SEBI Delays Power of Attorney Rule to August 1, 2020, Due to COVID-19 Challenges for Brokers.
The Securities and Exchange Board of India (SEBI) has extended the implementation date of the provision regarding Power of Attorney, initially set for June 1, 2020, to August 1, 2020. This decision was made due to the COVID-19 pandemic and the resulting lockdown, which posed challenges for stock brokers in implementing the provision. The extension aligns with the new mechanism for pledging and re-pledging securities within the Depository system. SEBI has directed all recognized stock exchanges, clearing corporations, and depositories to inform their members and participants and to publicize the circular on their websites.
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