Members may provide NSCCL instructions for pay-out directly to the client beneficiary account and not to the members settlement pool account. Members are required to provide information regarding their client beneficiary accounts on T+2 day by 9:30 a.m.. Based on the information received from members, the Clearing Corporation sends payout instructions to the depositories, so that the client receives the pay out of securities directly to their accounts on the pay-out day. The client receives payout to the extent of instructions received from the respective clearing members. To the extent of instruction not received, the securities are credited to the CM pool account of the member.
Clearing members are required to provide a file to NSCCL for effecting pay out to investors' accounts for a particular settlement type, settlement number and delivery type. The file is to be provided as per the structure specified by NSCCL.
The time limit for submission of files is up to 9.30.am on the pay out day
The files are uploaded by NSCCL in its system and returned with the indication of the success/rejection of the file and the records. This is purely a validation of the correctness of the file and record formats.
At times, the files are not successfully uploaded due to certain technical/manual errors. Each of such rejected file/ rejected record has the error code appended to the control/detail record. (List of error codes with corresponding explanations)
In case clearing members wishes to modify the data in a file, which has been already submitted to NSCCL, the member can submit the full file after carrying out the required modifications. However this has to be done before the cut off time announced by NSCCL. With the submission of this revised full file, the file submitted earlier would be ignored and not considered.
Clearing members have to submit all the files in a running sequence of batch numbers. If clearing members fail to submit an earlier batch file then the subsequent batches will not be processed. However, if the earlier file was completely rejected, the same batch number should be used for the subsequent corrected file.
The total quantity of securities to be credited to the account of various constituents should not exceed the net pay out by NSCCL to the clearing member.
Clearing members shall provide details of beneficiary account of the clients of the trading members in any one of the depositories.
Credit to the accounts of various constituents would be in the same order as specified by the clearing member in the file given to NSCCL.
The credit to the beneficiary account of the client shall be pursuant to the file and in conformity with the details provided by the clearing member requesting NSCCL to directly credit the accounts of the constituent. Hence execution of such electronic instructions of passing the credit to the account of the constituents shall mean and be, pay out to the clearing members
Clearing members are provided a return file after completion of pay out in the extranet server in Clearing \CPD\dnld directory.