SEBI Proposes Major Reforms to Margin Trading Facility Framework
The Securities and Exchange Board of India (SEBI) has released a consultation paper proposing significant changes to the Margin Trading Facility (MTF) framework. These reforms aim to balance the "ease of doing business" for brokers with the need for stringent risk management in an era of rising trading volumes.
Strengthening Broker Capital and Eligibility
To ensure that only robust entities participate in margin lending, SEBI has proposed increasing the minimum net-worth requirement for brokers offering MTF services. The requirement is set to rise from the current ₹3 crore to ₹5 crore. In a move to broaden the competitive landscape, the regulator also plans to allow Limited Liability Partnerships (LLPs) to offer margin trading, an opportunity previously restricted to corporate brokers.
To support these expanded operations, SEBI is looking to diversify how brokers raise capital. Beyond traditional bank borrowings, NBFC loans, commercial papers, and promoter loans, brokers may soon be permitted to raise funds through Non-Convertible Debentures (NCDs) and other debt instruments.
Optimising Collateral and Operational Efficiency
A major highlight of the proposal is the streamlining of collateral management. SEBI intends to allow all collateral currently accepted by clearing corporations in the cash market to be used uniformly for MTF transactions. Furthermore, "early pay-in" (EPI) sell credits could be accepted as collateral for new MTF positions under specific conditions.
To tackle the logistical headaches caused by stock reclassifications, the regulator has proposed a 30-day rebalancing window. This window would apply if a funded security moves out of the Group I category, shifts to the trade-for-trade (T2T) segment, or faces trading suspension. Additionally, SEBI aims to standardize the investor experience by introducing a common "Rights and Obligations" document for MTF clients across all stock exchanges, replacing the current fragmented, exchange-specific formats.
Managing Exposure and Regulatory Compliance
风险管理仍是核心重点。虽然 SEBI 提议允许经纪商将其部分净资产用于 MTF，但总风险敞口仍将限制在经纪商净资产的 5.5 倍以内。必须保留一部分净资产专门用于核心经纪业务，以维持稳定性。
监管机构还针对客户层面风险敞口限制的“被动违规”提出了务实的解决方案。如果客户的风险敞口超过限制，纯粹是因为经纪商的总 MTF 风险敞口下降所致，经纪商将获得 30 天的宽限期以恢复合规。在此期间，不得向该特定客户提供新的风险敞口。其他技术改进包括允许将已融资股票自动质押用于维持保证金，并允许 MTF 与非 MTF 客户账本的互换性。
核心要点
- 更高的准入门槛： MTF 经纪商的最低净资产要求将从 3,000 万卢比增加到 5,000 万卢比，并将允许 LLP 参与。
- 增强融资与抵押品： 经纪商可以通过 NCD 筹集资金，抵押品规则将统一，以纳入更多现金市场资产和 EPI 卖出额度。
- 运营灵活性： 新规定包括 30 天的股票重新分类再平衡窗口期，以及针对被动风险敞口限制违规的 30 天宽限期。