Home Acts & Rules SEBI Old-Provisions Securities Contracts (Regulation) (Stock Exchanges And Clearing Corporations) Regulations, 2012 Chapters List Chapter VI GENERAL OBLIGATIONS This
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Regulation 44A - Settlement and netting - Securities Contracts (Regulation) (Stock Exchanges And Clearing Corporations) Regulations, 2012Extract 1 [Settlement and netting 44 A. (1) The payment and settlement in respect of a transaction in a recognized stock exchange and recognized clearing corporation shall be determined in accordance with the netting or gross procedure as specified in the bye-laws of such recognized stock exchange and recognized clearing corporation, with the prior approval of the Securities and Exchange Board of India. (2) Payment and settlement in respect of a transaction between parties referred to in sub-regulation (1), effected under the bye-laws of a recognized stock exchange or recognized clearing corporation, shall be final, irrevocable and binding on such parties. (3) When a settlement has become final and irrevocable, the right of the recognized stock exchange or the recognized clearing corporation, as the case may be, to appropriate any collaterals or deposits or margins contributed by the trading member, clearing member or client towards its settlement or other obligations in accordance with the bye-laws of the recognised stock exchange or recognized clearing corporation shall take priority over any other liability of or claim against the said trading member, clearing member or client, as the case may be. Explanation . For removal of doubts, it is hereby declared that the settlement, whether gross or net, referred to in this regulation is final and irrevocable as soon as the money, securities or other transactions payable as a result of such settlement is determined, whether or not such money, securities or other transactions is actually paid. ] ********* Notes 1. Inserted vide Notification No. LAD-NRO/GN/2013-2014/21/6463 dated 02-09-2013
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