https://www.taxtmi.com/caselaws?id=798180 Under the applicable F&O regulatory framework, a professional clearing member's constituent was the trading member, and client-margin restrictions did not require the clearing member to verify each trading member client's debit or credit position before collateral liquidation. Real-time client-level reporting and segregation were introduced only later. Stock exchange, clearing corporation and committee powers did not extend to monetary restitution through restoration or value-blocking of lawfully liquidated securities; disgorgement authority lay separately with SEBI. Clients whose losses arose from a trading member's default or unauthorised assured-return arrangements could not recover from the clearing member absent privity or breach of a regulatory duty. Remedies remained against the relevant trading member, subject to lawful exceptions. en-us Wed, 02 Sep 2026 00:00:00 +0530 Thu, 03 Sep 2026 08:20:55 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=798180 Under the applicable F&O regulatory framework, a professional clearing member's constituent was the trading member, and client-margin restrictions did not require the clearing member to verify each trading member client's debit or credit position before collateral liquidation. Real-time client-level reporting and segregation were introduced only later. Stock exchange, clearing corporation and committee powers did not extend to monetary restitution through restoration or value-blocking of lawfully liquidated securities; disgorgement authority lay separately with SEBI. Clients whose losses arose from a trading member's default or unauthorised assured-return arrangements could not recover from the clearing member absent privity or breach of a regulatory duty. Remedies remained against the relevant trading member, subject to lawful exceptions. Case-Laws SEBI Wed, 02 Sep 2026 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=798180