As per SEBI’s latest circular, all brokers need to settle the accounts of all clients on the first Friday of every quarter i.e. October 2022, January 2023, April 2023, July 2023, and so on. If the first Friday is a trading holiday, then such settlement shall happen on the previous trading day which is Thursday.
Note: Any funds debited from your Upstox trading account due to monthly or quarterly settlement will be credited to your primary bank account by 3:00 PM on the next working day. We request you to kindly wait for the specified turnaround time (TAT).
According to SEBI's mandate, all stockbrokers must settle client accounts every 30 or 90 days. To meet this requirement, any free balance will be credited to your registered primary bank account.
The settlement of funds and securities through quarterly settlement is an initiative by SEBI to safeguard the interests of investors and traders. SEBI mandates all stockbrokers to return unutilized fund balances in clients' trading accounts to their primary bank accounts.
Free balance refers to the amount remaining unutilized with the stockbroker after accounting for:
If a customer has not traded within the previous 30 days, their fund balance will be credited back to their registered primary bank account.
For more details, refer to the SEBI circulars on Securities and Commodities accounts:
Example:
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