To enhance operational efficiency and reduce the risk to clients' securities, markets regulator Sebi on Wednesday decided to make the process of direct payout of such securities to the client's account mandatory. This will become effective from October 14, the Securities and Exchange Board of India (Sebi) said in a circular. Currently, the clearing corporation credits the pay-out of securities in the pool account of the broker, who then credits the same to the respective client's demat accounts. Further, a facility of direct delivery to investors was introduced in February 2001. After extensive deliberations with the stock exchanges, clearing corporations (CCs) and depositories, Sebi has decided that "the securities for pay-out shall be credited directly to the respective client's demat account by the CCs". Moreover, clearing corporations should provide a mechanism for trading member(TM) or clearing members (CM) to identify the unpaid securities and funded stocks under the margin