The SEBI has tightened the norms for usage of client funds by brokers. Now, brokers have to transfer the securities to their client a/c within one day of receiving payment. In case of default by client, brokers can hold the securities up to five days post which they can liquidate the securities in market and recover dues. SEBI has also said that securities which are lying with brokers for non-receipt of payment from clients can’t be used as collateral margin or be pledged with banks/FIs.
from taxmann.com News http://bit.ly/2WYFvdt
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