SEBI’s new rules regarding stock trading - to be implemented between 1 September and 1 December has caused some confusion amongst retail investors and traders. The decision comes on the back of the Karvy disaster in 2019, where the broker used the loopholes in the system to use investors’ money for its own benefit. While SEBI’s news rules are seemingly meant to strengthen the regulatory framework in such a way that misuse doesn’t happen in the equity or the futures and options market, the fear is that liquidity will be significantly impacted. What are the changes and what are the implications ? Here’s a conversation with Nithin Kamath, CEO and Founder of Zerodha , one of India’s largest brokers with over 3 million clients.