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Capital markets regulator Sebi on Wednesday came out with new guidelines on settlement of running accounts of clients' funds lying with stock brokers, to be applicable from October 1. Under the guidelines, the settlement of the running account of funds of the client will be done by the trading member after considering the End of the day (EOD) obligation of funds as on the date of settlement across all the exchanges on the first Friday of the quarter for all the clients. The running account of funds will be settled on the first Friday of October 2022, January 2023, April 2023, July 2023, and so on for all the clients, the Securities and Exchange Board of India (Sebi) said in a circular. If the first Friday is a trading holiday, then such settlement will happen on the previous trading day. For clients, who have opted for monthly settlement, running accounts will be settled on the first Friday of every month. If the first Friday is a trading holiday, then such settlement will happen
Capital markets regulator Sebi on Friday came out with a new framework for investor grievance redressal mechanism as part of its effort to strengthen the process. The new mechanism will come into effect from July 1, the Securities and Exchange Board of India (Sebi) said in a circular. For any dispute between the member and client relating to the transactions in a stock exchange, which is of civil nature, the complainant or member is required to first refer the complaint to the investor grievance redressal mechanism (IGRC) and/or to the arbitration mechanism provided by the bourse before resorting to other remedies available under any other law, Sebi said. For the removal of doubts, the regulator has clarified that the sole arbitrator or the panel of arbitrators appointed under the stock exchange arbitration mechanism may consider any claim relating to any dispute between a stockbroker and client, arising out of the transactions in a stock exchange, and shall always be deemed to have
Markets regulator Sebi on Thursday said it has withdrawn the recognition granted to the Indian Commodity Exchange Limited (ICEX). "The Securities and Exchange Board of India has withdrawn the recognition granted to the Indian Commodity Exchange Limited, vide notification dated May 18, 2022," according to a press release issued by the regulator. The withdrawal of recognition follows an order passed by Sebi on May 10 after finding the bourse non-compliant on several grounds like net worth and infrastructural requirements. Consequent to the withdrawal, ICEX has been directed to transfer the money available in the Investor Protection Fund and Investor Services Fund of ICEX to Sebi's Investor Protection and Education Fund. Besides, it has been asked to set aside sufficient funds to provide for settlement of any claims, clear the dues outstanding to Sebi and pay Sebi registration fees as per brokers' norm by its trading members. Further, ICEX has been directed to refrain from using th