What happened
The Securities and Exchange Board of India (SEBI) issued a circular on 22 October 2026 titled “Margin Waiver on Subsequent Buy/Sell Transactions Post Early Pay-In (EPI) in Cash Segment”. Its number is HO/(320)2026-MRD-POD2/I/24141/2026.
The title indicates that the circular deals with waiving margin on later buy or sell transactions that follow an early pay-in in the cash segment. The detailed conditions, scope and any effective date are not stated in the information published with the listing, so they are not covered here.
What it means for you
If you trade shares in the cash segment, the circular concerns how margin is applied once securities or funds have been delivered early to the broker or clearing system. Check the full circular on SEBI’s website and your broker’s notices to see how, and from when, any change applies to your account.
Margin is the money or collateral a broker requires you to keep to cover the risk of a trade. Early pay-in (EPI) means delivering shares or funds ahead of the normal settlement deadline.
Background
The cash segment is where shares are bought and sold for delivery, as opposed to futures and options. SEBI regularly issues circulars to stock exchanges, clearing corporations and depositories on margin and settlement. This one comes from SEBI’s Market Regulation Department, as the circular code suggests.
