| High Level FPI Transaction Flow- Equity Sell |
| 1 | Request for placing sell order | Client | T-1/T |
| 2 | Order placed on BSE's trading platform | Broker | T |
| 3 | Order executed on BSE's trading platform | BSE | T |
| 4 | Executed orders details provided to the Clearing Corporation (ICCL) for Settlement | BSE | T |
| 5 | Executed Order details advised to the Client | Broker | T |
| 6 | Trade Instruction to deliver Securities, provided to the Custodian (DDP) | Client | T/T+1 |
| 7 | Trade details and Contract Note forwarded to the Custodian (DDP) | Broker | T |
| 8 | Trade details are provided to the Tax consultant | Custodian (DDP) | T |
| 9 | Trades made available to the Custodian (DDP) for confirmation | ICCL | T/T+1 |
| 10 | Trades confirmed to the Clearing Corporation (ICCL) | Custodian (DDP) | T+1 |
| 11 | Securities transferred to the Clearing Corporation (ICCL) | Custodian (DDP) | T+2 |
| 12 | Clearing Corporation (ICCL) transfers the funds to the Custodian's (DDP) Clearing Bank | ICCL | T+2 |
| 13 | Funds are transfer to Client's Bank Account | Custodian (DDP) | T+2 |
| 14 | Tax consultant provides the Tax Computation | Tax Consultant | T+2 |
| 15 | Instruction to Custodian / DDP to repatriate funds | Client | T+2 |
| 16 | Custodian (DDP) instructs Bank to:
a – Pay the applicable Tax
b – Repatriate funds (net of tax) to the client's Bank | Custodian (DDP) | T+2/T+3 |
| 17 | Client's Bank advised the Client of receipt of funds | Client's Bank | T+3/T+4 |