 "Client securities: Sebi extends deadline by a month for brokers")
The Securities and Exchange Board of India on Thursday gave an extended deadline to brokers to square off all client trades that were not fully paid. These were related to clients’ shares that were pledged by the brokers. Earlier, the deadline to square-off these trades was August 31, 2019, if the client was unable to meet the payment obligation.
Now, it has been extended till September 31, 2019. The shares can be disposed five days after this deadline, by giving notice to the client. There were fears that unwinding of these positions could have added to the selling pressure in the markets.
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