Margin reporting penalties: incorrect or non-reporting fines tied to materiality, with suspension and proportional financial sanctions. Recognised stock exchanges and clearing corporations must jointly devise a uniform fine framework for Trading Members and Clearing Members for false, incorrect or non reporting of client margins, applying the proportionality principle based on materiality (including repeated instances). Sanctions may include financial fines measured against the unreported/incorrect amount and/or suspension of trading. Relevant prior circular clauses are rescinded to the extent covered by these guidelines, and exchanges/clearing corporations must notify members, amend rules and report implementation to SEBI.