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By Rediff Cash Desk, New Delhi Nov 11, 2024 19:27
Sebi has directed certified inventory brokers (QSBs) to supply UPI-based block buying and selling or 3-in-1 accounts to traders from February 1, 2025. This transfer goals to enhance investor comfort and entry to monetary markets.
{Photograph}: Francis Mascarenhas/Reuters
New Delhi, Nov 11 (PTI) Markets regulator Sebi on Monday requested certified inventory brokers to supply both the ability of buying and selling within the secondary market utilizing the UPI-based block mechanism to their purchasers just like the ASBA facility or a three-in-one buying and selling account facility from February 1.
These certified inventory brokers brokers (QSBs) should provide one in every of these two choices, along with the present mode of buying and selling.
The three-in-one buying and selling account combines a financial savings account, a demat account, and a buying and selling account right into a single built-in resolution. On this case, the purchasers would have their funds of their checking account, incomes curiosity on the money balances.
The route got here after the Sebi board permitted a proposal on this regard in its board assembly in late September.
“Along with the present mode of buying and selling, the Certified Inventory Brokers shall present both the ability of buying and selling supported by the blocked quantity within the secondary market (money section), utilizing UPI block mechanism or the 3-in-1 Buying and selling Account facility, to their purchasers,” Sebi stated in a round.
Purchasers of the QSBs may have the choice to both proceed with the prevailing facility of buying and selling by transferring funds to a buying and selling member or go for both of those services.
Buying and selling members ™ are labeled as QSBs based mostly on components like the dimensions and scale of their operations, together with the variety of lively purchasers, the whole property held by purchasers with the TM, the end-of-day margin of all purchasers, and the buying and selling quantity of the TM.
The transfer, geared toward vital potential advantages to traders, will come into impact from February 1, 2025.
Within the UPI block mechanism, purchasers can commerce within the secondary market based mostly on blocked funds of their financial institution accounts as an alternative of transferring the funds up
