6th October 2005
Members are
hereby informed that the Exchange has received a circular no. MRD/
DoP/SE /Cir-18/ 2005 dated September 2, 2005 from SEBI. The said circular,
which is self explanatory, is reproduced below.
General Manager
Market Regulation Department - Policy
Email:-sundaresanvs@sebi.gov.in
MRD/DoP/SE/Dep/Cir-18/2005
September
02, 2005
1.
The
Executive Directors/Managing Directors/Administrators
Of All Stock Exchanges
2.
The Managing
Director, NSDL
3.
The
Executive Director, CDSL
Dear Sir / Madam,
Sub:
Revised Activity schedule for T+2 rolling settlement
1. Please refer to SEBI circular No. SMD/POLICY/Cir -6 /03 dated February
06, 2003 on the captioned subject.
2.
In order to provide more time for
the custodians to confirm the trades following the decision to discontinue hand
delivery bargains/DVP trades, it has been decided to revise the existing time
limit for custodial confirmation from 11.00 am to 1.00 pm. Consequently, the
time limit for processing and downloading the obligation files by the Clearing
Corporation/Clearing House (CC/CH) of the stock exchanges to the brokers and
custodians has been revised from 1.30 pm to 2.30 pm. This revised activity
schedule has been finalised through a consultative process with various market
participants, viz., stock exchanges, clearing corporations, broker
representatives, custodians, e.t.c.
Accordingly, the revised activity schedule will be as under :
|
S. No. |
Day |
Time |
Description of activity |
|
1 |
T |
|
Trade
Day |
|
2 |
T+1 |
By 1.00
pm |
Completion
of custodial confirmation of trades to CC/CH. (There is no separate extended
time limit for late confirmations). |
|
By 2.30
pm |
Completion
of process and download obligation files to brokers/ custodians by the CC/CH. |
||
|
3 |
T+2 |
By 11.00
am |
Pay-in
of securities and funds. |
|
By 1.30
pm |
Pay-out
of securities and funds. |
3.
The above mentioned revised activity schedule shall
come into force from September 19, 2005, i.e., the date of implementation of
the circular No. MRD/DoP/SE/Cir-17/2005 dated September 02, 2005 on
discontinuance of hand delivery bargains/DVP trades.
4.
The other provisions of SEBI circular No.
SMD/POLICY/Cir-6/03 dated February 06, 2003
would remain unchanged.
5.
The Stock Exchanges are advised to
5.1 make
necessary amendments to the relevant bye-laws, rules and regulations for the
implementation of the above decision immediately;
5.2 bring the
provisions of this circular to the notice of the member brokers/clearing
members of the Exchange and also to disseminate the same on the website; and
5.3
communicate to SEBI, the status of the implementation
of the provisions of this circular in the Monthly Development Report.
5.
This circular is being issued in exercise of powers
conferred under Section 11 (1) of the Securities and Exchange Board of India
Act, 1992, to protect the interests of investors in securities and to promote
the development of, and to regulate the securities market.
Yours
faithfully,
V S
SUNDARESAN
Members are advised to note and comply with the provisions of the aforesaid circular.
(Secretary)