Market participants were informed vide Notice No. 20091117-1 dated November 17, 2009, about the operational guidelines for clearing and settlement of trades in corporate bonds reported on Bombay Stock Exchange Limited’s (BSE) Indian Corporate Bond Market (ICDM) Platform through BSE’s 100% subsidiary viz., Indian Clearing Corporation Ltd. (ICCL).
In this connection, we are pleased to announce that, the facility for clearing and settlement of trades in corporate bonds reported on BSE’s ICDM platform through ICCL will be available to the market participants w.e.f. December 7, 2009, as per the norms/guidelines prescribed by RBI, SEBI, BSE and ICCL.
Besides the operational guidelines mentioned in the aforesaid notice (Notice No. 20091117-1), the participants are advised to follow the under mentioned guidelines/procedure:
- The participants registered with BSE/ICCL will be able to settle their trades in Corporate Bonds through ICCL.
- Whilst entering deals on the ICDM platform for settling through ICCL, participants should select following options :
- Settlement type = “Exchange”
- Settlement day = “Same day” (T day) or “T+1 or T+2.
- Cut-off timings for reporting of trades and confirmations for settlement :
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For T+ 0 settlement |
For T+1 or T + 2 |
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For Reporting |
9.30 am to 2.50 pm on T day. |
9.30 am to 5.30 pm on T day. |
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For Confirmation |
Upto 3.00 pm on T day. |
Upto 10.30 am on respective settlement day. |
- For funds pay-in, the participants will be required to transfer funds (as per their obligations) to ICCL’s RTGS Settlement account with Reserve Bank of India (RBI). Details of the same are as follows :
RTGS Settlement Account – ICCL (No): 8715962,
IFSC Code: ICLL0000001.
(The participants should enter/instruct “UCC Code”, “Deal ID” and “Bank Account details” in the Remarks/narration column in the RTGS FUNDS TRANSFER APPLICATION FORM while transferring the funds.)
- For securities pay in, the participants will be required to transfer the securities to ICCL’s Pool account with CDSL and NSDL respectively. For this, following procedure is to be followed :
- For delivery of securities in ICCL’s CDSL Pool account, participant will have to fill-in “Early Pay-in Instructions Slip”. They have to fill in CM ID- 999, and Alternate BO ID - 1100002900000030. The other details like their own ID, Market Type, Settlement No. ISIN and quantity as applicable will also be required to be filled in the slip.
- For delivery of securities in ICCL’s NSDL Pool account, participants will be required to fill in “Market Instructions” giving CM BP Id – IN619994 and the other details like Market Type, Settlement No., ISIN and quantity as applicable will also be required to be filled by the participants in the delivery instruction slip.
- Participants while delivering their securities will have to mention in their DIS, one of the market types viz; ICDM (T + 0), ICDM (T + 1) and ICDM (T + 2) which are corresponding to the 3 different types of settlements chosen by them at the time of reporting the trade on the ICDM platform.
- The settlement calendar for the ICDM segment is as stated in the Annexure I.
- Settlement of all such trades is to be done on DVP I basis as stipulated by RBI.
New users who wish to sign up with ICCL for settlement are requested to contact any of the Exchange staff listed below for further details or email us on debtinfo@bseindia.com
For further details, participants may call any of the following:
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Yagnesh Upadhyay |
22728750 |
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Sameer Vaze |
22728543 |
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Khyati Mehta |
22728562 |
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Sumit Singh |
22728528 |
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Hetal Kotak |
22728701 |
Thank You.
Vinay Pai
General Manager – Fixed Income
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