class="MsoNormal" style="text-align: justify;">The Securities and Exchange Board of India (SEBI) on May 25, 2020 has decided to extend the implementation date of circular on Margin obligations by way of pledge or repledge in the Depository System issued vide SEBI/HO/MIRSD/DOP/CIR/P/2020/28 dated February 25, 2020. The provisions of this circular were to come into effect from June 01, 2020. But due to Covid-19 pandemic and lockdown imposed by the Government, it has been decided to extend the implementation date of the aforesaid circular till August 01, 2020.
Accordingly, the trading member (TM) or clearing member (CM) is required to close all existing demat accounts tagged as ‘Client Margin’ by August 31, 2020. The power of attorney by TM or CM in respect of securities held in the D-mat account of the client, shall be applicable from June 01, 2020.
[SEBI Circular No. SEBI/HO/MIRSD/DOP/CIR/P/2020/88]
