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The settlement calendar, which indicates the dates of the various settlement related activities, is drawn by BSE in advance and is circulated among the market participants.
Under rolling settlements, the trades done on a particular day are settled after a given number of business days.
However, transactions in securities of companies, which are in "Z" group or have been placed under "trade-to-trade" by BSE as a surveillance measure "T" group , are settled only on a gross basis and the facility of netting of buy and sell transactions in such Securities is not available.
In case of Rolling Settlements, pay-in and pay-out of both funds and securities is completed on the same day. The following table summarizes the steps in the trading and settlement cycle for Securities under CRS: Downloading of provisional securities and funds obligation statements by member-brokers.
The member-brokers are required to submit the pay-in instructions for funds and securities to banks and depositories respectively by The pay-in and payout of funds and securities takes places on the second business day i. In case the transactions done by trading members are to be settled through custodian, members can give-up such trades through 6A-7A module provided in RTRMS system through "Position Transfer Online Equity ".
In case a registered custodian does not confirm a transaction done by a Member within the time permitted, the liability for pay-in of funds or securities in respect of the same devolves on the concerned Member. The following statements can be downloaded by the Members in their back offices on a daily basis.
Statements giving details of the daily transactions entered into by the Member. Statements giving details of margins payable by the Member in respect of the trades executed by him. Statements of securities and fund obligation. However, the funds obligations for the Members are netted for transactions across all groups of securities. Trading on BOLT and daily downloading of statements showing details of transactions and margins at the end of each trading day. Downloading of final securities and funds obligation statements by members.
Pay-in of funds and securities by Auction pay-in and pay-out of funds and securities by Non-fulfillment of funds obligation viz. Normal pay-in, securities shortage pay-in and auction pay-in and failure to deposit additional capital towards capital cushion requirement as per SEBI norms within stipulated time.
If the shortage amount is more than the Base Minimum Capital at present Rs. If the funds shortage is less than the Base Minimum Capital at present Rs. The member will be permitted to trade upon recovery of the complete shortages of funds and subject to the member providing a deposit equivalent to his cumulative funds shortage as the "funds shortage collateral".
Such deposit will be kept with the Clearing Corporation for a period of ten rolling settlements and released thereafter. Such deposit will not available against margin liabilities and also such deposit will not earn any interest. Such deposit can be placed with ICCL by member brokers by way of cash, bank fixed deposit receipts or bank guarantee.