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<h1>SEBI Amends Madras Stock Exchange Bye-Laws: Brokers Must Separate Client Funds, Issue Contract Notes in 24 Hours.</h1> The Securities and Exchange Board of India (SEBI) has amended the bye-laws of the Madras Stock Exchange Ltd. to regulate transactions between clients and brokers. The new bye-law 243A mandates that brokers must maintain separate accounts for client funds and their own, ensuring client funds are not used for broker transactions. Brokers are required to keep distinct accounts for client securities and issue contract notes within 24 hours of executing a contract. Additionally, brokers can close out transactions if clients fail to meet payment or delivery obligations within specified timeframes, with any losses covered by the client's margin money.