CIRCULAR
SEBI/HO/MRD/MRD-PoD-2/P/CIR/2024/137 October 10, 2024
To
All recognised Stock Exchanges
All recognised Clearing Corporations
All Recognised Depositories
Dear Sir/ Madam,
Sub: Change in timing for securities payout in the Activity schedule for T+1
Rolling Settlement.
1. SEBI vide circular reference number SEBI/HO/MIRSD/MIRSD-
PoD1/P/CIR/2024/75 dated June 5, 2024, has mandated that the pay-out of
securities be credited directly to the client account by the Clearing Corporations
(CC).
2. As prescribed in the aforementioned Circular, under Phase -1, the securities for
pay-out in the equity cash segment (including netted cash and F&O Physical
Settlement) shall be credited directly to the respective client’s demat account
by the Clearing Corporations.
3. As a consequence of the above, the timing of the payout of securities shall be
revised from 1:30 PM to 3:30 PM. Thus, as a result of Direct Payout, the
securities shall be credited to the clients’ demat account on the same settlement
day instead of one working day from the receipt of pay-out from the Clearing
Corporation.
4. The extant Activity Schedule for T+1 Rolling Settlement, under Para 1.4 of the
Chapter 3 of the SEBI Master circular on Stock Exchanges and Clearing
Corporations dated October 16, 2023 also stands revised w.r.t to the timing of
pay-out of securities.
5. The Stock Exchanges, Clearing Corporations and Depositories are accordingly
advised to:
a. Make necessary amendments to the relevant bye-laws, rules and
regulations for the implementation of the above decision, as may be
necessary/applicable.
b. Bring the provisions of this circular to the notice of the Market Participants
and to disseminate the same on their website.
6. This circular is being issued in exercise of powers conferred under Section 11
(1) of the Securities and Exchange Board of India Act, 1992, read with Section
10 of the Securities Contracts (Regulation) Act, 1956 and Section 19 of the
Depositories Act, 1996 to protect the interests of investors in securities and to
promote the development of, and to regulate the securities market.
7. This circular is available on SEBI website at www.sebi.gov.in at “Legal
→Circulars”.
Yours faithfully,
Vishal Shukla
General Manager
Tel. No. 022-2644-9959
Email: vishals@sebi.gov.in