RBI delays capital market exposure norms by three months, providing relief to brokers facing revenue pressures. The central bank postponed implementation of rules requiring 100% cash collateral for intraday borrowings and margin trading from April 1 to July 1. Capital market stocks surged Wednesday, with brokers like Groww, Motilal Oswal, BSE, and Angel One gaining 6-8%. The deferment eases immediate concerns about higher capital costs and reduced leverage that would have impacted profitability. However, analysts note this is a timeline extension, not a relaxation of regulations. Brokers already face headwinds from increased STT charges on derivatives trading. Industry experts expect the deferment provides temporary relief for at least one quarter while negotiations continue with regulators over the final framework implementation.
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