Clearing & Settlement

An Overview by:
- Ashit R. Raja
 What is the Role of Stock Exchange ?

• The Exchange provides ONLINE ANONYMOUS

SCREEN BASED TRADING PLATFORM for
buyers and sellers to deal in the
LISTED/PERMITTED securities listed on the
Exchange at a FAIR PRICE (MARKET DRIVEN).
• The Exchange ensures settlement of trades
between buyers and sellers at the appointed
time.
 Participants of the Secondary
Market: Members
• Members can trade:
– In their OWN Account
– on behalf of the Investors:
• Individual
• NRI
• FII
• DFI
• MF
• Bank
• Insurance
 Participants of the Secondary Market
(contd…)
• Members is CAST THE RESPONSIBILITY OF
SETTLING ALL THE FUNDS AND SECURITIES
OBLIGATIONS FOR ALL THE TRADES EXECTUTED
THRU ITS TWS’s across the country.
• Members can do transactions for the clients of their
sub-brokers for which he has to issue the contract
notes/bills.
 Participants of the Secondary
Market: Other Players
• Designated Clearing Banks:
– Settles the Trading Member Pay-in obligations of FUNDS with
the CLEARING HOUSE.
– Bank Guarantees / FDR’s for Collaterals.
• Custodians:
– Settles the Client Settlement Obligations of Funds and
Securities with the CLEARING HOUSE.
• Depositories
• CLEARING HOUSE
• Exchange
• SEBI (Regulator)
 Segments
• CASH
– Equity, Preference Shares, Debentures/Bonds and
Warrants
• Listed under A, B1, B2, F, S, T, TS and Z Group.
– Corporate Debt Instruments
– Government Securities
• DERIVATIVES
– Stock Options
– Stock Futures
– Index Options
– Index Futures
 Cash Market Timings
• Continuous Trading Session: 9.55 a.m. to 3.30 p.m.
– Block Deals: first 35 minutes from the start of market
hours (I.e. generally from 9.55 a.m. to 10.30 a.m.)
• Post Closing Session: 3.40 p.m. to 4.00 p.m.
– INVESTORS can do Transactions in this session at the
CLOSING PRICE of the scrip.
• Closing price of scrip is the weightage average price of the
scrip of last half an hour in the Continuous Trading
Session.
• If the scrip is not traded during the last half an hour than
the last trade price of the scrip before that period shall be
the closing price of the scrip.
– Members can change the CLIENT CODE in the post
closing session. However they can’t change CLIENT
TYPE.
Sun Outage:

1) BSE trading is ON.

2) Change in Closing Session Timings in order to
tune with the other Exchange.
 Groups
• Equity
– A Group
– B1 Group
– B2 Group
– S Group (INDO NEXT)
– T Group (Surveillance Action)
– TS Group (Surveillance Action)
– Z Group
• Companies Non-Complying with various clauses of Listing
Agreement
• Not signing with both the Depositories etc.
• Debentures/Bonds: F Group
• Government Securities: G Group
 Scrip Codes for CASH MARKET
Check for Scrip Group
• Equity: before placing the order
– Fully paid up code series:
• Fully paid up shares Normal code: 5 Lakh series
• FII only SELLER and
BUYER any INSTITUTION: 6 Lakh series
• Permitted Securities: 590001 to 598999
– Partly Paid-up shares: 890001 to 900000
• Preference Shares: 700001 to 720000
• Right Renunciation Form: 750001 to 790000 series
• Corporate Bonds/Debentures: 9 Lakh series
• Government Securities: 800001 to 850000
 Activation/Deactivation of
6 Lakh Series Code
• X% below the TRIGGER LIMIT - RBI NOTIFIES.
• Previously, FII’s who want to buy has to take prior
permission from RBI and were doing SPECIAL
Bargains.
• Temporary 6 Lakh series code is CREATED (for the
Company) and once the FII holdings goes down the
TRIGGER limit on intimation by RBI 6 lakh series
code is SUSPENDED.
• AS ON TODAY in 25 scrips 6 LAKH SERIES CODE
ARE ACTIVE.
 Activation/Deactivation of
6 Lakh Series Code (contd…)

• Salient Features:
– Client Type who can do:
• Selling Client: FII
• Buying Client: ONLY INSTITUTIONAL CLIENTS
(i.e.FII/DFI/MF/BANK/INS).
– NO NETTING WITH 5 LAKH SERIES. HOWEVER
SHORTAGES IN 6 lakh series shall be DIRECTLY
CLOSE-OUT.
– PRICE BANDS SAME as 5 Lakh series Code.
• Exchange Notice No.45424 dated the 29-3-2000: For Modalities
and Penalties.
 Types of Orders
• Limit Order
• Market Order
• Hit/Take Order
• Stop Loss Order
• Odd Lot
• Buy Back (Physical/Demat)
• Block Deal
– It is also a Compliance Requirement.
• Bulk Deal
Bulk Deal is not a Type of Order
but a Compliance Requirement
 BLOCK DEAL:
(implemented w.e.f. 14-11-2005)
• Execution Time: first 35 minutes from start of market hours
(normally 9:55 a.m to 10:30 a.m.)

ƒ Order Size: Minimum of

- 5,00,000 shares or
-Rs. 5 Crore Order Value (Order Qty * Order Rate).

ƒ Valid Price Range: within +/-1% from the ruling market price (i.e.
last traded price) or the previous closing price (subject to the applicable
circuit filter limits).

ƒOrder Matching Logic: The block deal orders in a scrip will be

matched against the counter order with same quantity and price on a
time priority basis.
 BLOCK DEAL
SEBI Circular and Exchange Notices

• SEBI circular No.20051014-6 dated the 14-10-2005.

• Exchange Notices:
– No.20051108-28: Modalities of Block Deal.
– No.20051108-29: Disclosure of Block Deal to be uploaded
by the Trading Member thru DUS software.
– No.20051014-6 dated the 14-10-2005, No.20051020-4 dated
the 20-10-2005 and No.20051028-4 dated the 28-10-2005
with regards to change in BOLT TWS’s for entering
BLOCK DEAL orders in the system and marking of Block
Deal in 6A-7A entry screen (Single Entry and Batch
mode).
 BULK DEAL
(implemented w.e.f. 17-2-2004)

BULK DEAL: If Qty Bought/sold by an Investor in

Single Transaction or Multiple Transactions on
PURCHASE SIDE or SELL SIDE exceeds 0.5% of the
LISTED CAPITAL OF THE COMPANY then the
Trading Member has to upload this information thru
DUS software (Data Upload Software).
 BULK DEAL
SEBI Circular and Exchange Notices

SEBI Circular No. SEBI/MRD/SE/Cir-7/2004 dated 7-1-

2004
Exchange Notices:
• Notice No.20040216-10 dated the 16-2-2004: Bulk
Deal
• Notice No.20040722-11 dated the 22-7-2004:
Uploading Disclosure of Bulk Deal thru DUS software.
• Notice No.20050202-11: Intimating URL link where
Bulk Deal Disclosure is displayed on BSE website.
Trading Members - Settlement of Pay-in / Payout
(Funds and Securities) with the Clearing House
• For Securities:
Demat Pool Account/ Principal Account with
•NSDL
•CDSL
• For Funds:
One Designated Clearing Bank account with any
one of the 15 Recognised Clearing Bank.
 T+2 Settlement Regime

Trading T+1 T+2 T+3 T+4

Day Day Day Day Day
Mon Tue Wed Thu Fri
 T+2 Settlement Regime
contd…

REMEMBER:
1) PAY-in/Pay-out will be conducted at the
Schedule Time.
2) NO TWO SETTLEMENT OBLIGATIONS WILL BE
MERGED.
3) IN CASE OF BANK HOLDIDAYS – THERE COULD
BE 2 SETTLEMENT PAY-IN/PAY-OUT
CONDUCTED ONE AFTER ANOTHER AS PER
SCHEDULE TIME.
 T+5 to T+3 to T+2 Settlement

• T+5 introduced w.e.f. 31-12-2001

• T+3 introduced w.e.f. 1-4-2002
• T+2 introduced from 1-4-2003
• Plans: T+1
– Banking RTGS has to EXPAND to MAJOR
CENTRES.
 Settlement On Net Basis NORMAL
(at Member Level) SETTLEMENT

Scrip Client Purchase Sales Net Qty

Qty Qty
500010 AAA 1000 500 +500
BBB 100 +100
CCC 50 50 -
DDD 100 -100
TOTAL 1150 650 +500 shares
shares shares
VALUE Rs.11.50 Rs. 6.50 Rs. 5 Lakhs
Pay-in: Rs. 5 Lakhs Lakhs Lakhs
Pay-out: 500 shares
 Remember: T, TS, Z Group Scrips and
BLOCK DEALTransactions are settled
Settlement on on Trade to Trade Basis.
Gross Basis Trade to Trade
(at Member Level)
SETTLEMENT
Scrip Client Purchase Sales Qty Net Qty
Qty
500010 AAA 1000 500 +500
BBB 100 +100
Funds CCC
Sec. 50 50 -
Pay- Rs. 5 DDD
650 100 -100
TOTAL
in lakhs shares 1150 shares 650 shares +500

Pay- - 1150
VALUE Rs.11.50 Rs. 6.50 Rs. 5 Lakhs
out shares Lakhs Lakhs
Pay-in / Pay out
Securities
 Pay-in/Pay-out (Securities)
Pay-in (Securities):
• Auto DO facility can be availed by trading members.
• The Trading Members and Custodians are required to have the
securities in their POOL or Principal A/c with NSDL/CDSL
(respectively) by 10:30 a.m. on pay-in day.
• The Depositories send the Pay-in FILE to the Clearing House at
11.00 a.m. after sweeping of balances available in the said
accounts.
Pay-out (Securities):
•The Pay-out file shall be forwarded by Clearing House to the
Depositories and Depositories shall credit the securities in the
same POOL/PRINCIPAL A/c of the Member. However, if the
member has given Client Demat Details than in that event it shall
credit the shares directly.
 1
Selling Client
Depository Participant
Pay-in: 1-2(e) Client Demat A/c 2
Time: 11.00 a.m.

Member’s DEPOSITORIES
POOL A/C

3 4

Pur.Member’s Pur. Client

POOL A/C DP
Pay-out: 3-4 (i) Client Demat
Time: 1.30 p.m. A/c
Pay-in / Pay out
Funds
 Pay-in/Pay-out (Funds)
Pay-in (Funds):
• The trading members and custodians are required to
designate one account with any one clearing bank for pay-
in of funds (NORMAL, AUCTION and Value of Securities
short delivered).
• The Settlement obligations reports (money statement,
balance Sheet) are downloaded to the members on T+1
Day.
• The funds are required to be deposited in the Designated
account by 10:30 a.m. on settlement day.
• The Clearing Banks submit the fate to the Clearing House
by 11:00 a.m..
 Designated Clearing Bank
Buying Member’s
Designated Settlement A/c
Pay-in: 1-2 Selling Member’s
OR 1 Designated Settlement A/c

3
2

1
Pay-out: 3
 Securities Shortage
• Computation of Shortages: Value of securities
delivered short is computed after the receipt of pay-
in file from the depositories after 11.00 a.m.
• Amount Recovered: The amount is debited to the
bank account and recovered prior to declaration of
pay-out.
• Auction Tender is issued
• If shares not received in Auction or Offeror defaults
in Auction Pay-in: CLOSE OUT
• If Trade to Trade Scrips (T, TS, Z group scrips),
BLOCK DEAL TRANSACTIONS and 6 Lakh series
codes: Directly CLOSEOUT.
 Auction Session

• Auction Tender issued on T+2 Day evening

• Auction Session Conducted on T+3 Day
–Timings: 11.00 a.m. to 12.00 a.m.
– Auction Report: 12.30 a.m.
Note: Can offer upto 20% higher than the T+2 day’s
closing price of the scrip.
PLEASE TAKE CARE WHILE AUCTION IS FOR
CUM- BENEFITS and Scrip is already EX-
BENEFITS.

•On T+4 Day

– Auction Pay-in: 12 noon
– Auction Pay-out: 1.30 p.m.
Note:

1) Defaulting Seller member can’t participate for

auction in that scrip.
2) Loss (if any) is recovered from the Defaulting
Selling Member.
3) Profit is transferred to IPF.
 Close Out
Close-Out: is effected for cases where no offer or only part
of the offer for a particular scrip is received in an auction
session or in cases where the Offeror whose offer has been
passed in auction session, fails to deliver the same.

Incases of scrips which belong to “T” group, “TS” group or “Z”

group (I.e. Trade to Trade), shortages resulted in 6 lakh
series transaction/s or Block Deal Transactions are also closed
out.
 Close Out (Formula)

Highest price recorded in the scrip from the trading day on which
the transaction took place upto a day prior to the day of auction
(i.e. pay-in Day).
OR
• 20% above the closing price on the day prior to the day of
auction (i.e. pay-in day).
WHICH EVER IS HIGHER
-------------------------------------------------------------------
10%: Scrips settled on T2T (T, TS, Z Group Scrips), Patawat
Objection
5%: Bonds/Govt. Securities
 Example of Close Out (Normal)
Scrip A (Scrip Code: 500000)
 Settlement Thru
Authorised Custodians

• Transfer of Client’s Settlement Obligations by

the Trading Member to the Client Custodian on
Client’s instruction (i.e. Position Transfer).

• International Practice of using service of

Custodians by Institutional Clients to
avoid any type of settlement RISKS.
 Advantages of Transferring Client’s
Settlement Obligations to Custodians.
• To Members:
– The member doesn’t have to perform the settlement
obligation/s of that particular client and its
settlement obligation gets reduced to such an
extent.
• To Clients:
– On transfer of his Settlement Obligation to the
Custodian makes him more secure as his Custodian
being the clearing member of the Clearing House
settles the trade with Clearing House directly on
Gross Basis.
• To Custodians: Business.
 Procedure for Settlement Thru
Authorised Custodians (contd…)
• ONLINE ENTRY and CONFIRMATION Window for doing 6A-7A
entries.
– Having facility to enter SINGLE ENTRY (Member)/CONFIRMATION
(custodians) and also BATCH ENTRIES (Members/Custodians).
– Members TWS’s and ADMIN TWS’s and also Custodians are having
facility for viewing unconfirmed/confirmed entries.

• Members have to enter the details in 6A-7A Window

– New Entries: On T Day - between 9:55 a.m. to 3:30 p.m. and
3:40 p.m. to 6:00 p.m.
– Modify entries on T Day (during above timings) and also on
T+1 Day upto 11:00 a.m.
• Custodians have to confirm the said entry then only the client’s settlement
obligations shall be transferred to the Custodians.
– The Custodians can confirm entries upto 1:00 p.m. on T+1
Day.
• If custodians had not confirmed any ENTRY then obligations will be devolve
on the Member and they will have to settle the trade thru DVP. If the
unconfirmed entry is of INSTITUTIONAL Client fine will be levied.
 Notice for discontinuation of
Hand Delivery Bargains
/Delivery Versus Payment

• SEBI Circular: Dated the 2-9-2005

• Exchange Notices:
– Notice No.20050914-19 dated 14-9-2005 and Notice
No.20050919-25 dated 19-9-9-2005: Modalities about
discontinuation of Hand Delivery Bargains/Delivery
Versus Payment and informing members about the
Penalities for doing DVP trades.
Funds Shortage
 Funds Shortage

• Upto Rs.10 Lakh:

– BOLT TWS’s will not be deactivated.
– PAYOUT OF SECURITIES and FUNDS OF THE
MEMBER IS WITHELD.
– Member has an option to borrow the money from BCF
(Brokers Contigency Fund).
 Funds Shortage
contd…

• More than Rs.10 Lakh:

– BOLT TWS’s will be immediately deactivated.
– PAYOUT OF SECURITIES and FUND of the
member is WITHELD.
– Equivalent FUNDS SHORTAGE COLLATERAL
is also recovered from the Member as Additional
Money and is kept aside for 10 settlements.
 IMPORTANT SETTLEMENT FILES
for Members and Clients

• For Members:
– T Day
• Brk file (All Trades file)
• Provisional Money Statement
• Provisional Balance Sheet
• Margins Statements
– T+1 Day (2.30 p.m.: after 6A-7A time limit is over)
• Money Statement (FINAL)
• Balance Sheet (FINAL)
• Receive Delivery Statements
• For Clients: Trade Verification can be
done from Exchange website.
 IMPORTANT NOTICES
• Settlement Calendar: Issued in last week
of the month for the subsequent month.
• Daily Settlement Programme/Auction
Notice are issued.
• Daily BDC Settlement/Auction Notice are
issued.
 Bad Delivery Cell (BDC)
• Buying member can lodged BDC claim as per BDC
cycle.
– Entry to be made in BDC Module
• Bad Delivery to be given/collected to/from CLG
House by the Buying/Introducing Selling
Member respectively.
• 21 Day Cycle for RECTIFICATION.
• BDC Auction/Close Out
REFER BDC Settlement Calendar
and Auction Notices.
RISK MANAGEMENT
 Members have to maintain
• Base Minimum Capital
• Trade Guarantee Fund
• Additional Capital
 Base Minimum To be maintained at ALL
TIMES. It will not be
Capital allowed for Trading
Exposure.
Rs. 10 Lakhs

ONLY A & B1
Group Scrips
forming Group I
 TOTAL LIQUID ASSETS

• Trade Guarantee Fund: Rs. 10 Lakhs

(IN Cash and Cash Equivalent).
• Additional Capital: Rs. “X” Lakhs
(Funds and Securities).
Total Liquid Assets = Cash / Cash Equivalent (Cash equivalents shall be
at least 50% of liquid assets. ) + Non Cash Equivalent /Other Liquid Assets

Cash equivalents shall be at least 50% of liquid assets.

This would imply that Other Liquid Assets in excess of the total
Cash Equivalents would not be regarded as part of Total Liquid Assets.
 Trading Limits
• Trading Limits available to the extent of total effective
liquid assets (TLA) of the member deposited with the
Exchange and subject to the unutilized portion.

• 10% of Total Liquid Assets or Rs.10 Lakh

whichever is less is kept as RESERVE CAPITAL
so as to avoid de-activation of BOLT TWS’s of
members on next TRADING DAY.
 Liquid Assets
(Cash / Cash equivalent)

Cash/Cash equivalent Haircut

Cash Nil
Fixed Deposit Nil
Bank Guarantees Nil
Government securities (G-secs) 10%
Mutual funds which invests in G- 10%
secs and Liquid Mutual Funds
 Other Liquid Assets
(non-cash)
Non-Cash Haircut

A Group VaR rate

Or B1 Group Securities of VaR
group I
Mutual units other than G-Sec Same as the VaR margins for the units
computed using the traded price on the
funds – NAV or VaR margin Exchange, if available, or else, using the
NAV of the unit treating it as a liquid
security.
 TYPES OF MARGIN
• Value at Risk (VaR) margin
• Extreme Loss (ELM) margin
• Mark to Market (MTM) margin
• Special margin (Surveillance action)

Charged on CLIENT LEVEL NET

BASIS on T Day
 Margin Collection
Margins at client portfolio level
• VaR and ELM BLOCKED UPFRONT on real time basis
from TOTAL LIQUID ASSETS.
• VaR and ELM RELEASED on real time basis when the
client reverses position IN THE SAME SCRIP.
• Mark to Market (MTM) and Special margin COLLECTED
at End Of Day. T Day Evening
• ALL MARGINS ARE AT CLIENT LEVEL.
 Margin Exemption
• FII
• Mutual Funds
• Domestic Financial Institutions
• Banks
• Insurance companies registered with
IRDA.
 Liquid Categorisation
(VaR group)
Group Trading frequency over previous six Impact cost
months over previous
six months
I At least 80% of the days Less than or
equal to 1%
II At least 80% of the days More than 1%

III Less than 80% of the days NA

Trading frequency and impact cost is calculated on 15th of

each month to be applied for subsequent month
 Liquidity categorisation for
NEW LISTING

• Categorised in that group where market cap of the

new scrip equals market cap of 80% of stocks in that
group
• Review in subsequent month
• In case of any corporate action and any change in
ISIN to be treated as new listing
 Mark to Market (MTM) margin
• At client level portfolio (On Scrip basis)
• for outstanding positions of T day and
T-1 day (INCREMENTAL MARGIN)
• losses netted against profits for that client
ONLY
• no setting off for 2 different days
 Mark to Market (MTM) margin
Same Day Netting across
scrips for Same Client Value (Rs.)

Same Client T-1 Day

and T Day: not netted
off.
 Early Pay-in of Securities
• Irreversible instructions to DP
• EPN file upload to CLEARING HOUSE
• Advantage: Release of VaR Margin.
 Capital Cushion
• Members exceeded 90% of capital utilisation
for more than 7 days in a calendar month are
identified.
• Capital requirement to bring utilisation level to 85% from the
highest level above 90%.
• Highest of such amounts is called as capital cushion.
• Capital cushion is deposited in form of cash / FDR / Bank
guarantee.
• No exposure is given on capital cushion
• Released after one month
 Capital Cushion
Note: IF CAPITAL CUSHION IS NOT DEPOSITED
WITHIN 3 DAYS THEN PENALTY (ON
GRADED BASIS) AS APPLICABLE FOR
FUNDS PAY-IN SHORTAGE IS LEVIED.

File Name: CAmmyy.

Downloaded to members once a month.
Capital Cushion
(example)
No. February TLA
Utilised
1 1St 91%
2 6th 94%
3 10th 92%
4 14th 92%
5 16th 92%
6 20th 95%
7 24th 91%
8 29th 94%
Collateral Management
 Collateral Deposits/Withdrawals
• Collateral Deposits
– Cash (ONLINE UPDATION).
– Pledge Securities (T+1Day UPDATION).
– BG/FDR’s (T+1 Day UPDATION).
• Collateral Withdrawal
– Cash, BG, FDR & Securities (T+1 Day Release –
Before Start of Market Hours).
 Collateral Files
(Download Every FRIDAY)
• HSddmmyyyy.clg.no.: All Collaterals details.
• MBddmmyyyy.clg.no.: BG’s expiring in 30 days.
• MFddmmyyyy.clg.no.: FDR’s expiring in 30 days.
Margin Trading
 Margin Trading
Concept
• A facility to clients to borrow money from brokers
for purchase of securities
• Permits investors to do leveraged buying i.e. buy
more shares without fully paying for them.
• E.g. RIL - market price Rs. 700; for 1000 shares.
broker funds Rs. 3.5 lac; client brings Rs. 3.5 lac
shares remain with the broker
 Margin Trading Special Points
• Eligible Members :
– Only corporate brokers having net-worth of Rs.
3 crores.
• EXCHANGE GRANTS PERMISSION.
• SEPARATE Agreement between the client and
member is necessary. (SEBI has provided a model
agreement.).
• Eligible Securities: VaR Group 1 securities classified
for computation of VaR margins. Currently 830
scrips.
 Margin Trading - Guidelines
• Maximum Limits:
– Borrowing for margin trading: 5 times of net-worth
– Exposure: Borrowed funds plus 50% of net-worth
– Concentration: 10% of the “total exposure” to a
single client
• Margin Requirements:
– Initial Margin: 50% of transaction value by
way of Cash, FD or Bank Gurantee.
– Maintenance Margin: 40% of the current
market value
 Margin Trading – Guidelines
contd…
• Maintenance of Records:
– Separate client-wise depository a/c for
margin shares
– Separate record of all margin trades and
sources of funds
 Margin Trading – Guidelines
contd…

• Liquidation:
– Broker may liquidate shares when :
• the client’s cheque for margin call not received
till next day of call or
• cheque given has been dishonored or
• client’s deposit in the margin account is 30% or
less of the latest market value between making of
the margin call and receipt of payment
• liquidation in case of shifting of scrip to T / TS/ Z
group
 MARGIN CALL

• Client’s balance deposit FALLS below

maintenance margin of 40%
• The exchange/broker can increase required
margin levels at its DISCRETION.
 Example
Day Scrip Client Client Margin Call (Rs.)
Price Contribution Contribution
(Rs.) (Rs.) (%)
1 100 50 50% -
2 90 40 44% -
3 80 30 37.5% Rs.2
5 70 20 28.5% (Less LIQUIDATE
than 30% of
IM)
 Margin Trading
OTHER POINTS
• Client funds not permitted even if the same is
authorized by the client for MARGIN TRADING FOR
OTHER CLIENTS.
• Margin Trading facility from one broker per exchange
by client.
• The brokers are required to :
– Obtain client’s declaration about previous margin
trading facility availed of with other members.
– Also verify the details from the concerned
broker/s
– Obtain a certificate on fully liquidating
outstanding in the margin account with other
broker, if any.
 Margin Trading
OTHER POINTS
• Reporting of margin trades:
– Reporting on the Exchange where the shares
purchased
– Latest by 12.00 noon the next day
– Formats for reporting
• Disclosure by the Exchange: After market
hours based on brokers’ reporting
 Margin Trading
• SEBI Circular No. SEBI’s circular No. SEBI/MRD/SE/SU/Cir-
15/04 dated March 19, 2004
• Exchange Notices:
– Notice No. 20040402-31 dated 2-4, 2004: Daily uploading
details of Margin Trading done for clients Thru DUS
software.
– Notice No.20051213-3 dated the 13-12-2005: Precautionary
Notice issued by DOSS.
– Please refer Addition/Withdrawal of scrips list to/from
Trade to Trade Groups (“T”, “TS” and “Z”) issued by DOSS
and DCS from time to time.
Thank You