Brokers' body asks Sebi for status quo on peak margin norms

Says there have been no reported instances of defaults under the current system

Brokers' body Association of National Exchanges Members of India (Anmi) has requested the Securities and Exchange Board of India to maintain status quo on the peak margin rules as there had been no reported instances of defaults under the current system.

Sebi has effectively capped the leverage possible in derivatives to four times the margin in phase 1 (from December 1). A penalty is levied if margin blocked is less than 25 per cent of the minimum 20 per cent of the trade value (VAR+ELM) for stocks or SPAN+Exposure for F&O. From March 1, penalty will be levied if margin