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of <h1>SEBI Updates Trade and Settlement Guarantee Fund Rules: Extends Settlement Limits, Lowers Penal Interest Rates.</h1> The Securities and Exchange Board of India (SEBI) has updated the rules regarding the Trade Guarantee Fund (TGF) and Settlement Guarantee Fund (SGF) to reflect changes in the settlement cycle to a T+2 basis. Previously, members facing shortages in excess of the base minimum capital (BMC) were restricted to four settlements; this has now been extended to ten rolling settlements. Members can restore their trading limits by providing a deposit equivalent to their cumulative fund shortages as collateral, held for ten rolling settlements without interest. Additionally, the penal interest rate on outstanding amounts has been reduced from 0.09% to 0.07% per day. Exchanges must amend their regulations and inform members of these changes.
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