> Funds pay-in and pay-out process
Funds pay-in and pay-out process
The pay-in and pay-out of funds in equity segment is done through banks designated as Clearing Banks by ICCL. The list of Clearing Banks currently available for settlement is available on the ICCL website.
Clearing Members of Equity Cash Segment need to maintain and operate a separate settlement account with any one of the designated Clearing Banks. The said settlement account shall be exclusively used for clearing & settlement operations viz, for settlement of funds obligation, payment of margins, obligations to ICCL, fines, penalty charges, etc., or as may be specified by ICCL from time to time.
Funds pay-in shortages
In case of non-fulfillment of funds pay-in obligations pertaining to normal pay-in, securities shortages pay-in, auction pay-in and for failure to deposit additional capital towards capital cushion requirements as per SEBI norms within stipulated time to ICCL, the same is treated as a violation and/ or non-performance of obligations and attracts late fees / fines / penalties or such disciplinary action as may be specified from time to time.