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All trades in corporate bonds available in demat form which are reported on
any of the following platforms provided viz., FIMMDA, NSE-WDM and NSE web site
shall be eligible for settlement through NSCCL.
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In order to facilitate settlement of corporate bond trades through NSCCL,
both buy and sell participants shall be required to explicitly express their
intention to settle the corporate bond trades through NSCCL.
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The trades will be settled at participant level on DVP I basis i.e., on
gross basis for securities and funds. The settlements shall be carried out
through the bank and DP accounts specified by the participants.
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On the settlement date, during the pay-in, participants shall be required to
transfer the securities to the Depository account specified by NSCCL and
transfer the funds to the bank account specified by NSCCL within the stipulated
cut-off time.
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On successful completion of pay-in of both securities and funds, the
securities / funds shall be transferred by NSCCL to the depository / bank
account of the counter-party.
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The participants desirous of clearing and settling the trade through a
custodian may do so by specifying the custodian details.
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Custodian may be specified either for a participant wherein all the trades
for such participant shall be eligible for settlement by custodian or for a
trade wherein only that trade shall be eligible for settlement by custodian.
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In order to facilitate settlement of trades identified for settlement by
custodian, through NSCCL, the custodian shall be required to explicitly express
its intention to settle such trades through NSCCL. The settlement of trade in
such case shall take place through the custodian’s bank and DP account as
specified by the custodian.
