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of <h1>SEBI Bans New Bank Guarantees from Client Funds by Brokers Starting May 1, 2023; Existing BGs End by September 30.</h1> The Securities and Exchange Board of India (SEBI) has issued a directive prohibiting stock brokers and clearing members from creating new bank guarantees (BGs) from clients' funds starting May 1, 2023. Existing BGs must be wound down by September 30, 2023. This measure aims to mitigate risks associated with leveraging client funds. The directive does not apply to proprietary funds. Stock exchanges and clearing corporations must monitor compliance and report to SEBI biweekly. A statutory auditor's certificate confirming compliance is required by October 16, 2023. The circular modifies several previous SEBI circulars and mandates updates to relevant regulations.
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