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of <h1>SEBI Updates SOP: Prioritize Small Investors in TM/CM Defaults, Equitable Fund Distribution, Immediate Effect.</h1> The Securities and Exchange Board of India (SEBI) has modified its Standard Operating Procedure for cases where a Trading Member (TM) or Clearing Member (CM) is likely to default. The amendment focuses on equitable fund distribution among investors, prioritizing interim settlements before declaring a TM as a defaulter. TMs are required to utilize available resources to pay small investors first, with deposits used to settle balances up to Rs. 25 lakh fully, and larger amounts on a pro-rata basis. Related parties of the TM are excluded from settlements, and TMs must provide indemnity for any shortfalls. The changes are effective immediately.
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