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of <h1>SEBI Circular: Stock Exchanges to Refund Trading Members' Security Deposits Based on New Timelines for Surrendered Memberships.</h1> The Securities and Exchange Board of India (SEBI) issued a circular to all stock exchanges regarding the refund of security deposits for Trading Members who surrender their membership. The circular specifies that for Trading Members engaged in client trading, the security deposit will be released after three years from the surrender application or five years from terminal disablement, whichever is earlier. For those engaged in proprietary trading, the release occurs after one year from the application or three years from terminal disablement. Exchanges must amend relevant regulations, notify members, and report implementation status to SEBI.
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