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of <h1>SEBI Updates: No Delivery Period Abolished, Book Closure Gap Reduced, Client Codes Mandatory by 2001 for Brokers.</h1> The Securities and Exchange Board of India (SEBI) has issued directives to stock exchanges based on recommendations from its Secondary Market Advisory Committee. These include the abolition of the 'No Delivery Period' for scrips traded in compulsory dematerialized mode, while maintaining the current system for rights issues. The minimum time gap between two book closures is reduced from 90 to 30 days, requiring amendments to Clause 16 of the listing agreement. Additionally, stock exchanges must ensure client codes are mandatory at the broker level by January 1, 2001, or face restrictions on certain trading systems.
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