Brokers need to submit info on client funds on monthly basis

Leading stock exchange BSE today asked brokers to submit information about their clients' funds to it on a monthly basis till next March.
Earlier, brokers were required to provide information on a weekly basis.
These information include aggregate of fund balances available in all client bank accounts, as well as the settlement account maintained by brokers across exchanges and value of collateral deposited with clearing corporations.
"All stock brokers are required to upload the data as on last trading day of the month within seven days of the subsequent month. The circular shall be effective from July, 2017," BSE said.

Besides, brokers have been asked to submit the data on clients' funds lying with them on last trading day of every month on or before the next trading day till March 2018, BSE said in a circular.
Thereafter, the uploading of that data by the broker to the exchange would be on a weekly basis, it added.
The move comes after markets regulator Sebi issued a directive in this regard last month.