Jefferies notes that SEBI’s circular aligns closely with the discussion paper and affects 35% of individual premiums.
The phased implementation over the next 3-6 months is expected to lead to a measured tightening of the market.
A key change from the earlier proposal is a reduced increase in expiry day margins to 2%.
The focus will now shift to how market participants behave after the implementation.
Discount brokers are likely to be the most affected, followed by exchanges like BSE.
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