New Deadline
SEBI defers direct shares payout to client deadline to Nov 11 from Oct 14
This story was originally published at 20:15 IST on 10 October 2024
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--SEBI: Direct shr payout to client deadline extended to Nov 11 from Oct 14
MUMBAI – A day after the National Stock Exchange of India Ltd. announced to its members the go-live date of Friday for direct payout of securities to clients' demat account under the T+1 rolling settlement, the Securities and Exchange Board of India on Thursday announced the extension of the Oct 14 deadline for direct payout for stock exchanges and clearing corporations to Nov 11. In response to SEBI's deferment of the deadline, the NSE said Thursday it would announce a revised date for the direct payout rollout soon.
In a circular on Thursday, SEBI said the direct payout timeline was being extended by nearly a month because of a representation received from the Brokers' Industry Standards Forum. It said clearing corporations were supposed to issue final operational guidelines to the market by Aug 5, but did so only at the end of August "on account of extensive consultation in the brokers forum".
In another related circular on Thursday, SEBI said when the direct payout of securities to client demat account goes live, the settlement payout by exchanges and clearing corporations could take place by 1530 IST instead of the current 1330 IST on the payout date, which is the second day from trade. End
IST, or Indian Standard Time, is five-and-a-half hours ahead of GMT
Reported by Rajesh Gajra
Edited by Avishek Dutta
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