Sebi bars trading members from pledging certain securities of clients
Trading members have been barred from pledging to banks and NBFCs the securities of clients lying in certain accounts even with their authorisation, with markets regulator Sebi putting in place stricter norms. This would be applicable for clients' securities lying with the Trading Member / Clearing Member in client collateral, client margin trading securities and client unpaid securities accounts. "Securities lying with TM/CM in client collateral account, client margin trading securities account and client unpaid securities account shall not be permitted to be pledged/transferred to Banks/NBFCs for raising funds by TM/CM," the regulator said in a circular. The regulator further said all the existing client securities accounts opened by the TM/CM other than pool account, client margin trading securities account and client collateral account shall be wound up on or before August 31.
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