Defaulting Clients

As per SEBI Circular No. CIR/CDMRD/DEICE/CIR/P/2017/77 dated July 11, 2017, the Exchanges are directed to create a common database of defaulting clients accessible to Members across the Exchanges.

As per the SEBI circular, a client may be identified as defaulter if the client does not pay the award amount to the member as directed in the GRC/ Arbitration/ Appellate Arbitration Order and also does not appeal at the next level of redressal mechanism within the timelines prescribed by SEBI or file an application to Court to set aside such Order in accordance with Section 34 of the Arbitration and Conciliation Act, 1996 (in case aggrieved by Arbitration/ Appellate Award).

Accordingly, the Exchange issued circular no. MCX/ISD/333/2018 dated August 28, 2018, seeking information of defaulting clients as defined above from its Members. Based on the information provided by the members of MCX and other Exchanges regarding the defaulting clients as defined above, a common database across Exchanges have been made available.

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