>   Notices
Notices
Notice No20140210-41Notice Date10 Feb 2014
CategorySettlement/RMSSegmentGeneral
SubjectICCL – BSE Institutional Trading Platform (ITP) Segment - Clearing and Settlement Process.
Content

 

 

Attention of the Clearing Members of the Indian Clearing Corporation Ltd. (ICCL) is hereby drawn to the Circular No. 20140210-34 dated February 10, 2014, issued by   BSE Ltd. (BSE) regarding commencement of trading in its Institutional Trading Platform (ITP) Segment on BSE SME. As mentioned therein, Indian Clearing Corporation Limited (ICCL) will, inter alia, undertake clearing and settlement activities for BSE’s ITP Segment as per the circulars/guidelines that may be issued in respect of the same from time to time. Accordingly, the clearing settlement process/norms for the same will be as follows :
 
Clearing & Settlement procedure/norms  for ITP segment :
 
  • The settlement obligations for transactions under Institutional Trading Platform (ITP) Segment will be on trade for trade (gross) basis  i.e. there shall be no netting of transactions.
 
  • Following market types are to be used for giving instructions to the Depositories for securities pay-in :
 

ITP  Pay-in
Market Type
For ITP Normal pay-in
ITP

 
  • The pay-in and pay-out of funds and securities shall be through the designated clearing bank account and securities settlement account respectively maintained for BSE- Equity Cash Segment (Equity Market).
 
  • The Clearing Bank accounts currently used by members of ICCL in BSE – Equity Cash Segment (Equity Market) shall be the designated bank account for settlement of funds obligations under the ITP Segment.
 
  • For securities demat account the ITP Member may approach the depository participants in respect of Pool / Principal accounts for settlement of securities obligations under ITP Segment.
 
  • The transactions under ITP Segment shall be settled on a T+2 day basis as per time lines specified by ICCL. The members shall be required to maintain clear balance in their Bank Accounts / Depository Pool Accounts for funds / securities by the scheduled time on T+2 day.
 
As informed in BSE Circular No. 20140210-34 dated February 10, 2014, members may note that settlement guarantee will not be available on trades done in ITP platform. In other words, the trades done in the said ITP segment will not be guaranteed by BSE/ICCL for settlement.
   
In case of any clarifications members may contact :
 

Sr. No.
Name
Contact Nos.
01.
Mr. Ajay Darji
2272 8468
02.
Mr. Nilesh Shah
2272 8704

 
 
 For Indian Clearing Corpopration Ltd.
 
 
 
 
Dy. General Manager.
Post Trade.