New Delhi, September 7
Depositories and clearing firms on Monday mentioned the brand new margin pledge course of, which kicked in from September 1, has now been pretty stabilised.
“Significant amount of margin pledges/repledges continue to be processed seamlessly since September 1, 2020. The new margin pledge process has now been fairly stabilised,” based on a joint assertion issued by depositories—CDSL and NSDL and clearing firms—ICCL and NSE Clearing Ltd.
The new framework on share pledging/repledging was applied from September 1. This comes after markets regulator Sebi rejected inventory brokers’ affiliation Anmi request to increase the deadline.
The Association of National Exchanges Members of India (Anmi) on final Thursday had requested Sebi to postpone the penalty provisions on the money and by-product section until September 15, saying methods weren’t geared and examined totally, regardless of the assertions of market infrastructure establishments.
In the brand new system, inventory brokers should accumulate margins from buyers upfront for any buy or sale of shares and failure to take action will appeal to a penalty.
In its letter, Anmi had talked about that there have been inordinate delays occurring at every stage of the margin pledge course of with clearing firms and depositories. — PTI