The audit and final comments were received by Sebi on Monday, it added. Karvy shall not alienate any of its assets, except with the prior permission of NSE till the investor claims are settled, said Sebi.
Simultaneously, a member of parliament has written to the markets regulator requesting back-testing of broker defaults in the past decade, and whether these could have been prevented with higher client margins. Sebi has now mandated collection of upfront margin, client authorization before pledging and peak margin reporting, in an attempt to check misuse of client securities. Peak margins, which start from 1 December, will involve informing traders and investors at least four times a day about their margin requirements.
Brokers sceptical of the move say clients will need to maintain a lot more margin to initiate intra-day trading. Any default in margin could lead to penalties for clients. Never miss a story! Stay connected and informed with Mint. Currency Derivatives. Debt Segment. Membership deposit of 10 lakhs per segment will be collected in Cash only. Payable by Member on Activation of trading. In the wake of allegations of preferential access to Tick-by-Tick TBT data feed given by NSE to certain trading members, the matter was taken up for investigation by the regulator.
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