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JammuHDFC Bank acts as a sponsor and destination bank for facilitating ASBA...

HDFC Bank acts as a sponsor and destination bank for facilitating ASBA in Secondary Market

Date:

NL Correspondent

Tawi: HDFC Bank, a leading Clearing and Settlement bank of NSE & BSE in the Cash & Equity Derivatives segments, acted as a Sponsor and Destination bank for “Trading supported by Blocked Amount in Secondary Market” that kicked off from January 01, 2024 on the Indian Stock Exchanges.

SEBI and Stock Exchanges permitted Trading in Cash segment through block mechanism, on optional basis, for Secondary Market from January 1, 2024 on the lines of ASBA for Primary Markets where investor's funds will continue to remain in their savings account with the required funds being blocked instead of the investor having to upfront transfer the amount to the broker's account for placing the Trades.The bank has been able to support this new initiative of SEBI through integration of its systems with that of Exchanges and respective Clearing Corporations. This system integration facilitates investor validation, block creation, release, revoke, execution and end of day reconciliation and reporting. The UPI backed solution of block / release of funds helps investors meet margin and settlement obligations seamlessly.

 

 

Northlines
Northlines
The Northlines is an independent source on the Web for news, facts and figures relating to Jammu, Kashmir and Ladakh and its neighbourhood.

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