{"id":274049,"date":"2022-09-20T12:30:47","date_gmt":"2022-09-20T07:00:47","guid":{"rendered":"https:\/\/www.scconline.com\/blog\/?p=274049"},"modified":"2022-09-20T12:30:47","modified_gmt":"2022-09-20T07:00:47","slug":"19-09-2022-sebicircular-validationinstructions-pay-inofsecurities-clientdemataccount-tradingmember-poolaccount-against-obligations-received-clearingcorporations-protect-interests-investors-securities","status":"publish","type":"post","link":"https:\/\/www.scconline.com\/blog\/post\/2022\/09\/20\/19-09-2022-sebicircular-validationinstructions-pay-inofsecurities-clientdemataccount-tradingmember-poolaccount-against-obligations-received-clearingcorporations-protect-interests-investors-securities\/","title":{"rendered":"SEBI issues circular on Validation of Instructions for Pay-In of Securities from Client Demat account to Trading Member (TM) Pool Account against obligations received from the Clearing Corporations"},"content":{"rendered":"
\n

   <\/p>\n

On 19-09-2022, the Securities and Exchange Board of India(‘SEBI') issued a circular on validation of Instructions for Pay- In of Securities from Client Demat account to Trading Member (‘TM') Pool Account against obligations received from the Clearing Corporations to protect the interests of investors in securities and to promote the development of, and to regulate the securities markets. These guidelines will come into effect from 25-11-2022.<\/p>\n

Applicability: All depositories and recognized Stock Exchanges and CCs.<\/p>\n

Not applicable to clients having arrangements with custodians registered with SEBI for clearing and settlement of trades.<\/p>\n

Key Points: <\/p>\n

To further mitigate the risk of clients' securities particularly those which are given towards delivery\/ settlement obligations, SEBI declared further guidelines with consultation with Exchanges, Depositories and Clearing Corporations (‘CCs'):<\/p>\n

Depositories, prior to executing actual transfer of the securities for PayIn from client demat account to TM Pool Account,should validate the transfer instruction received through the available channels either initiated by clients themselves or by the Power of Attorney or Demat Debit and Pledge Instruction holder against the client-wise net delivery obligation received from CCs.<\/p>\n

    \n
  1. \n

    Depositories receive the debit instruction for the purpose of Pay-In, given either by client himself using depository's online system or eDIS mandate or through depository participant based on physical DIS\/ digitally signed DIS given by client or POA\/ DDPI holder.<\/p>\n<\/li>\n

  2. \n

    CCs must provide client-wise net delivery obligations on T Day to the depositories.<\/p>\n<\/li>\n

  3. \n

    Depositories must validate the transfer instructions with the CC based on Unique Client Code(‘UCC'), TM, Clearing Member('CM'), Exchange ID, International Securities Identification Number(‘ISIN'), quantity, settlement details.<\/p>\n<\/li>\n

  4. \n

    When the instructions are matched, they must be carried out by the Depositories and such securities will be debited from client's Demat account and credited to linked TM Pool account on or before the settlement day.<\/p>\n<\/li>\n

  5. \n

    When the instructions are unmatched, <\/span>depositories will reject the transfer instructions.<\/p>\n<\/li>\n

  6. \n

    In case of discrepancies,<\/p>\n

      \n
    • \n

      If the quantity in instruction is less<\/span> than the obligation provided by CC, then the instruction will be carried out by the depositories.<\/p>\n<\/li>\n

    • \n

      If the quantity in instruction is more<\/span> than the obligation provided by CC, then the instruction will be partially processed by the depositories, that is, up to the matching obligation quantity.<\/p>\n<\/li>\n<\/ul>\n<\/li>\n<\/ol>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

          On 19-09-2022, the Securities and Exchange Board of India(‘SEBI') issued a circular on validation of Instructions for Pay- In of <\/p>\n","protected":false},"author":8808,"featured_media":264666,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[4,1193],"tags":[35845,38236,51822,39643,51823,51824,51825,51826,51827,2563,51828,51829],"class_list":["post-274049","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-legislationupdates","category-notifications","tag-circular","tag-clearing-corporations","tag-clearing-member","tag-demat-account","tag-demat-debit-and-pledge-instructions","tag-exchange-id","tag-isin","tag-pay-in-securities","tag-pool-account","tag-SEBI","tag-trading-member","tag-ucc"],"yoast_head":"\nSEBI issues circular on Validation of Instructions for Pay-In of Securities from Client Demat 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2022","format":false,"excerpt":"\u00a0 \u00a0 On 11-11-2022, the Securities and Exchange Board of India (\u2018SEBI\u2019) has issued circular revising the Handling of Clients\u2019 Securities by Trading Members (\u2018TM\u2019)\/ Clearing Members (\u2018CM\u2019) which was introduced by SEBI Circular dated 20-06-2019, to streamline the process of handling of unpaid securities by TM\/ CM and also\u2026","rel":"","context":"In "Legislation Updates"","block_context":{"text":"Legislation Updates","link":"https:\/\/www.scconline.com\/blog\/post\/category\/legislationupdates\/"},"img":{"alt_text":"SEBI","src":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2022\/03\/MicrosoftTeams-image-111-4.jpg?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2022\/03\/MicrosoftTeams-image-111-4.jpg?resize=350%2C200&ssl=1 1x, 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Vide SEBI circular no. SEBI\/HO\/MIRSD\/DOP\/CIR\/P\/2018\/153 dated December 17, 2018, Early Warning Mechanism was put in place to detect the diversion of client\u2019s securities by the stock broker at an early stage so as to take appropriate preventive measures. Early Warning circular, inter-alia, specified that Stock Exchanges \/ Clearing Corporations\u2026","rel":"","context":"In "Legislation Updates"","block_context":{"text":"Legislation Updates","link":"https:\/\/www.scconline.com\/blog\/post\/category\/legislationupdates\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":225821,"url":"https:\/\/www.scconline.com\/blog\/post\/2020\/02\/17\/sebi-develops-an-online-system-for-detecting-misuse-of-clients-securities-by-brokers\/","url_meta":{"origin":274049,"position":2},"title":"SEBI develops an online system for detecting misuse of clients\u2019 securities by brokers","author":"Bhumika Indulia","date":"February 17, 2020","format":false,"excerpt":"In the recent past years, it has been observed that some brokers have misused clients\u2019 securities received as collateral to meet their own settlement obligation or obligations of other clients. Some brokers have also misused clients\u2019 securities by pledging them with the banks and NBFCs to raise funds for their\u2026","rel":"","context":"In "Hot Off The Press"","block_context":{"text":"Hot Off The Press","link":"https:\/\/www.scconline.com\/blog\/post\/category\/news\/hot_off_the_press\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":252953,"url":"https:\/\/www.scconline.com\/blog\/post\/2021\/08\/19\/sebi-issues-new-guidelines-for-tendering-and-settlement-of-shares-through-stock-exchange\/","url_meta":{"origin":274049,"position":3},"title":"SEBI issues new guidelines for tendering and settlement of shares through stock exchange","author":"Prachi Bhardwaj","date":"August 19, 2021","format":false,"excerpt":"The Securities and Exchange Board of India has issued a circular dated August 13, 2021 stating that a lien shall be marked by the Depositories in the depository system in the Beneficial Owner\u2019s Demat Account for the shares offered in tender offers. \u00a0 Key guidelines are: Every detail of shares\u2026","rel":"","context":"In "Legislation Updates"","block_context":{"text":"Legislation Updates","link":"https:\/\/www.scconline.com\/blog\/post\/category\/legislationupdates\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2021\/08\/MicrosoftTeams-image-135.jpg?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2021\/08\/MicrosoftTeams-image-135.jpg?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2021\/08\/MicrosoftTeams-image-135.jpg?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2021\/08\/MicrosoftTeams-image-135.jpg?resize=700%2C400&ssl=1 2x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2021\/08\/MicrosoftTeams-image-135.jpg?resize=1050%2C600&ssl=1 3x"},"classes":[]},{"id":221980,"url":"https:\/\/www.scconline.com\/blog\/post\/2019\/11\/11\/sebi-allows-cross-margining-facility-in-respect-of-offsetting-positions-in-co-related-equity-indices\/","url_meta":{"origin":274049,"position":4},"title":"SEBI allows Cross-Margining facility in respect of offsetting positions in co-related equity Indices [Read to know the concept]","author":"Bhumika Indulia","date":"November 11, 2019","format":false,"excerpt":"Concept of Cross Margining According to \"capitalmind.in\", the concept of\u00a0cross-margining is that positions can now be offset between segments. The \u201ccash\u201d segment \u2013 where you own stocks in your Demat account \u2013 can now be offset against corresponding futures. For instance, I might own 250 shares of Reliance. And then,\u2026","rel":"","context":"In "Business News"","block_context":{"text":"Business News","link":"https:\/\/www.scconline.com\/blog\/post\/category\/news\/business_news\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":268774,"url":"https:\/\/www.scconline.com\/blog\/post\/2022\/06\/21\/sebi-issues-circular-for-naming-tagging-of-demat-accounts-by-june\/","url_meta":{"origin":274049,"position":5},"title":"SEBI issues circular for naming \/ tagging of demat accounts by June 30, 2022","author":"Bhumika Indulia","date":"June 21, 2022","format":false,"excerpt":"On June 20, 2022, the Securities and Exchange Board of India has issued a circular requiring all stock brokers to name and tag demat accounts of clients by June 30, 2022. Key points: All demat accounts of stock brokers which are untagged need to be appropriately tagged by June 30,\u2026","rel":"","context":"In "Legislation Updates"","block_context":{"text":"Legislation Updates","link":"https:\/\/www.scconline.com\/blog\/post\/category\/legislationupdates\/"},"img":{"alt_text":"SEBI","src":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2022\/03\/MicrosoftTeams-image-111-4.jpg?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2022\/03\/MicrosoftTeams-image-111-4.jpg?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2022\/03\/MicrosoftTeams-image-111-4.jpg?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2022\/03\/MicrosoftTeams-image-111-4.jpg?resize=700%2C400&ssl=1 2x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2022\/03\/MicrosoftTeams-image-111-4.jpg?resize=1050%2C600&ssl=1 3x"},"classes":[]}],"amp_enabled":true,"_links":{"self":[{"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/posts\/274049","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/users\/8808"}],"replies":[{"embeddable":true,"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/comments?post=274049"}],"version-history":[{"count":0,"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/posts\/274049\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/media\/264666"}],"wp:attachment":[{"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/media?parent=274049"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/categories?post=274049"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/tags?post=274049"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}