I was going through the recent Sebi consultation paper to allow netting for FPIs. In that it was mentioend that :
" In the current system, no margins are collected from the brokers or the custodians in case of FPI trades in cash market. "
Isn’t 20% upfront margin mandatory as per Sebi 2019/2020 Peak margin circular?
How do these Institutions ( FPI, MF… ) operate in cash market?