The Securities and Exchange Board of India (Sebi) has announced proposed changes to the rules governing brokers' management of clients' unpaid securities, intending to enhance market efficiency and liquidity. The new framework for the Client's Unpaid Securities Pledgee Account (CUSPA) aims to minimize operational delays. Currently, brokers have up to five trading days for payment, but Sebi suggests that they may implement shorter timelines based on their internal policies. Additionally, if clients settle their dues by 5 p.m., brokers are required to release the pledge on the same day; otherwise, it must be released by the next trading day. This measure is expected to improve liquidity and reduce delays in accessing securities. Sebi also plans to introduce daily reassessments of pledged securities, allowing for partial releases when excess collateral is available or when clients make part payments. In exceptional circumstances, where unpaid pledged securities cannot be liquidated within the stipulated time due to external factors, brokers may request an extension of up to one additional calendar week. However, once the constraints are lifted, no further extensions will be permitted.