https://www.taxtmi.com/circulars?id=70398 Trading members must route unpaid securities directly to the client's demat account and create an automatic pledge in favour of a separate CUSPA account, with client notice of the payment obligation and the right of sale on default. A client-facing policy must prescribe the invocation, release and liquidation framework, including a maximum payment period of five trading days, daily monitoring of excess pledge, no exposure based on pledged unpaid securities, automatic release after the sixth trading day if unused, and restricted extensions only in specified exceptional circumstances. en-us Fri, 03 Jul 2026 00:00:00 +0530 Fri, 03 Jul 2026 17:26:27 +0530 TaxTMI RSS Generator https://www.taxtmi.com/circulars?id=70398 Trading members must route unpaid securities directly to the client's demat account and create an automatic pledge in favour of a separate CUSPA account, with client notice of the payment obligation and the right of sale on default. A client-facing policy must prescribe the invocation, release and liquidation framework, including a maximum payment period of five trading days, daily monitoring of excess pledge, no exposure based on pledged unpaid securities, automatic release after the sixth trading day if unused, and restricted extensions only in specified exceptional circumstances. Circulars SEBI Fri, 03 Jul 2026 00:00:00 +0530 https://www.taxtmi.com/circulars?id=70398