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of <h1>SEBI Updates Margin Rules: No Penalties for TMs/CMs Collecting 20% Upfront; Effective September 1, 2020.</h1> The Securities and Exchange Board of India (SEBI) has issued a circular regarding the collection and reporting of margins by Trading Members (TM) and Clearing Members (CM) in the cash segment. If a TM/CM collects a minimum of 20% upfront margin in lieu of VaR and ELM from clients, penalties for short-collection or non-collection of margins will not apply. However, Clearing Corporations must still collect upfront margins from TMs/CMs. The penalty provisions for short-collection or non-collection of upfront margins will be effective from September 1, 2020. This modifies the previous circular from November 19, 2019, but all other provisions remain applicable.
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