Description
SEBI extends the implementation timeline for margin obligations through pledge/re-pledge in depository system from September 01, 2025 to October 10, 2025.
Summary
SEBI has extended the implementation timeline for the circular on ‘Margin obligations to be given by way of pledge/Re-pledge in the Depository System’ from September 01, 2025 to October 10, 2025. The extension was granted following representations from depositories (CDSL and NSDL) requesting additional time for system developments and end-to-end testing.
Key Points
- Original implementation date: September 01, 2025
- New implementation date: October 10, 2025
- Extension requested by CDSL and NSDL depositories
- Reason: Additional time needed for system developments and testing
- Circular reference: SEBI/HO/MIRSD/MIRSD-PoD/P/CIR/2025/118 dated August 18, 2025
Regulatory Changes
No new regulatory changes introduced - this circular only extends the timeline for implementing the existing June 03, 2025 SEBI circular on margin obligations through pledge/re-pledge mechanism in the depository system.
Compliance Requirements
Stock Exchanges, Depositories and Clearing Corporations must:
- Notify their members/participants about the timeline extension
- Disseminate information on their websites
- Implement appropriate systems and procedures for compliance
- Make necessary amendments to Bye-laws, Rules and Regulations
Important Dates
- August 18, 2025: Date of extension circular
- October 10, 2025: New implementation deadline (extended from September 01, 2025)
Impact Assessment
The extension provides market participants additional time to ensure system readiness and avoid disruption. This affects all stock exchanges, clearing corporations, depositories, and their members/participants. The delay allows for proper end-to-end testing and system development, potentially preventing operational issues during implementation.
Impact Justification
Extension provides additional time for system readiness but affects all market participants