Power of Attorney optional for brokers-limited to exchange settlement transfers and margin pledging; off market transfers need DIS or OTP. PoA is optional and must not be a condition for account opening; PoAs may only be used to transfer securities for exchange settlement obligations arising from trades executed through the same broker and to pledge/re pledge securities for margin in connection with such trades. Off market transfers require a client signed physical DIS or electronic DIS and depositories must obtain client consent via OTP. Stock exchanges and depositories must amend rules, disseminate the requirements and report implementation; other provisions of earlier SEBI circulars continue to apply.
Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
Provisions expressly mentioned in the judgment/order text.
Power of Attorney optional for brokers-limited to exchange settlement transfers and margin pledging; off market transfers need DIS or OTP.
PoA is optional and must not be a condition for account opening; PoAs may only be used to transfer securities for exchange settlement obligations arising from trades executed through the same broker and to pledge/re pledge securities for margin in connection with such trades. Off market transfers require a client signed physical DIS or electronic DIS and depositories must obtain client consent via OTP. Stock exchanges and depositories must amend rules, disseminate the requirements and report implementation; other provisions of earlier SEBI circulars continue to apply.
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