Yes. I got the basic idea, but yet I am neither able to understand SEBI's complex language nor your simple language.
All DP ( stock brokers ) will have a clearing house. So they maintain same books like what broker maintains with clients.
Like broker-broker level communication that occurs in settlement.
so if that level position of 90% collateral being used kicks, they're supposed to go into risk reduction. That means closing positions or top-up with more cash.
It may not happen with disc brokers who block client money upfront, but there are many brokers who give leverage from their pools. They're now high risk entities in the mkt place.
This may not necessarily be real-time, but there is reconciliation EoD. I'm not a broker or associated with one, just based on what i know.