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TMI BlogSettlement of transactions in the case of holidaysX X X X Extracts X X X X X X X X Extracts X X X X ..... g Director, NSDL 3. The Executive Director, CDSL Dear Sir / Madam, Sub: Settlement of transactions in the case of holidays 1. It has often been noticed that the holidays of the banks and the Stock Exchanges are not common. Further, in view of the provisions of the Negotiable Instruments Act, 1881, the holidays across stock exchanges situated in different states are also not common. T ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... tation with the Stock Exchanges and the Depositories. 2.1 The Stock Exchanges shall clear and settle the trades on a sequential basis i.e., the pay-in and the pay-out of the first settlement shall be completed before the commencement of the pay-in and payout of the subsequent settlement/s. 2.2 The cash/Securities pay out from the first settlement shall be made available to the member for mee ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... curities at the client level by the end of the same day. 3. SEBI vide circular no. SMDRP/Policy/Cir-05/2001 dated February 01, 2001, had stipulated a time limit of 4 calendar days or 2 working days, whichever is later, for transferring the securities from the member s pool account to the beneficiary accounts of clients. Also, SEBI vide circular No. SMD/Policy/Cir-6/2003 dated February 6, 2003 h ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ssary amendments to the relevant bye-laws, rules and regulations for the implementation of the above decision immediately. 4.2bring the provisions of this circular to the notice of the member brokers/clearing members of the Stock Exchanges and DPs of the Depositories and also to disseminate the same on the website. 5. The Stock Exchanges are also advised to communicate to SEBI, the status of ..... X X X X Extracts X X X X X X X X Extracts X X X X
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