Sebi directs stock brokers not to accept cash

COIMBATORE: Markets regulator Sebi has mentioned that stock agents will have to no longer settle for money henceforth from their purchasers. “In view of the various modes of cost through electronic approach available today, it's directed that stock agents shall no longer settle for money from their purchasers either without delay or by the use of money deposit to the bank account of stock dealer,” the regulator mentioned in its newest circular.


The directive comes at a time when maximum agents don't settle for money from their purchasers as they like to not take any chances with strict cash laundering laws.


“All bills can be received/made via the stock agents from/to the purchasers strictly via account payee crossed cheques/demand drafts or by the use of direct credit into the bank account through electronic fund switch, or some other mode authorized via the Reserve Bank of India,” the Sebi circular mentioned.


“Stock agents shall settle for cheques drawn most effective via the purchasers and likewise factor cheques in favour of the purchasers most effective, for their transactions. Stock agents shall no longer settle for money from their purchasers either without delay or by the use of money deposit to the bank account of stock dealer,” it mentioned.


Market avid gamers mentioned at the moment some money transactions may be going down in smaller cities and towns, but no longer in huge buying and selling centres. Currently, Sebi permits use of money of up to Rs 50,000 in keeping with annum in keeping with particular person in mutual budget. However, within the fund industry too because of the tedious strategy of accepting money from buyers, maximum mutual budget decline to do industry the usage of money.
Sebi directs stock brokers not to accept cash Sebi directs stock brokers not to accept cash Reviewed by kailash soni on July 14, 2018 Rating: 5
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