Secondary Market Department
e-mail : email@example.com
March 26, 2002
The President/Executive Director/Managing Director Of all the stock exchanges,
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|
|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.
P K Bindlish
1) The Managing Director NSDL
2) The Managing Director CDSL