Revised Standard Operating Procedure to be followed by Clearing Corporations in case of default by Clearing Member

SEBI vide circular dated May 27, 2022T has revised the Standard Operating Procedure to be followed by Clearing Corporations in case of default by Clearing Member. CCs shall endeavor to settle the claims of maximum number of clients by way of interim measures, under their supervision prior to issuing show cause notice (SCN) for declaring the TM a defaulter. The TM shall be instructed to pay small investors out of available funds and own resources (movable and immovable) under the supervision of the ISE/ SEs Within 30 trading days from crystallization of balances.