In a major ruling, the top court held that Professional Clearing Member (PCM) Nuvama Clearing Services Limited, formerly known as Edelweiss Custodial Services Limited, cannot be forced to pay back or restore client securities worth over ₹900 crore. Overturning lower tribunal orders, the Supreme Court ruled that PCMs operated without direct client-level visibility under earlier regulatory rules and therefore cannot be held financially liable for defaults committed by independent stockbrokers.
About The Author
