Description

ICCL revises EPI of Funds and EPI of Securities final cut-off times for 17 April 2026, advancing deadlines by up to 2 hours in compliance with SEBI circular on settlement of running accounts.

Summary

The Indian Clearing Corporation Limited (ICCL) has revised the Early Pay-in (EPI) cut-off times for 17 April 2026. The revision is made pursuant to SEBI circular SEBI/HO/MIRSD/DOP/P/CIR/2022/10 dated July 27, 2022 regarding the Settlement of Running Account of Client’s Funds lying with Trading Members. All members and custodians must adhere to the updated timelines for that specific date.

Key Points

  • EPI of Funds final cut-off time is advanced from 7:45 PM to 7:00 PM
  • EPI of Securities final cut-off time is advanced from 9:00 PM to 7:00 PM
  • Collateral Allocation cut-off time is advanced from 8:00 PM to 10:00 PM (note: this appears as a revised time per the notice)
  • Download of margin reports cut-off time is advanced from 10:30 PM to 8:45 PM
  • Changes apply exclusively to 17 April 2026 and do not affect standard timelines on other dates

Regulatory Changes

This revision is made in reference to:

  1. ICCL circular no. 20200829-4 dated August 29, 2020, which originally specified the final cut-off times for EPI of Funds and EPI of Securities.
  2. SEBI circular SEBI/HO/MIRSD/DOP/P/CIR/2022/10 dated July 27, 2022, concerning Settlement of Running Account of Client’s Funds lying with Trading Members.

Compliance Requirements

  • All Members and Participants must note the revised cut-off times and ensure EPI of Funds is submitted by 7:00 PM on 17 April 2026
  • EPI of Securities must be submitted by 7:00 PM on 17 April 2026
  • Collateral allocations must be completed by the revised deadline
  • Margin report downloads must be completed by 8:45 PM on 17 April 2026
  • For clarifications, members should contact their Relationship Managers or email CM_settlements@icclindia.com or Collaterals@icclindia.com

Important Dates

  • Effective Date: 17 April 2026 (one-day revision only)
  • EPI of Funds cut-off: 7:00 PM on 17 April 2026 (previously 7:45 PM)
  • EPI of Securities cut-off: 7:00 PM on 17 April 2026 (previously 9:00 PM)
  • Collateral Allocation cut-off: 10:00 PM on 17 April 2026 (previously 8:00 PM)
  • Margin reports download cut-off: 8:45 PM on 17 April 2026 (previously 10:30 PM)

Impact Assessment

This circular has a high operational impact on all trading members, clearing members, and custodians. The EPI of Securities deadline is brought forward by 2 hours (from 9:00 PM to 7:00 PM), and EPI of Funds is advanced by 45 minutes. Members who fail to meet these revised deadlines may face settlement shortfalls or margin penalties. The earlier deadlines on April 17, 2026 are likely linked to the SEBI-mandated running account settlement obligation, requiring firms to adjust their back-office and settlement workflows for that day specifically.

Impact Justification

Significantly advances multiple operational deadlines for April 17, 2026, requiring immediate action from all members and custodians to avoid settlement failures.