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SEBI has decided to do away with yearly renewal of authorisation of a running account by clients.
Responding to representations received from intermediaries, the stock market regulator said authorisation of running account has to be dated and must have a clause that the clients may revoke the authorisation at any time.
Stockbrokers have been instructed to mention in their periodical statement of accounts given to clients that the running account authorisation would continue until it is revoked.
SEBI has advised stock exchanges to amend their bye-laws, disseminate the information on their Web sites and bring this circular to the notice of all stockbrokers.
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