MANU/SSMD/0008/2023

Ministry : Securities and Exchange Board of India

Department/Board : Market Regulation Department

Circular No. : SEBI/HO/MRD/MRD-PoD-2/P/CIR/2023/016

Date : 01.02.2023

Notification/ Circulars Referred : Circular SEBI/HO/MRD2/DCAP/CIR/P/2020/127 dated July 20, 2020 MANU/SDER/0009/2020;Circular SEBI/HO/CDMRD/CDMRD DRM/P/CIR/2021/689 dated December 16, 2021 MANU/SDER/0014/2021;Circular SEBI/HO/MRD2/DCAP/P/CIR/2022/60 dated May 10, 2022 MANU/SSMD/0016/2022

Subject: Capital Market

Industry: Trading

Citing Reference:
Circular SEBI/HO/MRD2/DCAP/CIR/P/2020/127 dated July 20, 2020 MANU/SDER/0009/2020  Referred

Circular SEBI/HO/CDMRD/CDMRD DRM/P/CIR/2021/689 dated December 16, 2021 MANU/SDER/0014/2021  Referred

Circular SEBI/HO/MRD2/DCAP/P/CIR/2022/60 dated May 10, 2022 MANU/SSMD/0016/2022  Referred

To

All Recognized Stock Exchanges and Clearing Corporations

Dear Sir/ Madam,

Changes to the Framework to Enable Verification of Upfront Collection of Margins from Clients in Cash and Derivatives segments

1. SEBI, vide circular SEBI/HO/MRD2/DCAP/CIR/P/2020/127 dated July 20, 2020, prescribed the framework to enable verification of upfront collection of margins from clients in cash and derivatives segments.

2. Further, SEBI, vide circular SEBI/HO/CDMRD/CDMRD DRM/P/CIR/2021/689 dated December 16, 2021, inter alia, modified the aforesaid framework prescribed vide said circular dated July 20, 2020, providing for additional snapshots for commodity derivatives segment.

3. Subsequently, SEBI, vide circular SEBI/HO/MRD2/DCAP/P/CIR/........