In their letter to the Securities and Exchange Commission, they have requested the removal of T+5 forced selling rule and to allow all brokers to lend their net capital which is in excess of minimum net capital requirement of Rs. 35 million.
They also had requested to allow all brokers to transfer the excess net capital in the broking company to the wholly owned margin trading company, licensed and regulated by the SEC, without deducting from the net capital.
Brokers also noted that to the best of their knowledge, most brokering firms presently have proper systems and procedures in place to monitor debtors and had expressed glimpse of hope for a favorable decision speedily, to avert a continuous decline in the market. (IS)