Brokers demand postponement of new standards on margin pledge for one more month

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(Commercial Representative) Mumbai, Ta. Saturday, August 29, 2020

Both brokers and depositors have demanded that the new standards on margin pledge and replacement (MPR), effective September 1, 2020, be postponed for another month. It has been demanded to postpone these new standards on the ground that they are not technically ready to prepare the proposed framework.

The new standards on margin pledges will come into effect from September 1, 2020. A meeting of brokers, depositories and clearing corporations has been convened again next Monday by the Securities and Exchange Board of India (SEBI) to analyze the implementation of the MPR process. In a letter to SEBI, the Association of National Exchange Members of India (NMI) said the MPR process is still incomplete and if the implementation of the new system is not postponed, the market is likely to face a major setback in the coming weeks.

The NMA has also told Sebi that operations in the depositories have not yet stabilized, the UCC database which needs to be corrected before starting the process has been mismatched and if the solution is not given priority, it will make it difficult to process mortgages and replacements. . Brokers say their systems are still in the premature stages of login and if replacement cannot be initiated in both depositories. Which requires exceptional testing of the system before its final implementation.

Central Depository Services Systems (CDSL) does not allow a second pledge for another segment if previously pledged for one segment, when a member attempted to upload five lakh instructions on it as per the National Securities Depository System (NSDL) batch. Was broken.

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