SEBI Revises Framework Requiring Stock Brokers/Clearing Members to Upstream Clients’ Funds to Clearing Corporations
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- By Chetan Kulasri
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- Last Updated on 14 December, 2023
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Circular No. SEBI/HO/MIRSD/MIRSD-PoD-1/P/CIR/2023/187, Dated 12.12.2023
Earlier, the SEBI issued a framework requiring Stock Brokers (SBs)/Clearing Members (CMs) to upstream (i.e. placed with) clients’ funds to Clearing Corporations (CCs). Later, representations have been received citing difficulties in implementation. Now, SEBI has issued a revised framework for the same. The bank instruments provided by clients as collateral cannot be upstreamed to CCs, and they shall be ineligible to be accepted as collateral in any segment of the securities market.
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