Khushboo Tiwari

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Sebi working on new ASBA-like payment system for secondary trades: Buch

Sebi working on new ASBA-like payment system for secondary trades: Buch

Rediff.com7 days ago

The Securities and Exchange Board of India (Sebi) is working on a new payment system for the secondary market, which could prevent brokers from accessing their client funds. It will be on the lines of the Application Supported by Blocked Amount (ASBA) process used for subscribing to initial public offerings (IPOs), where funds move out of an investor's bank account only after the trade is confirmed. Sebi chairperson Madhabi Puri Buch on Wednesday said that despite the challenges, the new system would be ready in a few months.