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Impact due to NSDL Technical Glitch
We hope this post finds you in good health and high spirits. On 26th July, an unforeseen technical glitch occurred at the depository's end, which, unfortunately, had an impact on the End of Day (EOD) processes and depository settlement with NSDL. We understand the inconvenience this may have caused and would like to extend our heartfelt apologies for any troubles you may have experienced during this period.
Today you might have encountered the following issues:
We sincerely apologize for the inconvenience and assure you that our technical team is working diligently to resolve these issues at the earliest. We are committed to providing a seamless trading experience, and we deeply value your understanding and patience.
If you have any questions or require further assistance, please do not hesitate to reach out to our customer support team. We will keep you updated on the progress of the resolution.
Thank you for your continued support and trust in our services.
The dividends declared by companies whose shares you own are transferred directly to your bank account linked to your Demat account by the Registrar and Share Transfer Agent (RTA). It is important to ensure that your bank account details are accurate and up to date, as any discrepancies can result in the dividend not being credited to your account.
In accordance with the Investor Education and Protection Fund (IEPF) (Accounting, Audit, Transfer, and Refund) Rules of 2016, any shares held by shareholders who have not claimed dividends for a consecutive period of seven years or more are mandated to be transferred to the Demat account of the IEPF Authority. This transfer ensures compliance with the regulations and safeguards the interests of investors.
To access the bank details associated with your Demat account, kindly visit https://my.geojit.com and log in using your unique login ID and password. Once logged in, navigate to the User Profile section and click on "Depository Bank Account Details" to view the registered bank information. We request you to ensure the following to avoid the transfer of shares from your Demat account to the IEPF Authority
- Core banking account number, IFSC, and MICR of your bank account are updated in your Demat account.
- For all the shares held by you (Demat/physical), declared dividends are received in your Bank Account.
Additionally, it is important to be aware that if your shares have already been transferred to the IEPF Authority and you wish to claim them or the associated dividends, a distinct application must be submitted to the authority using Form IEPF-5, as specified in the IEPF Rules. You can find the required form on the official website of the IEPF Authority at www.iepf.gov.in.
Attention: Services may be impacted on 04 March
We will be conducting testing on our website on (March 04, 2023). As a part of this testing, we will be switching to our DR (Disaster Recovery) site for one day. This is a necessary measure to ensure that our systems remain operational and secure.
While we do not anticipate any significant disruptions, some functions or services may be temporarily unavailable or may experience minor delays throughout the day. However, rest assured that our team will be closely monitoring the situation to minimize any potential impact.
We appreciate your understanding and support as we take the necessary steps to ensure the safety and reliability of our systems.
Please note that on Saturday, 04 March 2023, our telephone lines, 1800 103 5501, 0484 4114306 and 0484 2901000 will not be available.
In order to have smooth application of section 234H and existing rule 114AAA, it is clarified that the impact of sub-rule (2) of rule 114AAA i.e. where a person, whose permanent account number has become inoperative under sub-rule (1), is required to furnish, intimate or quote his permanent account number under the Act, it shall be deemed that he has not furnished, intimated or quoted the permanent account number, as the case may be, in accordance with the provisions of the Act, and he shall be liable for all the consequences under the Act or not furnishing, intimating or quoting the permanent account number, shall come into effect from 1st April, 2023 and the period beginning from 1st April, 2022 and ending with 31st March, 2023, shall be the period during which the said sub-rule shall not have its negative consequences of the nature referred to in the said sub-rule or specified in paras 4 and 4.1 above.
In accordance with the guidelines issued, all members are advised to ensure that their existing and new clients comply with the requirement of linking the Aadhar with PAN by March 31, 2023.
Subsequently, vide SEBI Circular - SEBI/HO/MIRSD/MIRSD_RTAMB/P/CIR/2022/23 dated February 24, 2022, and Exchange notice no. 20220225-59 dated February 25, 2022, the timelines to provide choice of nominations for all existing eligible trading and demat account holders had been extended to March 31, 2023. In case the choice of nomination is not provided by March 31, 2023, the trading and demat account would be frozen.
Securities and Exchange Board of India (SEBI), permitted the stock exchanges to introduce T +1 settlement cycle from 1 January 2022 on the securities available in the equity segment.
Regarding this matter, the Stock Exchanges, Clearing Corporations, and Depositories have completed the plan for executing the T+1 settlement cycle, which is outlined below:
- The T +1 settlement cycle will be implemented in a phased manner. The T +1 settlement cycle of first list of securities starting with the bottom 100 stocks by market capitalization will start from 25 February 2022.
- The next bottom 500 stocks by market capitalization will be included in T+1 settlement on the last Friday (trade day) of every month from March 2022.
- Any new stock listed after October 2021, will be added to list based on the market capitalization calculated based on average trading price of 30 days after commencement of trading.
- Securities such as preference shares, warrants, right entitlements, partly paid shares and securities issued under differential voting rights (DVR) will be transitioned to T+1 settlement along with the stock of parent company.
Considering the aforementioned alterations, we kindly ask that you take note of the following: -
- Liquidation of Unpaid Shares will be one day in advance from the current time limit
- MTF marking cut off on T+1 will be 12:00 PM.
- BTST will be available only on Trading Day.
- Interest on due debits will be from T+1 EOD.
The clearing corporation has established guidelines for collateral allocation, which permit the repledging of securities exclusively for exchange-approved securities in accordance with a list that will be periodically released by the exchange. Please refer the SEBI Circular.
Since repledging is only authorized for exchange-approved securities, and allocation is required to be made in real-time, we will only be providing margin against approved securities. Furthermore, the pledge facility will only be enabled for such securities, commencing from 24.01.2023.
In partial modification to aforesaid notice, please note that Exchange will levy the transaction charges for Group A,B and other non exclusive scrips ( non exclusive scrips from group E,F,FC,G,GC,W,T) at Rs.375 per crore of turnover on flat rate basis with effect from December 01,2022.
Trading members may note that there shall be no other change related to transaction charges in equity segment. (for exclusive scrips of groups E,F,FC,G,GC,W,T and groups –MS,TS,M,MT,IF,IT,X,XT,Z,ZP,P,R etc.)
In partial modification to aforesaid notices, please note that with effect from December 01,2022 transaction charges will be revised on trades done in currency futures (including cross currency futures) as follows -
*For Currency Futures contracts, transaction charges will be applicable on the value of the transactions (Price X Quantity).
Also, please nnote that there will be no change in transaction charges of existing Currency Options (including cross currency option) which are as follows-
Transaction charges for Currency Futures will be charged on Incremental monthly turnover at the end of the month as per above table.
Stock brokers are advised to upload all the client codes for execution of trade in the EGR Segment. Trades will be allowed to be executed only in the registered client codes in the EGR Segment. Further as per Exchange notice no. 20220623-58 dated June 23, 2022, only Compliant UCCs ONLY will be allowed to place orders in EGR Segment.
SEBI, vide circular no. CIR/HO/MIRSD/DOP/P/CIR/2022/595 dated July 16, 2021, introduced block mechanism in the demat account of clients undertaking sale transactions, for ease of operations in Early Pay-in mechanism.
Subsequently, vide circular no. SEBI/HO/MIRSD/DoP/P/CIR/2022/109 dated August 18, 2022, SEBI made the facility of block mechanism mandatory for all Early Pay-In transactions by amending clause 5 of circular dated July 16, 2021 as under: “5. The facility of block mechanism shall be mandatory for all Early Pay-In transactions.”
Exchanges, of late, have received multiple references where messages/ videos are being circulated with recommendations to deal in certain scrips. Such recommendations are being circulated to investors by unregistered or unauthorised entities inducing them to deal in these stocks. The circulation of such posts is not only detrimental to the interest of the investors but also adversely affects the integrity of the securities market.
Adherence to KYC requirements- Sikkim Clients
Further, the Trading Members are required to maintain additional diligence for all existing and new clients, by capturing the details of devices (Computer/Tablet/Mobile including Executable Applications, Browser based Apps, Mobile Apps) used to place/modify/cancel orders by the clients based out of Sikkim to verify if the orders are placed from ‘Sikkim’
A Muhurat Trading session will be conducted from NSE & BSE on October 24, 2022