Sebi clarifies on norms pertaining to instruction slips for share pledging ...Middle East

Business Standard - Economy
To curb the misuse of Power of Attorney (PoA) given by clients to stock brokers, Sebi on Thursday widened the scope of the Demat Debit and Pledge Instruction (DDPI) for pledging and repledging of securities for margin purposes. Mutual fund transactions executed on stock exchange order entry platforms and tendering of shares in open offers through stock exchange platforms will also be covered under the DDPI, the Securities and Exchange Board of India (Sebi) said in a circular. The DDPI serves the same purpose of PoA and significantly mitigate the misuse of PoA. The guidelines, which will be effective from November 18, also comes against the backdrop of instances of misuse of PoAs. "In view o

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