Sebi tweaks SOP in case of defaults by trading, clearing members

Capital markets regulator Sebi on Friday tweaked the standard operating procedure specifying steps to be taken by stock exchanges, clearing corporations and depositories for dealing with possible defaults by trading or clearing members.

The measures are aimed at protecting the interest of non-defaulting clients of trading members (TMs) or clearing members (CMs) in the likely event of default.

The regulator, in consultation with the Market Infrastructure Institutions, has decided to modify the framework in order to provide equitable distribution of funds amongst investors, according to a circular.

Under the new framework, within 30 trading days from crystallization of balances, stock exchanges (SEs) or clearing corporations (CCs) will have to endeavour to settle the claims of maximum number of clients by way of interim measures under their supervision, prior to issuing show cause notice (SCN) for declaring the TM a defaulter.

The TM is required to be instructed to pay small investors out of available funds and own resources (movable and immovable) under the supervision of the SEs.

Further, the unencumbered deposits available with the SEs or CCs, after adjusting their dues and maintaining the minimum base capital requirement, will also be utilised for settling the credit balance of investors starting from the smallest amount.

“Such amount shall be paid in full to all such investors having credit balance up to the amount of Rs 25 lakh, subject to availability of funds.  

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