Addressing the issue, SEBI said that stock brokers (SBs) or clearing members (CMs) will transmit all clear credit balances of clients to clearing companies (CCs) at end of day (EOD). Such upstream will only be in the form of cash, liens on Fixed Deposit Receipts (FDRs) created from customer funds, or pledge of units of Overnight Mutual Funds (MFOS) created from customer funds.
SEBI changes framework for transfer of client funds by brokers to clearing companies
By La Rédaction
