Rectification of mistake remains limited to self-evident record errors, preventing merits review through miscellaneous applications and preserving fin...
Tender creditworthiness conditions may extend to de facto Promoter Directors, with post-participation challenges generally barred absent arbitrariness...
Corporate representation in PMLA summons proceedings permitted through an authorised signatory, subject to directors' continuing cooperation and atten...
Helicopter charter classification requires effective control analysis, while territorial performance, reasoned credit orders and wilful suppression de...
Specified fund definition expands PAN exemption eligibility for registered alternative investment funds and qualifying International Financial Service...
Tax exemption for specified legal-services authority income applies retrospectively, subject to non-commercial activity, unchanged income sources, and...
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SEBI amends the Master Circular on handling unpaid client securities by trading members. For non-MTF trades, unpaid securities must be directly credited to the client's demat account and auto-pledged to a CUSPA account, with client communication on the funds obligation and TM's sale right. TMs must maintain a client-facing policy, cap the payment period at five trading days, avoid granting exposure on these securities, and release excess pledge daily. If payment is not made, the TM must invoke and liquidate the pledge with notice; if neither invoked nor released within five trading days, the pledge auto-releases on the sixth trading day. Further pledging to banks/NBFCs is prohibited, and limited extension is allowed only in specified exceptional circumstances.
SEBI amends the Master Circular on handling unpaid client securities by trading members. For non-MTF trades, unpaid securities must be directly credited to the client's demat account and auto-pledged to a CUSPA account, with client communication on the funds obligation and TM's sale right. TMs must maintain a client-facing policy, cap the payment period at five trading days, avoid granting exposure on these securities, and release excess pledge daily. If payment is not made, the TM must invoke and liquidate the pledge with notice; if neither invoked nor released within five trading days, the pledge auto-releases on the sixth trading day. Further pledging to banks/NBFCs is prohibited, and limited extension is allowed only in specified exceptional circumstances.
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