To
All Members/Participants,
In continuation to ICCL Circular No. 20220429-14 dated April 29, 2022, members may please note that implementation of penalty for short allocation (on maximum amount of short allocation based on EOD well as intraday basis) would be implemented from trade date February 13, 2023 instead of February 01, 2023.
Further, in continuation to ICCL Circular No. 20220819-5 dated August 19, 2022, regarding Segregation and Monitoring of Collateral at Client Level - Penalty mechanism for EOD Short Allocation, wherein it was specified that members shall have an opportunity to report amount of client collateral available against segment wise short allocation. Now, in view of implementation of penalty for short allocation (on maximum amount of short allocation based on EOD well as intraday basis), the file formats to be considered for uploading the reporting to the clearing corporation is amended as below.
The file shall be provided on a T+1 basis, the reporting shall be done by T+5 working days from the trade date. For example, file for February 13, 2023, shall be provided on February 14, 2023, and reporting for the same shall be accepted till EOD of February 20, 2023.
1. Short allocation report for Clearing / Trading Members
Clearing Members/ Trading Members will be provided with files for reporting of reasons for short allocation. The files will contain the following details:
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Trade Date
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DD-MM-YYYY
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Clearing Member code
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Trading Member Code
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Client Code
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CP Code
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Allocated Collateral (I)
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Margin Required (J)
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Short Allocation (K= J - I)
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Indicator
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E for EOD and respective snapshot number for intraday
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Note: The Short Allocation figures in K will be after adjustment of excess collateral lying in other segments.
File format: CSV files
File Name:
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File name
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Member type
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SHORTALLOCATION_CM_CLGNO_DDMMYYYY.CSV
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CM
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SHORTALLOCATION_TM_CLGNO_DDMMYYYY.CSV
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TM
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2. Reporting to be done by Clearing / Trading member for short allocation:
The Clearing / Trading Members will be required to report the files to ICCL in the following format:
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Trade Date
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As provided in short allocation report (in point 1 above)
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Clearing Member code
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As provided in short allocation report (in point 1 above)
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Trading Member Code
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As provided in short allocation report (in point 1 above)
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Client Code
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As provided in short allocation report (in point 1 above)
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CP Code
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As provided in short allocation report (in point 1 above)
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Allocated Collateral (I)
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As provided in short allocation report (in point 1 above)
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Margin Required (J)
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As provided in short allocation report (in point 1 above)
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Short Allocation (K= I-J)
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As provided in short allocation report (in point 1 above)
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Indicator
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As provided in short allocation report (in point 1 above)
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Reason Code*
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To be reported by Member
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Excess Collateral with NCL
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To be reported by Member
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Excess Collateral with MCCIL
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To be reported by Member
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Excess Collateral with MCXCCL
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To be reported by Member
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Excess Collateral with NCCL
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To be reported by Member
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* If reason code is updated as ‘01’ then the clearing member will also update the amount in the column pertaining to the respective CC.
Reason Codes
01 – Excess Collateral with other CC
02 – Value of securities sold for which EPI has been done by end of day to CC
03 – Trades done on behalf of NRI clients
04 – Trades executed for CP clients by trading members awaiting custodian acceptance (available only for TM’s)
05 – Trades executed in wrong client code codes (Only available for Indicator other than “E”)
06 – Allocation request submitted to ICCL however allocation request accepted later (Only available for Indicator other than “E”)
File format: CSV files
File Name:
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File name
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Member type
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SHORTALLOCATION_CM_CLGNO_DDMMYYYY_NN.CSV
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CM
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SHORTALLOCATION_TM_CLGNO_DDMMYYYY_NN.CSV
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TM
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Note :
· Latest incremental no (NN) file to be considered for the respective member.
· Each batch should contain entire records with reason code, wherever applicable
3. Response file to Clearing / Trading member for short allocation:
Response to member will be provided in the following format:
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Date
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As provided in short allocation report (in point 1 above)
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Clearing Member code
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As provided in short allocation report (in point 1 above)
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Trading Member Code
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As provided in short allocation report (in point 1 above)
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Client Code
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As provided in short allocation report (in point 1 above)
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CP Code
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As provided in short allocation report (in point 1 above)
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Allocated Collateral (I)
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As provided in short allocation report (in point 1 above)
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Margin Required (J)
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As provided in short allocation report (in point 1 above)
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Short Allocation (K= I-J)
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As provided in short allocation report (in point 1 above)
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Indicator
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As provided in short allocation report (in point 1 above)
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Reason Code
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As uploaded by Member in Short allocation report (in point 2 above)
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Excess Collateral with NCL
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As uploaded by Member in Short allocation report (in point 2 above)
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Excess Collateral with MCCIL
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As uploaded by Member in Short allocation report (in point 2 above)
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Excess Collateral with MCXCCL
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As uploaded by Member in Short allocation report (in point 2 above)
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Excess Collateral with NCCL
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As uploaded by Member in Short allocation report (in point 2 above)
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Response*
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S/R
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Reason*
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Reason will be given for rejected record
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*ICCL remarks as per reason code provided by member
· S stands for Successful import of record in the system
· R stands for Rejection of record
– Reason to be populated as below:
§ Incorrect reason code
§ Invalid file details
§ Invalid file format
§ Negative amount in file
File format: CSV files
File Name:
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File name
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Member type
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SHORTALLOCATION_CM_R_CLGNO_DDMMYYYY_NN.CSV
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CM
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SHORTALLOCATION_TM_R_CLGNO_DDMMYYYY_NN.CSV
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TM
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4. Penalty file to Clearing / Trading member for EOD short allocation:
File format for penalty on End of day short allocation report:
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Trade Date
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Clearing Member code
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Trading Member Code
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Client Code
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CP Code
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Allocated Collateral (I)
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Margin Required (J)
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Highest intraday peak margin short reported (K)
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End of day short margin reporting (L)
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End of day short allocation of amount (M= J-I)
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Intraday short allocation amount
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Highest intraday short allocation amount
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Final Shortfall (O = Max (K,L,M,N))
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Penalty amount excluding GST (P=O*Penalty %)
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File format: CSV files
File Name:
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File name
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Member type
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SHORTALLOCATION_PNLCM_CLGNO_DDMMYYYY.CSV
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CM
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SHORTALLOCATION_PNLTM_CLGNO_DDMMYYYY.CSV
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TM
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In case of any clarifications, members may contact their respective Relationship Managers or below mentioned contacts:
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Membership & Inspection Dept. for compliance aspect
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+91-22-22728365/8788/5075/5744
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iccl.membership@icclindia.com
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For and on behalf of Indian Clearing Corporation Ltd.
Roanna Lewis
Sr. Manager
Membership & Inspection |