6th October 2005




Re: Revised Activity schedule for T+2 rolling settlement


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



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.



Description of activity




Trade Day



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.



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,








Members are advised to note and comply with the provisions of the aforesaid circular.