New Delhi, Sep 8 (PTI) Depositories and clearing corporations on Tuesday said settlements have been 'completed seamlessly in time' as transition to the new margin pledge process stabilised.
The new framework on share pledging/ repledging came into force from September 1.
'The transition to new margin pledge process with significant amount of margin pledges/ repledges has now stabilised. Settlements for today have been completed seamlessly in time,' according to a joint statement.
The statement was issued by the depositories -- CDSL and NSDL -- and the clearing corporations -- ICCL and NSE Clearing Ltd.
Last week, these entities said they expected the process to stabilise this week.
Under the new system, when investors pledge securities to the stock broker it will remain in their demat account. Then investors need to pledge these securities directly to the clearing corporation to receive a margin loan.
Further, stock brokers will have to collect margins from investors upfront for any purchase or sale of shares and failure to do so will attract a penalty.
On Thursday, the Association of National Exchanges Members of India (Anmi) had requested Sebi to postpone the penalty provisions on the cash and derivative segment till September 15, saying systems were not geared and tested fully, in spite of the assertions of market infrastructure institutions.
In its letter, Anmi had mentioned that there were inordinate delays happening at each level of the margin pledge process with clearing corporations and depositories.
However, the request was rejected and the watchdog implemented the new framework from September 1. PTI SP RUJ RAM