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Relief to investors! SEBI may bring new deadline for share release

Sanjeev Kumar | April 25, 2026 4:23 PM CST

Security and Exchange Board of India

Market regulator Securities and Exchange Board of India (SEBI) on Friday proposed changes in the rules for handling unpaid securities (shares etc.) of clients by brokers. Its purpose is to simplify the system and reduce difficulties in functioning. These changes are related to the CUSPA (Clients Unpaid Securities Pledgee Account) framework, which governs the use of securities that the client has purchased but has not yet paid in full.

New proposal on payment deadline

According to current rules, clients get 5 trading days to make payment. But now SEBI has suggested that brokers can fix less time than this as per their policy.

Clear rules for removing pledge

SEBI has also decided that if the client pays his dues before 5 pm, the pledge on his securities will be removed on the same day. If payment is made after 5 pm, the pledge will be required to be removed by the next trading day. With this, investors will be able to get their shares quickly and delays will be reduced.

Daily review and partial relief

Now the pledged securities will be reviewed daily. If more collateral has been kept or the client has made partial payment, that portion can be released.

Facility to extend time in special circumstances

If it is not possible to sell securities within 5 trading days due to some extraordinary circumstances such as lower circuit, trading suspension or other reasons, brokers may seek additional time of up to one week from the depository. If such situation continues, a similar extension may be given in future also. But as soon as the situation becomes normal and securities can be sold, no additional time will be given.

Auto release if extension is not sought on time

SEBI has clarified that if extension is not sought within the stipulated time, then the system will automatically remove the pledge of those securities.

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