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of <h1>SEBI Circular Mandates Dematerialized Trading for Government Securities to Curb Fraud; Physical Trades with Brokers Prohibited.</h1> The circular issued by the Securities and Exchange Board of India (SEBI) addresses the transition to dematerialized trading in government securities, following a request from the Reserve Bank of India (RBI). The RBI has outlined measures to minimize physical trading, promoting the use of Subsidiary General Ledger (SGL) and Constituent Subsidiary General Ledger (CSGL) accounts for secure transactions. Due to recent fraudulent activities involving physical securities, the RBI mandates regulated entities, including banks and financial institutions, to hold securities in dematerialized form. Transactions in physical form with brokers are prohibited, and entities must ensure funds and securities availability before trading. Compliance timelines are provided, with extensions available upon request.
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