Clearing & Settlement process/norms for ITP segment :
The settlement for transactions under Institutional Trading Platform (ITP) Segment is on trade for trade (gross) basis i.e. there is no netting of transactions.
Settlement of transactions under ITP Segment is on a T+2 day basis as per time lines specified by ICCL. The members should maintain clear balance in their Clearing Bank Accounts / Depository Pool Accounts for funds / securities pay-in respectively by the scheduled time on T+2 day.
- The pay-in and pay-out of funds and securities shall be done 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.
- Depository market type "ITP" should be used for giving instructions for securities pay-in through the Depositories. Participants should complete their Securities pay-in before the prescribed timeline for the same.
- Settlement schedule for ITP segment is published on monthly basis.
- Members to ensure that 10% of the transaction value is available as deposits with the Exchange / Clearing Corporation.
- In case a member fails to fulfill his settlement, obligation pertaining to buy or sell trade, then the concerned ITP trade would stand closed out and a close out charge of 10% of the obligation amount unfulfilled by the member would be levied on such member. Out of this close out charge, half of the close out charge would be paid to the counter member to the trade and the balance would be retained by ICCL.
- For details and latest updates members may refer BSE and ICCL circular Nos.and any other circulars issued from time to time.