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Securities Settlement


The final obligation for securities pay-in is downloaded to the members and custodians on the T+1 day. The members / custodians make available the required securities in the settlement pool accounts with the depository participants on the pay-in day by 10.30 a. m. To facilitate this members are required to open pool accounts with depository participants of both the depositories, NSDL and CDSL.

Contact Details of Depositories

Depository Address Contact Person & Numbers
Central Depository Services (India) Ltd. Unit no. A- 2501, A Wing, Marathon Futurex, IT Park, 25th Floor, Mafatlal Mill Compounds, N M Joshi Marg, Lower Parel (East)
Mumbai - 400013
Mr. Ashish Bhatt
Vice President - Operations
National Securities Depository Ltd. Trade World, 4th Floor, Kamala Mills Compound, Lower Parel Mumbai - 400013 Mr. Samar Banwat, Vice President Tel: 24972964 to 70
Fax: 24972993

Subsequent to receipt of pay-in instructions from the depositories, NSE Clearing determines the shortages after which pay-out files are generated and released to the depositories by 1.30 p.m. Members have a facility of direct delivery of securities to the investors accounts wherein payout receivable by members can be directly credit to the beneficial owners's accounts as instructed by them.

In addition to the direct delivery of securities to the client account, Members also have a facility to receive their payout in their preferred depository.

Direct delivery of securities to the investors accounts

Members may provide NSE Clearing 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 NSE Clearing 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 NSE Clearing.

File format: Comma Separated

Naming Convention of the file: CPD<SYYYYYYYD>.Xnn
where
CPD - File type
S - Settlement Type
YYYYYYY - Settlement Number
D - Delivery Type
X - File Indicator
T - File coming from the member
S - Success File sent to the trading members
R - Reject File sent to the trading members
nn - Batch number (is a running sequence)

Control Record Format

Field Name Length Mandatory / Optional Description
Record Type CHAR(2) Mandatory Value = 10
File Type CHAR(3) Mandatory Value = CPD
Member Type CHAR(1) Mandatory 'M' For Clearing Member 'C' For Custodians
Member Code CHAR(5) Mandatory Member Code
Settlement type CHAR(1) Mandatory  
Settlement number CHAR(7) Mandatory  
Delivery Type CHAR(1) Mandatory  
Batch Number Number(2) Mandatory Batch number in running sequence
Total No. of Records Number(7) Mandatory Total number of records in file
Total quantity Number(9) Mandatory  

Detail Record Format

Field Name Length Mandatory / Optional Description
Record Type CHAR(2) Mandatory Value = 20
Depository Id CHAR(5) Mandatory Value = NSDL/CDSL
ISIN CHAR(12) Mandatory  
Beneficiary Account No. CHAR(16) Mandatory In case of CDSL the Beneficiary a/c. In case of NSDL the 1st 8 digit shall be the DP Id and the next 8 digits shall be the beneficiary a/c, in that order
Quantity Number(9) Mandatory
  • The time limit for submission of files is up to 9.30.am on the pay out day

  • The files are uploaded by NSE Clearing 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.

Error codes and their meanings

Error Code Error Message
3 O/S Command failed
4 C process error, see C users guide
5 Oracle Error - See Error Manual
6 Oracle Error occured in %s(%d)
8 Logon denied, check Username/Password
10 Could not disconnect after %s
14 Could not %s successfully
16 Invalid number of arguments
17 Usage : %s <usr/pwd> <file name>
19 Usage : %s <usr/pwd>
20 Environment variable [%s] not found
21 Invalid file name [%s]
22 Could not form the log file name
23 Could not open file [%s]
24 Could not write to file [%s]
25 No data in file [%s]
28 Process terminated due to error"
30 Data for Batch (Date [%s], No [%d]) already loaded
32 Could not %s [%s]
34 Could not read file [%s]
36 Could not save messages to logfile
37 Previous Batch (Date [%s], No [%d]) not yet successfully loaded
38 Usage : %s <usr/pwd> <user> <role> <opt> <old role>
41 System Status not Open, cannot proceed
42 Error while running report [%s]
43 Cannot move to ERROR directory
44 Cannot move to SUCCESS directory
45 Cannot open directory or not enough memory"
46 Usage : %s <usr/pwd> <set type> <set no>
47 Usage : %s <usr/pwd> <DD-MON-YY>
102 Day Begin in progress
113 Begin Day has already been performed
114 System Status not valid for processing, cannot proceed
115 System is closed
116 System is suspended
117 Error in system status check
202 End Day has already been performed
203 Another Day End in progress
212 Data files pending load, cannot do Day End
213 Error while getting file details
301 First record should be Control Record
302 Detail Record should be of type %s
303 No Detail Records found in file [%s]
311 Invalid Number
312 Invalid batch number
313 Invalid value for %s"
314 %s not valid
315 Batch Number mismatch
316 Total number of records mismatch
317 Total value mismatch
318 Total price mismatch
319 Total premium mismatch
320 Total amount mismatch
321 Prefix mismatch
322 Batch Date mismatch
323 Total Volume mismatch
351 Cannot be more than one Central Bank defined
352 Central Bank must be a Broker
353 Central Bank must be non-taxable
361 Setup Date not less than Maturity Date
362 Issue Date not less than Maturity Date
363 Coupon Start Date not equal to Issue Date
364 Coupon End Date greater than Maturity Date
365 Coupon Start Date not less than Coupon End Date
366 Maturity Date should be greater than Todays Date
367 Coupon End Date less than Todays Date
368 Insufficient Coupon Information, all or none should be null
369 No Maturity Date allowed for Call Segment
370 No Coupon Information allowed for Issue
371 Coupon Start Date greater than Todays Date
401 Problem in updating old Obligations
402 Deliveries already generated for Set <%s> : <%s>
500 Deliveries are being generated
501 Pay-in/Pay-out is over
502 Provisional CUT is not over
503 Final CUT is not over
504 Provisional Obligation is over. Final Obligation Date has not arrived.
505 Re-computation of Provisional Obligations
506 Re-computation of Final Obligations
507 No Trade Records Present
508 Duplicate Buy Custodian Record Present
509 Duplicate Sell Custodian Record Present
600 Could not write to the report
701 Invalid Date Format in Filename
702 Date specified in the Filename is a Future Date
703 Invalid Trading Member Code in Filename
704 Empty File
705 No detail records to Process
706 Invalid Control Record Format
707 First record should be a control record with record type as <%s>
708 Invalid File Type in Control Record
709 Invalid CustodianType in Control Record
710 Invalid Member Type in Control Record
711 Mismatch in Member code in File name and Control Record
712 Mismatch in Custodian code in File name and Control Record
713 Mismatch in Batch Number in File name and Control Record"
714 Mismatch in Batch Date in File name and Control Record
715 Mismatch in Number of Detail records read from the file and
Number of Detail records mentioned in control record
716 Previous Batch not Loaded successfully
717 Current Batch is already loaded
718 Invalid Detail Record type
719 Invalid Buy/Sell Flag in Detail record
720 Mismatch in Buy/Sell Flag in File and database record
721 Mismatch in Security Symbol /Series in File and database record
722 Mismatch in Special CP code in File and database record
723 Mismatch in Trading Member code in File and database record
724 Invalid Custodial Participant Code
725 Custodial Participant is not active
726 Mismatch in CP code in File and database record
727 Obligation Qty should be a whole number
728 Obligation Qty & value should both be zero for re-allocation
729 Re-allocation is not allowed as Custodian has already confirmed as 'Y'.
730 Obligation Qty & Value should not be less than zero
731 Allocated Obligation Qty /Value Exceeds the Special CP Obligation in Database
732 Allocated Qty /Value should be non zero
733 For full allocation, Both Quantity & Value should be Fully allocated
734 Mismatch in Obligation Qty /Value in File and Database record
735 Mismatch in Contract Number in File and Database record
736 Record Doesnot exist in database
737 Invalid Contract Number
738 Invalid Confirmation flag
739 Final Confirmations for the Settlement already done
740 File is rejected as all the detail records are rejected
741 Invalid Detail Record Format
742 Custodial Participant Margin Indicator is not equal to <%c>
743 <%s> length is greater than specified length.
744 Invalid Length Of Filename
745 Invalid File Type in Filename
746 Date Specified in filename is not application date
747 Invalid Borrow/Lend Flag in detail record
748 Final Obligations have been computed for first leg settlement
749 Final Obligations not computed for the ALBM settlement
750 File already sent by this member
751 :Member does not have a matching obligation
752 Quantity or amount cannot be equal to zero
753 Quantity or amount cannot be less than zero
754 Quantity should be whole number
755 Multiple Records sent for this security
756 Invalid Date Format in Control Record
757 Invalid Security in Detail Record
758 Security Lending Price not available for the Security"
759 Invalid Settlement Type and Number in Detail Record"
760 Invalid Child Series specified in Detail Record
761 Both the Trade Number and Order Number cannot be NULL
762 Length of <%s> is invalid.
763 Final Cut over for ALBM Settlements.
764 Invalid Preference Quantity
765 Invalid CNS Security
766 Adjust Obligations is not over for the Settlement
767 Alocation of Obligations is over for the Settlement
768 Allocation of Electronic Security is over for the Settlement
769 No processing is done for the Settlement
770 CNS security exists in No Delivery Period
771 Invalid Flag set for CNS Flow
772 Invalid Client allocated Quantity in Detail Record
773 Invalid Depository Id Detail Record
774 Mismatch in the Total Quantity in Control Record and sum of the Quantities in Detail Record
775 Security Pay Out is completed for this Settlement
776 Mismatch in Delivery Type in File name and Control Record
777 Mismatch in Settlement Number in File name and Control Record
778 Mismatch in Settlement Type in File name and Control Record
779 Mismatch in Member code in File name and Control Record"
780 Invalid Settlement Type and Settlement Number in File name"
781 Invalid Member Code in File name
782 Invalid Delivery Type in File name
783 Invalid Isin code
784 Deliveries not yet generated
785 Final Obligation is not calculated
786 Invalid Client account number ( try to do from pro to cli)
787 Meber code does not belong to given member type
788 Obligations Not found for this isin code
789 Trade is Proprietory Trade
801 Please check the Order Number
802 Please check the Client Name
803 Custodian is allready allocated for this Order No
804 Order is already confirmed
805 CP to OTR not allowed for Settlement type W
806 OTR to OTR not allowed
807 Client to OTR not allowed for Settlement type W
808 Passes time for the Previous Date record
854 File naming connvention not correct,should be trd date
856 Member Code not active in NCIS *
857 File uploaded thoughr NCIS & is success
901 invalid record_type
902 invalid modify type
903 invalid detail record
904 invalid buy sell flag
905 invalid conf flag
906 conf flag validation error
907 Multiple Custodians for order number
908 error in obligation date
909 error in updation
910 invalid signature
911 invalid file generation place
912 invalid filesize
913 error in reading file
914 no records for custodian
915 oracle error
916 custodian is disabled
917 not valid custodian
918 final obligation is done
919 records modified after handshake
  • In case clearing members wishes to modify the data in a file, which has been already submitted to NSE Clearing, 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 NSE Clearing. 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 NSE Clearing 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 NSE Clearing.
  • 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 NSE Clearing 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.

Securities Payout to Members Preferred Depository

Members have a facility of preferred depository wherein payout receivable by members can be credited to the specified pool account in either of the depositories viz. NSDL or CDSL.

Members are requested to take note of the following:

  • The securities payout shall be after giving effect to any client direct payout instructions which may have been provided by clearing members for the respective security for the respective settlement. In the event of a failure of a client payout instruction at the depository, the payout shall be effected to the respective depository pool account.
  • Members shall ensure that they get their account details updated in case of shifting /change of account etc to ensure that the payout happens to the preferred depository pool account.
  • Members may avail the said facility by providing details in the form of a letter as enclosed in Annexure I along with the client master report of the respective depository pool account. Also, the same letter has to be provided in case of closure of the said preferred depository pool account along with the client master report of the respective depository pool account.
  • Members may take note that they shall continue to maintain pool accounts in both the depositories viz NSDL and CDSL.


    Reporting of details of securities Pay-in / Pay-out shortages by Members

     

    Members are required to upload files in the specified format with respect to details of securities pay-in / pay-out shortages. The file is to be uploaded only in case of securities Pay-in / Pay-out shortages (including internal shortages). The files in the specified format shall be uploaded by the members to the clearing corporation till S+5 working day basis, where 'S' is the settlement date for the respective settlement. For every valid file uploaded by member, return file shall be generated with the indication of the success/rejection of the file and the records. This shall be purely a validation of the correctness of the file format. In case members intend to modify the data in a file, which has been already submitted to Clearing Corporation, the member would be having an opportunity to submit the revised file after carrying out the modifications before the cut off date. Members will have to submit all the files in a running sequence of batch numbers across segments. If 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. 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.

     Error code and their meaning

Updated on: 24/09/2020
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