New Delhi, Feb. 19 -- A top forum of brokers has sought regulatory intervention to defer the implementation of recent Reserve Bank of India directives to banks to tighten funding to proprietary traders as part of its capital market exposure norms to take effect on 1 April.

The plea dated 18 February states that the RBI's norms would impact both price efficiency and liquidity and may even give an edge to foreign proprietary desks over their India counterparts.

The RBI's consultation paper in October last year did not indicate any increase in bank guarantee collateral requirements to 100% from the current 50%, the Association of NSE Members of India (ANMI) said in a letter to the Securities and Exchange Board of India.

"Therefore, market...