin to be collected upfront at the time of trade, to be collected or adjusted against additional capital or collateral in the prescribed form, and permits release of that margin along with the pay-in. Stock exchanges must implement the change after necessary software modifications, amend bye-laws and rules, notify members and publish the provisions, and report implementation status to SEBI as directed.
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Provisions expressly mentioned in the judgment/order text.
VaR margin upfront collection required; adjust against collateral and release on pay-in, exchanges must amend rules.
SEBI requires VaR based margin to be collected upfront at the time of trade, to be collected or adjusted against additional capital or collateral in the prescribed form, and permits release of that margin along with the pay-in. Stock exchanges must implement the change after necessary software modifications, amend bye-laws and rules, notify members and publish the provisions, and report implementation status to SEBI as directed.
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