Maintenance of current accounts in multiple banks by Stock Brokers

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....rcular no. SMD/SED/CIR/93/23321 dated November 18, 1993 on "Regulation of Transactions between Clients and Brokers" mandated that all the brokers shall keep the money of the clients in a separate account and their own money in a separate account. Further, SEBI vide circular no. SEBI/HO/MIRSD/MIRSD2/CIR/P/2016/95 dated September 26, 2016 on "Enhanced Supervision of Stock Broker/Depository Participa....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....n current accounts for customers who have availed credit facilities in the form of cash credit (CC)/ overdraft (OD) from the banking system and all transactions shall be routed through the CC/OD account. However, on a review, RBI vide circular no. DOR.No.BP.BC.30/21.04.048/2020-21 dated December 14, 2020 has permitted banks to open specific accounts which are stipulated under various statutes and ....