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ICCL - Repo Settlement process
Settlement process for TRI PARTY REPO (Basket Repo)
Home
Clearing & Settlement
Repo
Settlement process for TRI PARTY REPO (Basket Repo)
Terminologies
T0
Settlement on Same Day
T1
Settlement on T+1 Day
F
Forward Leg Settlement
T
Transferable Type
Securities transferred to Lender in ready leg pay-out
NT
Non-Transferable Type
Securities to be retained by ICCL
Early pay-in for Borrow Orders
Ready leg (T0 and T1) type and forward leg of Repo transactions are to be settled as per separate settlement calendar notified by ICCL.
Members may note that the borrow orders will be pre-validated for borrowing limit against early pay-in of any of the eligible securities forming part of the respective basket.
For this purpose, the Members/Custodians are required to deliver the eligible securities to ICCL through the early pay-in mechanism available in the Depository system. For early pay-in the settlement type and settlement number are specified in settlement calendar. Further, members are also required to upload the .EPR file, through the extranet module, containing the requisite details.
Client level borrowing limit will be provided to members on the basis of valuation of the securities (net of hair-cut) delivered by members to ICCL through early pay-in process.
The Custodian/Clearing members will be required to deliver the early pay-in of securities and upload the .EPR file before the member inputs order in the system. .EPR file should, inter alia, include Trading Member/Clearing Member/Custodian Code, client code etc.
In case where early pay-in is done by the Custodian member, the .EPR file, in addition to the other details, should also contain Custodian Code.
If a member is doing early pay-in then Custody code/CM code field should be kept blank in the .EPR File.
The shares delivered through early pay-in mechanism, will be treated as Securities Pay-in of the Members for ready leg (first leg) settlement.
In case of transferable type of Repo contracts the lender will have to return back the securities to ICCL through securities pay-in process for the forward leg settlement.
Following market types are to be used for giving instructions to Depositories for securities pay-in:
CDSL
Market Type
Market Type Code
REPO READY LEG (T+0)
65
REPO READY LEG (T+1)
66
REPO FORWARD LEG
67
NSDL
CC ID
Market Type
Market Type Code
IN001150
REPO LEG T+0
35
REPO LEG T+1
36
REPO FORWARD LEG
37