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SMD/Policy/Cir- 05/2002
March 26, 2002

The President/Executive Director/Managing Director Of all the stock exchanges,

Dear Sir/Madam,

It had been advised vide our circular No. SMD/Policy/Cir-4/2002 dated January 30, 2002 that the rolling settlement on T+3 basis would commence from April 01, 2002.

Pursuant to discussions with the exchanges of NSE and the BSE, the following activity schedule has been decided for the exchanges for the T+3 rolling settlement:-

S. No. Day Description of activity
1 T Trade Date
2 T+1 Custodial Confirmation
3 T+3 Securities and Funds pay-in / Securities and Funds pay-out

The exact timings of pay-in and pay-out would be specified by the respective exchanges.

4 T+4 Auction of shortages in deliveries
5 Not later than T+6 The auction pay-in and pay-out would be conducted as soon and possible it should not in any case be later than T+6.

The exact timings of auction pay-in and pay-out would be specified by the respective exchanges.

There would be overlapping settlements due to trades done on T+5 basis upto March 31, 2002 and the commencement of T+3 rolling settlement from April 01, 2002.

As two settlements would be conducted on a single day, it has been decided that these settlements would be settled separately and would not be clubbed.

The Exchanges are advised to take steps to implement the decisions.

Yours faithfully,
P K Bindlish

1) The Managing Director NSDL

2) The Managing Director CDSL

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Type : Circulars (7829) Notifications/Circulars (32357)
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