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<h1>SEBI Amends BSE Bye-Laws: Brokers Must Separate Client Funds and Securities Under Bye-Law 247A for Enhanced Transparency.</h1> The Securities and Exchange Board of India (SEBI) has amended the bye-laws of the Bombay Stock Exchange to regulate transactions between clients and brokers. The new bye-law 247A mandates that brokers must maintain separate accounts for client funds and their own funds, ensuring no client funds are used for the broker's transactions. Brokers are also required to keep separate accounts for client securities and issue contract notes within 24 hours of trade execution. Payments or securities must be delivered to clients within two working days unless otherwise requested. Brokers can close out transactions if clients fail to meet payment or delivery obligations within specified timeframes.