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<h1>SEBI Updates Margin Collection Rules: TMs and CMs Must Collect Upfront VaR and ELM Margins; Penalties Waived Under Certain Conditions.</h1> The circular clarifies the collection and reporting of margins by Trading Members (TM) and Clearing Members (CM) in the cash segment. TMs and CMs must collect upfront VaR and ELM margins from clients before trading, with a T+2 day period allowed for other margins. If a minimum of 20% upfront margin is collected, penalties for short-collection are waived. If pay-in is completed by T+2 days, other margins are considered collected, avoiding penalties. Early Pay-In of securities also exempts penalties. These guidelines modify previous SEBI circulars but maintain other existing provisions to protect investors and regulate the securities market.