Circular No. NSDL/PI/2004/1911
Date : October 21, 2004
Attention of Participants is invited to Circular No. NSDL/PI/2003/0406 dated March 7, 2003 regarding implementation of T+2 rolling settlement and the time schedule for various activities. Participants have been requesting NSDL to clarify deadline time for executing non-pay in related instructions.
SEBI has clarified that Participants can decide their own time frame for submission of such instructions by their Clients (i.e. one or two days before the execution date). However, Participants should execute the instruction not later than one day from the date of submission of instruction by the Client. Further, if the date of submission and the execution date are same, Participants may execute such instructions on the same day on a "best effort basis". For example:
|Date of submission||Execution Date||Date on which the Participant should execute the instruction|
|October 19, 2004||October 20, 2004||On or before October 20, 2004|
|October 19, 2004||October 22, 2004||On or before October 20, 2004|
|October 19, 2004||October 19, 2004||On October 19, 2004 on a "best effort basis"|
Participants are advised to communicate this information to their Clients through regular communications / newsletters as well as put up this information on the notice board for information of all their Clients.
For and on behalf of
National Securities Depository Limited