{"id":5634,"date":"2026-04-26T11:56:58","date_gmt":"2026-04-26T11:56:58","guid":{"rendered":"https:\/\/bhatiabhola.com\/?p=5634"},"modified":"2026-04-26T11:57:00","modified_gmt":"2026-04-26T11:57:00","slug":"sebi-consultation-paper-dated-24-04-2026-handling-of-client-unpaid-securities-by-trading-members-tm-clearing-members-cm","status":"publish","type":"post","link":"https:\/\/bhatiabhola.com\/index.php\/blog\/2026\/04\/26\/sebi-consultation-paper-dated-24-04-2026-handling-of-client-unpaid-securities-by-trading-members-tm-clearing-members-cm\/","title":{"rendered":"SEBI Consultation Paper Dated 24\/04\/2026 &#8211; Handling of Client Unpaid Securities by Trading Members (TM)\/ Clearing Members (CM)\u00a0\u00a0"},"content":{"rendered":"\n<p>The existing provisions under the Master Circular mandate use of a \u2018Client Unpaid Securities Pledgee Account\u2019 (CUSPA) for pledging unpaid securities. The proposals include clarifying that the funding period may be shorter than five trading days, prescribing timelines for pledge release (same day or next day depending on payment timing), enabling partial release of pledged securities, and specifying auto-release timelines at the end of the sixth trading day. It also clarifies re-pledging procedures between TMs and CMs, permits extensions in exceptional cases. The feedback\/ comments from stakeholders are invited.<\/p>\n\n\n\n<p><a href=\"https:\/\/www.sebi.gov.in\/reports-and-statistics\/reports\/apr-2026\/consultation-paper-on-ease-of-doing-investment-and-ease-of-doing-business-handling-of-unpaid-securities-of-clients-by-trading-members-clearing-members-_101093.html\"><em>(Link: SEBI Consultation Paper Dated 24\/04\/2026)<\/em><\/a><em><\/em><\/p>\n","protected":false},"excerpt":{"rendered":"<p>The existing provisions under the Master Circular mandate use of a \u2018Client Unpaid Securities Pledgee Account\u2019 (CUSPA) for pledging unpaid [&hellip;]<\/p>\n","protected":false},"author":4,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"site-sidebar-layout":"default","site-content-layout":"","ast-site-content-layout":"","site-content-style":"default","site-sidebar-style":"default","ast-global-header-display":"","ast-banner-title-visibility":"","ast-main-header-display":"","ast-hfb-above-header-display":"","ast-hfb-below-header-display":"","ast-hfb-mobile-header-display":"","site-post-title":"","ast-breadcrumbs-content":"","ast-featured-img":"","footer-sml-layout":"","theme-transparent-header-meta":"","adv-header-id-meta":"","stick-header-meta":"","header-above-stick-meta":"","header-main-stick-meta":"","header-below-stick-meta":"","astra-migrate-meta-layouts":"default","ast-page-background-enabled":"default","ast-page-background-meta":{"desktop":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"tablet":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"mobile":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""}},"ast-content-background-meta":{"desktop":{"background-color":"var(--ast-global-color-4)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"tablet":{"background-color":"var(--ast-global-color-4)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"mobile":{"background-color":"var(--ast-global-color-4)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""}},"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":true,"jetpack_social_options":{"image_generator_settings":{"template":"highway","default_image_id":0,"enabled":false},"version":2}},"categories":[95,52],"tags":[],"class_list":["post-5634","post","type-post","status-publish","format-standard","hentry","category-reports-for-public-comments","category-sebi"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v25.2 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>SEBI Consultation Paper Dated 24\/04\/2026 - Handling of Client Unpaid Securities by Trading Members (TM)\/ Clearing Members (CM)\u00a0\u00a0 - Bhatia Bhola &amp; Associates LLP<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/bhatiabhola.com\/index.php\/blog\/2026\/04\/26\/sebi-consultation-paper-dated-24-04-2026-handling-of-client-unpaid-securities-by-trading-members-tm-clearing-members-cm\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"SEBI Consultation Paper Dated 24\/04\/2026 - Handling of Client Unpaid Securities by Trading Members (TM)\/ Clearing Members (CM)\u00a0\u00a0 - Bhatia Bhola &amp; Associates LLP\" \/>\n<meta property=\"og:description\" content=\"The existing provisions under the Master Circular mandate use of a \u2018Client Unpaid Securities Pledgee Account\u2019 (CUSPA) for pledging unpaid [&hellip;]\" \/>\n<meta property=\"og:url\" content=\"https:\/\/bhatiabhola.com\/index.php\/blog\/2026\/04\/26\/sebi-consultation-paper-dated-24-04-2026-handling-of-client-unpaid-securities-by-trading-members-tm-clearing-members-cm\/\" \/>\n<meta property=\"og:site_name\" content=\"Bhatia Bhola &amp; Associates LLP\" \/>\n<meta property=\"article:published_time\" content=\"2026-04-26T11:56:58+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2026-04-26T11:57:00+00:00\" \/>\n<meta name=\"author\" content=\"Yash Bhola\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Yash Bhola\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"1 minute\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/bhatiabhola.com\/index.php\/blog\/2026\/04\/26\/sebi-consultation-paper-dated-24-04-2026-handling-of-client-unpaid-securities-by-trading-members-tm-clearing-members-cm\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/bhatiabhola.com\/index.php\/blog\/2026\/04\/26\/sebi-consultation-paper-dated-24-04-2026-handling-of-client-unpaid-securities-by-trading-members-tm-clearing-members-cm\/\"},\"author\":{\"name\":\"Yash Bhola\",\"@id\":\"https:\/\/bhatiabhola.com\/#\/schema\/person\/5c941d1613f06d46d7c656c473e8249c\"},\"headline\":\"SEBI Consultation Paper Dated 24\/04\/2026 &#8211; Handling of Client Unpaid Securities by Trading Members (TM)\/ Clearing Members (CM)\u00a0\u00a0\",\"datePublished\":\"2026-04-26T11:56:58+00:00\",\"dateModified\":\"2026-04-26T11:57:00+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/bhatiabhola.com\/index.php\/blog\/2026\/04\/26\/sebi-consultation-paper-dated-24-04-2026-handling-of-client-unpaid-securities-by-trading-members-tm-clearing-members-cm\/\"},\"wordCount\":111,\"commentCount\":0,\"publisher\":{\"@id\":\"https:\/\/bhatiabhola.com\/#organization\"},\"articleSection\":[\"Reports for Public Comments\",\"SEBI\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\/\/bhatiabhola.com\/index.php\/blog\/2026\/04\/26\/sebi-consultation-paper-dated-24-04-2026-handling-of-client-unpaid-securities-by-trading-members-tm-clearing-members-cm\/#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/bhatiabhola.com\/index.php\/blog\/2026\/04\/26\/sebi-consultation-paper-dated-24-04-2026-handling-of-client-unpaid-securities-by-trading-members-tm-clearing-members-cm\/\",\"url\":\"https:\/\/bhatiabhola.com\/index.php\/blog\/2026\/04\/26\/sebi-consultation-paper-dated-24-04-2026-handling-of-client-unpaid-securities-by-trading-members-tm-clearing-members-cm\/\",\"name\":\"SEBI Consultation Paper Dated 24\/04\/2026 - Handling of Client Unpaid Securities by Trading Members (TM)\/ Clearing Members (CM)\u00a0\u00a0 - Bhatia Bhola &amp; Associates LLP\",\"isPartOf\":{\"@id\":\"https:\/\/bhatiabhola.com\/#website\"},\"datePublished\":\"2026-04-26T11:56:58+00:00\",\"dateModified\":\"2026-04-26T11:57:00+00:00\",\"breadcrumb\":{\"@id\":\"https:\/\/bhatiabhola.com\/index.php\/blog\/2026\/04\/26\/sebi-consultation-paper-dated-24-04-2026-handling-of-client-unpaid-securities-by-trading-members-tm-clearing-members-cm\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/bhatiabhola.com\/index.php\/blog\/2026\/04\/26\/sebi-consultation-paper-dated-24-04-2026-handling-of-client-unpaid-securities-by-trading-members-tm-clearing-members-cm\/\"]}]},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\/\/bhatiabhola.com\/index.php\/blog\/2026\/04\/26\/sebi-consultation-paper-dated-24-04-2026-handling-of-client-unpaid-securities-by-trading-members-tm-clearing-members-cm\/#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\/\/bhatiabhola.com\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"SEBI Consultation Paper Dated 24\/04\/2026 &#8211; Handling of Client Unpaid Securities by Trading Members (TM)\/ Clearing Members (CM)\u00a0\u00a0\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\/\/bhatiabhola.com\/#website\",\"url\":\"https:\/\/bhatiabhola.com\/\",\"name\":\"Bhatia Bhola & Associates LLP\",\"description\":\"\",\"publisher\":{\"@id\":\"https:\/\/bhatiabhola.com\/#organization\"},\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\/\/bhatiabhola.com\/?s={search_term_string}\"},\"query-input\":{\"@type\":\"PropertyValueSpecification\",\"valueRequired\":true,\"valueName\":\"search_term_string\"}}],\"inLanguage\":\"en-US\"},{\"@type\":\"Organization\",\"@id\":\"https:\/\/bhatiabhola.com\/#organization\",\"name\":\"Bhatia Bhola & Associates LLP\",\"url\":\"https:\/\/bhatiabhola.com\/\",\"logo\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/bhatiabhola.com\/#\/schema\/logo\/image\/\",\"url\":\"https:\/\/bhatiabhola.com\/wp-content\/uploads\/2025\/04\/cropped-cropped-Screenshot-2025-04-29-at-7.15.27\u202fAM.png\",\"contentUrl\":\"https:\/\/bhatiabhola.com\/wp-content\/uploads\/2025\/04\/cropped-cropped-Screenshot-2025-04-29-at-7.15.27\u202fAM.png\",\"width\":1709,\"height\":376,\"caption\":\"Bhatia Bhola & Associates LLP\"},\"image\":{\"@id\":\"https:\/\/bhatiabhola.com\/#\/schema\/logo\/image\/\"}},{\"@type\":\"Person\",\"@id\":\"https:\/\/bhatiabhola.com\/#\/schema\/person\/5c941d1613f06d46d7c656c473e8249c\",\"name\":\"Yash Bhola\",\"image\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/bhatiabhola.com\/#\/schema\/person\/image\/\",\"url\":\"https:\/\/secure.gravatar.com\/avatar\/aead41d7b2f010c8a719d781a6360aab0ad14fcb72ed48e049d2bbe80a30a6f8?s=96&d=mm&r=g\",\"contentUrl\":\"https:\/\/secure.gravatar.com\/avatar\/aead41d7b2f010c8a719d781a6360aab0ad14fcb72ed48e049d2bbe80a30a6f8?s=96&d=mm&r=g\",\"caption\":\"Yash Bhola\"},\"url\":\"https:\/\/bhatiabhola.com\/index.php\/blog\/author\/bba_ypbhola\/\"}]}<\/script>\n<!-- \/ Yoast SEO plugin. -->","yoast_head_json":{"title":"SEBI Consultation Paper Dated 24\/04\/2026 - Handling of Client Unpaid Securities by Trading Members (TM)\/ Clearing Members (CM)\u00a0\u00a0 - Bhatia Bhola &amp; Associates LLP","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/bhatiabhola.com\/index.php\/blog\/2026\/04\/26\/sebi-consultation-paper-dated-24-04-2026-handling-of-client-unpaid-securities-by-trading-members-tm-clearing-members-cm\/","og_locale":"en_US","og_type":"article","og_title":"SEBI Consultation Paper Dated 24\/04\/2026 - Handling of Client Unpaid Securities by Trading Members (TM)\/ Clearing Members (CM)\u00a0\u00a0 - Bhatia Bhola &amp; Associates LLP","og_description":"The existing provisions under the Master Circular mandate use of a \u2018Client Unpaid Securities Pledgee Account\u2019 (CUSPA) for pledging unpaid [&hellip;]","og_url":"https:\/\/bhatiabhola.com\/index.php\/blog\/2026\/04\/26\/sebi-consultation-paper-dated-24-04-2026-handling-of-client-unpaid-securities-by-trading-members-tm-clearing-members-cm\/","og_site_name":"Bhatia Bhola &amp; Associates LLP","article_published_time":"2026-04-26T11:56:58+00:00","article_modified_time":"2026-04-26T11:57:00+00:00","author":"Yash Bhola","twitter_card":"summary_large_image","twitter_misc":{"Written by":"Yash Bhola","Est. reading time":"1 minute"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"Article","@id":"https:\/\/bhatiabhola.com\/index.php\/blog\/2026\/04\/26\/sebi-consultation-paper-dated-24-04-2026-handling-of-client-unpaid-securities-by-trading-members-tm-clearing-members-cm\/#article","isPartOf":{"@id":"https:\/\/bhatiabhola.com\/index.php\/blog\/2026\/04\/26\/sebi-consultation-paper-dated-24-04-2026-handling-of-client-unpaid-securities-by-trading-members-tm-clearing-members-cm\/"},"author":{"name":"Yash Bhola","@id":"https:\/\/bhatiabhola.com\/#\/schema\/person\/5c941d1613f06d46d7c656c473e8249c"},"headline":"SEBI Consultation Paper Dated 24\/04\/2026 &#8211; Handling of Client Unpaid Securities by Trading Members (TM)\/ Clearing Members (CM)\u00a0\u00a0","datePublished":"2026-04-26T11:56:58+00:00","dateModified":"2026-04-26T11:57:00+00:00","mainEntityOfPage":{"@id":"https:\/\/bhatiabhola.com\/index.php\/blog\/2026\/04\/26\/sebi-consultation-paper-dated-24-04-2026-handling-of-client-unpaid-securities-by-trading-members-tm-clearing-members-cm\/"},"wordCount":111,"commentCount":0,"publisher":{"@id":"https:\/\/bhatiabhola.com\/#organization"},"articleSection":["Reports for Public Comments","SEBI"],"inLanguage":"en-US","potentialAction":[{"@type":"CommentAction","name":"Comment","target":["https:\/\/bhatiabhola.com\/index.php\/blog\/2026\/04\/26\/sebi-consultation-paper-dated-24-04-2026-handling-of-client-unpaid-securities-by-trading-members-tm-clearing-members-cm\/#respond"]}]},{"@type":"WebPage","@id":"https:\/\/bhatiabhola.com\/index.php\/blog\/2026\/04\/26\/sebi-consultation-paper-dated-24-04-2026-handling-of-client-unpaid-securities-by-trading-members-tm-clearing-members-cm\/","url":"https:\/\/bhatiabhola.com\/index.php\/blog\/2026\/04\/26\/sebi-consultation-paper-dated-24-04-2026-handling-of-client-unpaid-securities-by-trading-members-tm-clearing-members-cm\/","name":"SEBI Consultation Paper Dated 24\/04\/2026 - Handling of Client Unpaid Securities by Trading Members (TM)\/ Clearing Members (CM)\u00a0\u00a0 - Bhatia Bhola &amp; Associates LLP","isPartOf":{"@id":"https:\/\/bhatiabhola.com\/#website"},"datePublished":"2026-04-26T11:56:58+00:00","dateModified":"2026-04-26T11:57:00+00:00","breadcrumb":{"@id":"https:\/\/bhatiabhola.com\/index.php\/blog\/2026\/04\/26\/sebi-consultation-paper-dated-24-04-2026-handling-of-client-unpaid-securities-by-trading-members-tm-clearing-members-cm\/#breadcrumb"},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https:\/\/bhatiabhola.com\/index.php\/blog\/2026\/04\/26\/sebi-consultation-paper-dated-24-04-2026-handling-of-client-unpaid-securities-by-trading-members-tm-clearing-members-cm\/"]}]},{"@type":"BreadcrumbList","@id":"https:\/\/bhatiabhola.com\/index.php\/blog\/2026\/04\/26\/sebi-consultation-paper-dated-24-04-2026-handling-of-client-unpaid-securities-by-trading-members-tm-clearing-members-cm\/#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https:\/\/bhatiabhola.com\/"},{"@type":"ListItem","position":2,"name":"SEBI Consultation Paper Dated 24\/04\/2026 &#8211; Handling of Client Unpaid Securities by Trading Members (TM)\/ Clearing Members (CM)\u00a0\u00a0"}]},{"@type":"WebSite","@id":"https:\/\/bhatiabhola.com\/#website","url":"https:\/\/bhatiabhola.com\/","name":"Bhatia Bhola & Associates LLP","description":"","publisher":{"@id":"https:\/\/bhatiabhola.com\/#organization"},"potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/bhatiabhola.com\/?s={search_term_string}"},"query-input":{"@type":"PropertyValueSpecification","valueRequired":true,"valueName":"search_term_string"}}],"inLanguage":"en-US"},{"@type":"Organization","@id":"https:\/\/bhatiabhola.com\/#organization","name":"Bhatia Bhola & Associates LLP","url":"https:\/\/bhatiabhola.com\/","logo":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/bhatiabhola.com\/#\/schema\/logo\/image\/","url":"https:\/\/bhatiabhola.com\/wp-content\/uploads\/2025\/04\/cropped-cropped-Screenshot-2025-04-29-at-7.15.27\u202fAM.png","contentUrl":"https:\/\/bhatiabhola.com\/wp-content\/uploads\/2025\/04\/cropped-cropped-Screenshot-2025-04-29-at-7.15.27\u202fAM.png","width":1709,"height":376,"caption":"Bhatia Bhola & Associates LLP"},"image":{"@id":"https:\/\/bhatiabhola.com\/#\/schema\/logo\/image\/"}},{"@type":"Person","@id":"https:\/\/bhatiabhola.com\/#\/schema\/person\/5c941d1613f06d46d7c656c473e8249c","name":"Yash Bhola","image":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/bhatiabhola.com\/#\/schema\/person\/image\/","url":"https:\/\/secure.gravatar.com\/avatar\/aead41d7b2f010c8a719d781a6360aab0ad14fcb72ed48e049d2bbe80a30a6f8?s=96&d=mm&r=g","contentUrl":"https:\/\/secure.gravatar.com\/avatar\/aead41d7b2f010c8a719d781a6360aab0ad14fcb72ed48e049d2bbe80a30a6f8?s=96&d=mm&r=g","caption":"Yash Bhola"},"url":"https:\/\/bhatiabhola.com\/index.php\/blog\/author\/bba_ypbhola\/"}]}},"jetpack_publicize_connections":[],"_links":{"self":[{"href":"https:\/\/bhatiabhola.com\/index.php\/wp-json\/wp\/v2\/posts\/5634","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/bhatiabhola.com\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/bhatiabhola.com\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/bhatiabhola.com\/index.php\/wp-json\/wp\/v2\/users\/4"}],"replies":[{"embeddable":true,"href":"https:\/\/bhatiabhola.com\/index.php\/wp-json\/wp\/v2\/comments?post=5634"}],"version-history":[{"count":1,"href":"https:\/\/bhatiabhola.com\/index.php\/wp-json\/wp\/v2\/posts\/5634\/revisions"}],"predecessor-version":[{"id":5635,"href":"https:\/\/bhatiabhola.com\/index.php\/wp-json\/wp\/v2\/posts\/5634\/revisions\/5635"}],"wp:attachment":[{"href":"https:\/\/bhatiabhola.com\/index.php\/wp-json\/wp\/v2\/media?parent=5634"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/bhatiabhola.com\/index.php\/wp-json\/wp\/v2\/categories?post=5634"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/bhatiabhola.com\/index.php\/wp-json\/wp\/v2\/tags?post=5634"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}