The National Stock Exchange (NSE) on June 26, 2024, issued a notification regarding the Operational guidelines and SOP on the Upstreaming of clients’ funds by Stock Brokers (SBs)/Clearing Members (CMs) to Clearing Corporations (CCs).
This is with reference to NCL/CMPL/62058 dated May 16, 2024, regarding “Operational guidelines and SOP on Upstreaming of clients’ funds by Stock Brokers (SBs)/Clearing Members (CMs) to Clearing Corporations (CCs).”
The following has been stated:
• It is reiterated in terms of clause of point no. 3 of Annexure 1: Operational Guidelines with respect to Upstreaming of Clients funds
o “The principal amount of the FDR shall remain protected throughout the tenure, even after accounting for all possible pre-termination costs. Existing FDR not meeting this requirement (with monthly/quarterly/any periodicity interest payout) shall be permissible to continue till June 30, 2024 only. Such FDRs at the time of renewal shall meet the conditions specified hereinabove.”
[Notification No NCL/CMPL/62634]
