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Introducing the “In Favour Of” filter in Case Laws.
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of <h1>New Rules Require Brokers to Upstream Client Funds to Clearing Corporations for Enhanced Investor Protection Starting July 2023.</h1> The circular mandates that stock brokers (SBs) and clearing members (CMs) must upstream all client funds to clearing corporations (CCs) to protect investor interests. Client funds can be transferred via cash, lien on fixed deposit receipts (FDRs), or pledged mutual fund overnight schemes (MFOS). FDRs must meet specific conditions and MFOS units must be pledged with CCs. SBs/CMs must maintain designated bank accounts for receiving and paying client funds. Upstreaming and downstreaming of funds must adhere to specified cutoff times. The framework excludes bank-CMs and proprietary funds and will be effective from July 1, 2023. Compliance will be monitored by stock exchanges and CCs.
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