Transfer deadline reduction for CM pool securities enforces quicker client credit and penalises prolonged pool holdings, with direct delivery required. Clearing members must transfer securities from CM Pool accounts to clients' beneficiary accounts within six calendar days after pay-out, failing which such securities are ineligible for subsequent delivery, pledging, or lending and attract a weekly penalty credited to a depository account for investor education; identification will move from FIFO to settlement-wise records and a direct delivery mechanism will be introduced, reducing the transfer deadline to four calendar days or two working days where applicable.
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Provisions expressly mentioned in the judgment/order text.
Transfer deadline reduction for CM pool securities enforces quicker client credit and penalises prolonged pool holdings, with direct delivery required.
Clearing members must transfer securities from CM Pool accounts to clients' beneficiary accounts within six calendar days after pay-out, failing which such securities are ineligible for subsequent delivery, pledging, or lending and attract a weekly penalty credited to a depository account for investor education; identification will move from FIFO to settlement-wise records and a direct delivery mechanism will be introduced, reducing the transfer deadline to four calendar days or two working days where applicable.
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