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of <h1>SEBI Updates Rules: Sub-brokers Can Use Fixed Deposit Receipts Instead of Bank Guarantees for Deposits.</h1> The Securities and Exchange Board of India (SEBI) has revised the requirements for the non-cash component of deposits maintained by sub-brokers with subsidiaries or companies. Previously, 75% of the deposit was required to be in the form of irrevocable bank guarantees. Following representations from stock exchanges, SEBI now permits this non-cash component to be maintained as Fixed Deposit Receipts (FDRs) from banks. These FDRs must be discharged in favor of the subsidiary or company, granting them a complete unencumbered and unconditional lien on the FDRs.
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