Refund of security deposit: Exchanges must follow prescribed retention and release timelines upon member surrender to protect investors. SEBI prescribes retention and release timelines for security deposits after approval of Trading Member surrender: client-facing members' deposits are to be released only after the earlier of three years from receipt of surrender application or five years from disablement of trading terminals; members who conducted only proprietary trading in the preceding three years have deposits released after the earlier of one year from receipt of surrender application or three years from disablement. Exchanges must amend bye-laws, notify members, provide website dissemination, report implementation to SEBI, and maintain arbitration mechanisms for claims.
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.
Refund of security deposit: Exchanges must follow prescribed retention and release timelines upon member surrender to protect investors.
SEBI prescribes retention and release timelines for security deposits after approval of Trading Member surrender: client-facing members' deposits are to be released only after the earlier of three years from receipt of surrender application or five years from disablement of trading terminals; members who conducted only proprietary trading in the preceding three years have deposits released after the earlier of one year from receipt of surrender application or three years from disablement. Exchanges must amend bye-laws, notify members, provide website dissemination, report implementation to SEBI, and maintain arbitration mechanisms for claims.
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