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. | Phiroze Jeejeebhoy Towers, 28th FloorDalal StreetMumbai - 400 023 | Mr.Cyrus Khambatta Senior Vice President Tel: Fax: 22673199 |
| National Securities Depository Ltd. | Trade World, 4th FloorKamala Mills CompoundLower ParelMumbai-400 013 | 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 |
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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 MembersMembers 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.
Updated on: 07/10/2019 12:00
