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Highlights of NSE Circular dated March 27, 2023
Settlement of Running Account of Client's funds lying with Trading
Member (TM)
NSE, vide its earlier Circulars No. SEBI/HO/MIRSD/DOP/P/CIR/2022/101
dated July 27, 2022 and Exchange Circular NSE/INSP/53115 dated July 27, 2022
regarding “Settlement of Running Account of Clients’ Funds lying with Trading
Member (TM)” and subsequent FAQs notified vide Exchange Circular
NSE/INSP/53820 dated September 23, 2022 had directed members to carry out the
settlement of running account of clients’ funds on the first Friday of the
Month/Quarter as per the preference opted by the client and if first Friday
is a trading holiday, then such settlement shall happen on the previous
trading day.
NSE has now requested Members to note that first Friday of the Quarter
April – June, 2023 (i.e. April 7, 2023) being a trading holiday, the
settlement of running account of client’s funds in accordance with aforesaid
circulars shall be carried out by members on the previous trading day i.e.
April 6, 2023 (Thursday).
Further, Members’ attention is also drawn to Exchange Circulars
NSE/INSP/55024 dated December 28, 2022 & NSE/INSP/55135 dated January 05,
2023 on reporting requirement on settlement of running account of clients’
funds lying with Trading Member (TM) wherein members have been advised to
submit the summary of settlement of clients’ funds and UCC wise settlement
details to the Exchange within the prescribed timelines through the online
facility as made available by the Exchange.
Based on the data submitted by the members in the aforesaid
submissions for the last quarter January – March 2023, it has been observed
by the Exchange that values of certain data points such as value of funds
retained, value of funds settled etc. were incorrectly reported by certain members.
In view of the same, clarifications/guidelines on data points being
reported under aforesaid submissions are provided to members in the enclosed
Annexure 1 to this Circular. Members are requested to ensure the same while
making these submissions to the Exchange.
NSE Circular
no. NSE/INSP/56148 dated March 27, 2023, is enclosed herewith for your ready
reference.
In case of any clarification or assistance required in implementation of this
circular you may contact
Vandana Vania– van...@secmark.in
/ 9223303460
Kaushik Jethwa – kau...@secmark.in
/ 9870210171
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