Trading Platform

• Retail Market: Settlement for the trades executed in this market shall be done on T+2 day rolling basis and obligation shall be computed on net basis i.e. DVP III with Settlement Guarantee.
• Institutional Market: Settlement for the trades executed in this market shall be done on T+1 day rolling basis and obligation shall be computed on Gross basis i.e. DVP I. No Settlement Guarantee shall be provided.

SX-FIRST (MSE REPORTING PLATFORM):

• All deals reported on SX-FIRST with the intent to settle through MCCIL will be considered for settlement on T+0 or T+1 day.

Other Reporting Platform:

• All deals reported by the users on any platform other than SX-First but with the intent to settle through MCCIL will be considered for settlement on T+0 or T+1 day.

Request For Quote (RFQ):

• All the deals concluded on the RFQ platform of SX-First will be considered for settlement on T+0 or T+1 day.

• Pool Account / Settlement Account: To facilitate Securities Pay-in and Pay-out, Members are required to open pool accounts with depository participants of both the depositories:
  • Central Depository Services (India) Ltd. (CDSL) and
  • National Securities Depository Ltd. (NSDL)
• Pay-in of securities: The pay-in shall be effected in accordance with the settlement schedule issued by MCCIL from time to time. Members are required to arrange securities for pay-in in their Pool Account / Settlement Account as per the timings prescribed by MCCIL/Depositories/SEBI.
• Auto Delivery Out For pay-in through NSDL / CDSL: The facility has been provided to members wherein delivery-out instructions will be generated automatically by MCCIL based on the net delivery obligations of its Clearing Members. These instructions shall be released on the T+1 day to the Depositories and the securities in the Clearing Members’ Pool Account / Settlement Account will be marked for pay-in. Clearing members desirous of availing this facility shall send a letter in the fomat prescribed by MCCIL .
• Early pay-in of securities: Clearing Members can make early pay-in of securities through NSDL and CDSL. In NSDL, members shall deliver the securities to their CM Pool Account and execute irreversible delivery out instructions through their Depository Participant, for the particular settlement. In CDSL, members have to open separate early pay-in account with CDSL through MCCIL for that purpose Members are required to send a request in specific format. Securities for early pay-in should be transferred to the early pay-in account with MCCIL.
• Pay-out of Securities: Pay-out shall be effected in accordance with the settlement calendar issued periodically by MCCIL. Pay-out shall be effected on the Settlement Day as prescribed by SEBI or MCCIL.
• Direct pay-out to Beneficiary Account: MCCIL provides members, a facility to directly credit the pay-out to investor’s beneficiary account. The direct pay-out of securities can be credited to the client’s account regardless of the depository in which the securities pay-in is received. Clearing members shall provide a file to MCCIL for effecting pay out to client’s accounts for a particular settlement type and settlement number.
• Securities Pay-out to Members’ Preferred Depository: Members have a facility of preferred depository wherein pay-out receivable by members can be credited to the specified pool account in either of the depositories viz. NSDL or CDSL . However, members need to maintain pool accounts in both the depositories viz. NSDL and CDSL.

• Clearing Members shall maintain and operate a separate and distinct Settlement account with any one of the designated Clearing Banks. The settlement bank A/c maintained by the existing Clearing members for pay-in / pay-outs by MSE will be considered for the pay-in / pay-out by MCCIL. Clearing members shall irrevocably authorize the Clearing Bank for debiting and crediting their settlement account as per the instructions of MCCIL, reporting of balances and other information, as may be required by MCCIL from time to time. Clearing members having funds pay-in obligation shall have clear balance of requisite funds in this Settlement account on or before the stipulated funds pay-in day and the stipulated time.
• Pay-in of Funds
  
  • Retail Market: The pay-in shall be effected in accordance with the settlement schedule issued by MCCIL from time to time. Members are required to fund their Settlement Account to meet the pay-in obligation on the Settlement Day as per the timings prescribed by SEBI or MCCIL.
  • Institutional Market: The pay-in shall be effected in accordance with the settlement schedule issued by MCCIL from time to time. Members are required to fund their Settlement Account to meet the pay-in obligation on the Settlement Day as per the timings prescribed by SEBI or MCCIL.
  • Reporting / RFQ settlement: The pay-in shall be received on the respective settlement cycle T+0/T+1 as per the timings prescribed by MCCIL. The pay-in shall be received through RBI RTGS facility only.
• Pay-out of Funds
  • Retail Market: Pay-out shall be effected in accordance with the settlement calendar issued periodically by MCCIL. Pay-out shall be effected on the Settlement Day as per the timings prescribed by SEBI or MCCIL.
  • Institutional Market: Pay-out shall be effected in accordance with the settlement schedule issued by MCCIL from time to time.
  • Reporting / RFQ settlement: Pay-out shall be effected in accordance with the settlement type selected while reporting the trades. Pay-out shall be effected on the Settlement Day using RBI RTGS facility.

• The security pay-in shortage in Retail Market shall be financially closed out against members having receivable position in the concerned securities.
• Close out price will be the highest price recorded in that security on the exchange from the trade date up to T+1 day. The defaulting seller member shall be debited with 5% mark up on the close out price in the case of debt instruments with rating of AA and above and 10% in the case of other instruments.
• There shall be no Close out in case of “Institutional Market Deals”. Any shortage in the Institutional Market, the concerned trade shall be unwound at the price at which the trade was executed.