May 27, 2022
To,
All Recognised Stock Exchanges
All Recognised Clearing Corporations
All Depositories
Dear Sir/Madam,
1. SEBI vide circular no. SEBI/HO/MIRSD/DPIEA/CIR/P/2020/115 dated July 1, 2020 had specified the Standard Operating Procedure enumerating the steps to be taken by the Stock Exchanges (“SEs”), Clearing Corporations (“CCs”) and Depositories in cases where SE / CC is of the view that Trading Member / Clearing Member is likely to default in repayment of funds or securities to its clients.
2. SEBI, in consultation with the Market Infrastructure Institutions, has decided to modify clause 4.25 of SEBI circular no. SEBI/HO/MIRSD/DPIEA/CIR/P/2020/115 dated July 1, 2020 in order to provide equitable distribution of funds amongst investors. Accordingly, clause 4.25 of the said circular stands modified as under :
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