> Clearing and Settlement
Clearing and Settlement
- The settlement of transactions would be on gross basis i.e. there shall be no netting of transactions.
- The pay-in and pay-out of securities and funds pertaining to transactions done in Repo segment would be effected in accordance with the settlement schedule issued by ICCL periodically.
- Members should maintain clear balance of funds in their settlement account with the designated clearing bank towards their settlement pay-in obligation at the scheduled pay-in time on the settlement day.
- For Transferable type of transaction, the securities pay-out will be credited to the depository pool accounts of members as designated or specified by them to ICCL.
- For Non-transferable type of transaction, the securities will be retained by ICCL.
- The funds pay-out shall be credited to the receiving Member's settlement account maintained with their designated clearing bank.
- In case of the forward (return) leg of the transaction, the settlement obligation shall be generated one day prior to the return leg settlement date of the respective Repo contracts series.
- All Borrowers are required to return the funds borrowed on completion of the tenor of Repo contracts on the designated settlement day. The securities to be returned by the lender to ICCL in case of transferable type of Repo contracts.
- All Borrowers are required to return the funds borrowed on completion of the tenor of Repo contracts on the designated settlement day. The securities to be returned by the lender to ICCL in case of transferable type of Repo contracts.
- For settlement through Custodian for borrow transactions, the members/participants will be required to mention Clearing No. of the custodians on the order entry screen at the time of placement of order and for settlement through custodians for lend transactions, the members/participants will be required to give-up positions during Give-up/Take-up session.