Brokers oppose Sebi’s weekly data upload norm

MUMBAI Stock brokers have opposed market regulator Sebi's diktat to upload weekly data on their clients' funds to the exchanges, citing operational difficulties. In a letter written to Sebi chief Ajay Tyagi, the National Exchanges Members of India (ANMI) has requested the regulator to continue with the existing system of uploading clients’ data on a monthly basis. Currently, stock brokers need to submit monthly data on their clients' funds to the exchanges within three trading days after the month-end. But from April1, they will have to upload it on a weekly basis. “ANMI is of the strong view that the current system of uploading data on a monthly basis is going smoothly to the satisfaction of the exchanges and the regulator. Monthly uploading is sufficient for monitoring the purpose by the authorities,” ANMI said in a letter to Sebi chairman.