INSUBCONTINENT EXCLUSIVE:
Markets regulator Securities and Exchange Board of India (Sebi) has asked all stock brokers in the country to stop accepting cash from their
clients.
Moreover, stock brokers have been barred from receiving cash deposits in their bank accounts from the clients.
Meanwhile, Sebi is
planning to introduce an alternative payment mechanism in initial public offers for retail investors as it aims to speed up the listing
Thursday.
The circular added that all the payments will only be received or made by the stock brokers from or to the clients strictly by
account payee crossed cheques or demand drafts or by way of direct credit into the bank account through electronic fund transfer, or any
in favour of the clients only, for their transactions
