Deposit composition change: non-cash component may be accepted as bank FDRs creating unencumbered lien for sub-brokers' deposits. The circular permits the non-cash component of sub-broker deposits with the subsidiary to be in the form of bank Fixed Deposit Receipts (FDRs) instead of solely irrevocable bank guarantees. Such FDRs must be discharged in favour of the subsidiary/company and the subsidiary/company must be given a complete, unencumbered and unconditional lien on those FDRs, thereby securing the subsidiary's interest in the non-cash deposit component.