Bourses can't take over defaulting brokers' accounts, rules SAT

The Securities Appellate Tribunal (SAT) has ruled that stock exchanges have no powers to take control of the bank accounts of brokers in the event of default. The verdict comes at a time when banks and stock exchanges are embroiled in at least half a dozen cases on who gets access to funds of stockbrokers or market institutions in case of fraud.

via Economictimes