Kya hua
SEBI ne 22 Oct 2026 ko Circular HO/(320)2026-MRD-POD2/I/24141/2026 jaari kiya tha, jo 22 Feb 2027 se effective hoga; clearing corporations trade day par deliver kiye gaye EPI aur bechi gayi value mein se jo bhi kam ho, use accepted EPI value maanenge.
Mujhe kya farq padta hai
Cash-segment traders ko baad ke buy ya sell trades par accepted EPI value tak ka margin-relief buffer milega, jabki brokers ko risk-management systems ko update karne ke liye chaar mahine ka time milega.
Yaad rakh
22 Feb 2027 se, SEBI ke naye rule ke tehat cash-segment margin mein EPI value count hogi.
Aur context aur kis par asar
SEBI ne cash-segment traders ke liye ek naya margin-waiver route diya hai. 22 Oct 2026 ko jaari Circular HO/(320)2026-MRD-POD2/I/24141/2026, exchanges aur unke clearinghouses ke liye chaar mahine ke implementation window ke baad 22 Feb 2027 ko laagu hoga.
Us date ke baad, accepted EPI value sirf tabhi baad ke buy ya sell positions ke against count hogi jab client ke paas settlement mein net sell obligation ho. Is revision ke tehat, clearing corporations deliver kiye gaye EPI aur bechi gayi securities ki value mein se jo bhi kam ho, use lenge aur us figure ko margin offset ke roop mein pass karenge.
Agar koi client us sale ko reverse karta hai jiske liye benefit diya gaya tha, toh offset withdraw ho jayega aur kisi bhi client-level shortfall ko TM/CM ke apne collateral se block kar diya jayega; trade-for-trade securities is clawback se baahar rahengi. SEBI brokers ko live client margin par fresh aur closing trades ko gate karne ke liye bhi kehta hai.
- Laagu hone ki tareekh
- 22 Feb 2027 22 Oct 2026 ke circular ke chaar mahine baad, jisse brokers aur clearing corporations ko systems aur client-facing rules upgrade karne ka time milta hai.The HinduNiftyTrader
- Accepted EPI value
- min(EPI delivered, value sold) Trade day par clearing corporation dwara compute ki jati hai; yeh margin benefit ko asal mein bechi gayi securities dwara support ki gayi value tak cap karti hai.The HinduNiftyTrader
- Worked example
- Rs 80,000 Agar koi client 1 lakh rupaye ki securities bechta hai aur clearing corporation 80,000 rupaye ka EPI accept karta hai, toh eligible EPI value 80,000 rupaye hogi.NiftyTrader
Timeline
- 22 Oct 2026 — SEBI ne apne Market Regulation Department ke through Circular HO/(320)2026-MRD-POD2/I/24141/2026 jaari kiya.
- 22 Feb 2027 — Revised EPI margin framework laagu hoga; brokers ke paas updated risk-management systems hone chahiye.
- Uske baad har trade day par — Clearing corporations accepted EPI value compute karte hain aur offset ko brokers ko pass karte hain.
Traders · Retail Investors
Cash-segment traders ko follow-up trades par EPI-backed margin relief milti rahegi; accepted EPI value ab EPI done aur bechi gayi value mein se jo bhi kam ho, us par cap hogi.
Brokers And Dealers · Compliance Officers
Brokers ko 22 Feb 2027 ki effective date se pehle risk-management systems ko mazboot karna hoga aur client-facing rules ko update karna hoga.
Traders · Retail Investors
EPI-backed sale ko reverse karne par benefit ka clawback trigger hota hai aur TM/CM proprietary collateral se shortfall ko block kar diya jata hai.
ReportingThe Hindu ↗NiftyTrader ↗
Sources aur jaanch2 sources · 4 daave
Yeh is khabar ke source records hain. Source link hona apne aap mein independent confirmation nahi hai.
- The HinduReporting
SEBI eases margin rules for early share delivery; EPI value to be calculated on trade day ↗
Publish hua Oct 22, 2026 · Dekha gaya Oct 22, 2026 - NiftyTraderReporting
SEBI Eases EPI Margin Rules for Cash-Market Trades From February 22 ↗
Publish hua Oct 22, 2026 · Dekha gaya Oct 22, 2026
Daave aur unke sources
SEBI ne 22 Oct 2026 ko apne Market Regulation Department ke through Circular HO/(320)2026-MRD-POD2/I/24141/2026 jaari kiya tha.
Revised EPI margin framework 22 Feb 2027 ko laagu hoga, jisse brokers aur clearing corporations ko chaar mahine ka implementation window milega.
Clearing corporations sale wale din deliver kiye gaye EPI aur bechi gayi securities ki value mein se jo bhi kam ho, use accepted EPI value ke roop mein compute karte hain.
SEBI ne brokers ko risk-management systems update karne, client-level margin par fresh ya closing trades ko gate karne, aur framework laagu hone se pehle client-facing rules revise karne ka nirdesh diya hai.
