Description

ICCL revises early pay-in cut-off times for funds and securities to 7:00 PM on January 2, 2026, while extending collateral allocation deadline to 10:00 PM.

Summary

Indian Clearing Corporation Limited (ICCL) has revised the early pay-in (EPI) cut-off times for January 2, 2026 only. The final cut-off time for both EPI of funds and EPI of securities has been advanced from 7:45 PM and 9:00 PM respectively to 7:00 PM. Simultaneously, the collateral allocation cut-off time has been extended from 8:00 PM to 10:00 PM, and margin report download time has been revised to 8:45 PM.

Key Points

  • EPI of Funds final cut-off time changed from 7:45 PM to 7:00 PM for January 2, 2026
  • EPI of Securities final cut-off time changed from 9:00 PM to 7:00 PM for January 2, 2026
  • Collateral Allocation cut-off time extended from 8:00 PM to 10:00 PM
  • Margin report download time revised from 10:30 PM to 8:45 PM
  • Changes apply only to January 2, 2026
  • References SEBI circular SEBI/HO/MIRSD/DOP/P/CIR/2022/10 dated July 27, 2022 regarding settlement of running account of client’s funds

Regulatory Changes

This circular implements a one-day modification to existing settlement timelines originally established by ICCL circular no. 20200829-4 dated August 29, 2020. The revision is made in view of SEBI’s circular regarding settlement of running account of client’s funds lying with Trading Members.

Compliance Requirements

  • All members and participants must adhere to the revised EPI cut-off times for January 2, 2026
  • Members must ensure funds are submitted by 7:00 PM (instead of 7:45 PM)
  • Members must ensure securities are submitted by 7:00 PM (instead of 9:00 PM)
  • Custodians must coordinate with the revised timelines
  • For clarifications, members should contact their Relationship Managers or email CM_settlements@icclindia.com or Collaterals@icclindia.com

Important Dates

  • December 30, 2025: Circular notice date
  • January 2, 2026: Date when revised timelines apply
  • 7:00 PM on January 2, 2026: New cut-off for both EPI of funds and securities
  • 10:00 PM on January 2, 2026: Collateral allocation cut-off
  • 8:45 PM on January 2, 2026: Margin report download time

Impact Assessment

The revised timelines create earlier deadlines for members to submit funds and securities on January 2, 2026, requiring operational adjustments for that specific trading day. Members will need to complete their early pay-in submissions 45 minutes to 2 hours earlier than normal. However, the extended collateral allocation window (to 10:00 PM) provides additional flexibility for collateral management. The earlier margin report availability (8:45 PM instead of 10:30 PM) allows members to review their positions earlier in the evening. This is a temporary, single-day adjustment rather than a permanent change to settlement procedures.

Impact Justification

Temporary one-day operational change affecting settlement timelines for members and custodians, requiring adherence to revised cut-off times for January 2, 2026