Intentar ORO - Gratis
Clearing corps to pay clients directly
The New Indian Express
|June 07, 2024
Move aims to protect clients' securities and to ensure that they are not vulnerable to misuse
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TO help enhance operational efficiency and reduce risks to clients' securities, market watchdog Securities and Exchange Board (Sebi) has made it mandatory from October 14, 2024, for clearing corporations to make the payment directly to the client's account and not from the broker's account, as it has been a prevailing practice.
Currently, a clearing corporation (CC) credits the payment of securities in the pool account of the broker, who then credits the same to their client's demat accounts.
In March, Sebi had issued a master circular for stock brokers specifying various processes for handling of clients' securities with regard to pay-in and payout of securities.
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