CIRCULAR
SEBI/HO/MIRSD/MIRSD-PoD/P/CIR/2025/118 August 18, 2025
To,
All recognized Stock Exchanges
All Recognized Clearing Corporations
All Depositories
Madam / Sir,
Sub: Extension of timeline for implementation of SEBI Circular ‘Margin
obligations to be given by way of pledge/Re-pledge in the Depository
System’ dated June 03, 2025
1. SEBI issued circular on ‘Margin obligations to be given by way of pledge/Re-pledge
in the Depository System’ on June 03, 2025. The provisions of the circular were to
come into effect from September 01, 2025.
2. SEBI has received representation from depositories (CDSL and NSDL) requesting
for an extension of time to carry out system developments and to ensure system
readiness by carrying end-to-end testing. Based on the same and in order to
ensure smooth implementation without any disruption to the market players and
investors, it has been decided to extend the timeline for implementation to October
10, 2025.
3. Stock Exchanges, Depositories and Clearing Corporations are directed to:
3.1. bring the provisions of this circular to the notice of their members / participants
and also disseminate the same on their websites;
3.2. put in place appropriate systems and procedures to ensure compliance of the
provisions of this circular;
3.3. make necessary amendments to the relevant Bye-laws, Rules and Regulations
for the implementation of the above decision;
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4. This circular is issued in exercise of powers conferred under Section 11(1) of
Chapter IV of the Securities and Exchange Board of India Act, 1992, read with
Regulation 30 of Chapter VII of SEBI (Stock Brokers) Regulations, 1992 to protect
the interests of investors in securities and to promote the development of, and to
regulate the securities markets.
5. This circular is available on SEBI website at www.sebi.gov.in under the category:
‘Legal → Circulars’.
Yours faithfully,
Aradhana Verma
General Manager
Tel. No: 022 26449633
aradhanad@sebi.gov.in
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