For e.g. If one has broking relationship with HDFC SECURITIES, funds in the bank account are blocked for the trades taken. At the end of day, excess funds blocked, if any, released from block and available for use in the bank account. So, as funds are being settled on daily basis, no special quarterly settlement required as broking arm does not hold any client funds. Hope I got the query correct. May be we need to understand how trades funded through broker margin will be accounted for.