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Notice No20200309-36Notice Date09 Mar 2020
CategorySettlement/RMSSegmentGeneral
SubjectOperational Guidelines for Collateral Management & Clearing and Settlement in Interoperability framework amongst Clearing Corporations for Offer for Sale (OFS) Segment
Content

 

March 09, 2020

Operational Guidelines for Collateral Management & Clearing and Settlement in Interoperability framework amongst Clearing Corporations for Offer for Sale (OFS) Segment

 

 All Members/Custodians,

 

Members and Custodians are hereby informed that, w.e.f. April 01, 2020 Offer for Sale (OFS) will be under Interoperability framework.

Accordingly, members and custodians are requested to note the following salient features:

Ø  Clearing members and Custodians in Equity Cash Segment may continue to maintain the same Designated Clearing Corporation for OFS and will be permitted to change the Designated Clearing Corporation for OFS as per process set out by the Clearing Corporations.

 

Ø  Deposit of Collateral: Clearing Members / Custodians of Indian Clearing Corporation Ltd (ICCL) will maintain collateral with ICCL under OFS Segment for bidding on OFS platform of all the Exchanges. The process of depositing collateral will remain same as at present.

 

Ø  Settlement Process: Settlement obligations pertaining to the Bids placed by trading members on OFS platforms of all the Exchanges will be included in the settlement reports of their respective Clearing Members who have selected ICCL as Clearing Corporation for OFS settlement under interoperability.

 

Ø  Give-up/Take-up Facility:

 

§  Give-up/Take-up of bids placed by Trading Members on OFS platforms of all the Exchanges which are to be settled through Custodians of ICCL will be reflected in ICCL RTRMS module of the Custodian for confirmation. There will be no change in the existing file format for confirmation of the Bids by Custodians.

 

§  If the Custodian does not take up Bids (i.e. Custodian rejects or does not perform any action), the settlement obligations of the Bids will be transferred to the respective Clearing Member of the concerned Trading Member, who will settle the same through the respective Clearing Corporation selected by them for OFS.

 

§  End of Day (EOD) Files: Members may note that except the Trade files, there is no change in any other EOD files.

 

All other norms/guidelines/procedures in respect of the settlement of OFS segment would remain unchanged.

All Trading Members/Clearing Members/Custodians as well as back-office vendors are requested to take note of the above for necessary changes, if any, in their respective systems.

For any clarifications, Members may contact their respective Relationship Managers or on following numbers.

 

ICCL Settlement Team

Email

bse.csd@bseindia.com

BSE Helpdesk

022-30594000

Contact No: Membership

+91-22-22728365/8778/8308

Contact No: Settlement / Collateral

+91-22-22728468/5163/8567/8467

 

 

For and on behalf of the Indian Clearing Corporation Ltd.

 

 

Ravindra Palande                                                                             Ajay Darji

Dy. General Manager                                                                     Asst. General Manager