Description
NSE Clearing circular on early pay-in process for SIGMA due to face value split from Rs 10 to Re 1 per share with record date October 6, 2025.
Summary
NSE Clearing has issued instructions for early pay-in of securities for Sigma Solve Limited (SIGMA) undergoing a face value split from Rs 10 per share to Re 1 per share. Members and custodians must follow specific procedures for early pay-in using old ISIN before the record date and new ISIN after the record date.
Key Points
- Face value split: Rs 10 per share to Re 1 per share (1:10 ratio)
- Record Date and Ex-Date: October 6, 2025
- Old ISIN: INE0A0S01010
- Early pay-in must be done in old ISIN without adjusting for conversion
- For sale of 10 shares, early pay-in should be 1 share in old ISIN
- Client-wise allocation file should not be uploaded for early pay-in through block mechanism
- Custodians using pool accounts must upload client-wise allocation details per actual traded quantity
Regulatory Changes
This circular implements the process outlined in Item 10.18 ‘Early Pay-in of Securities for Margin Exemption’ of consolidated circular NCL/CMPT/67751 dated April 29, 2025, specifically for SIGMA’s corporate action.
Compliance Requirements
- Members/Custodians: Execute early pay-in in old ISIN (INE0A0S01010) for settlements on October 6-7, 2025
- Market Participants: Adhere to SEBI block mechanism requirements per NCL circular NCL/CMPT/53386 dated August 22, 2022
- Block Mechanism Users: Do not upload client-wise early pay-in allocation file
- Custodians with Pool Accounts: Upload client-wise early pay-in allocation details based on actual traded quantity
- Post-Record Date: Execute pay-in/early pay-in in new ISIN
Important Dates
- October 3, 2025: Circular issue date
- October 6, 2025: Record date and ex-date for face value split
- October 6, 2025: Settlement 2025190 - use old ISIN for early pay-in
- October 7, 2025: Settlements 2025190 & 2025191 - old ISIN for early pay-in on ex-date, new ISIN after record date
Impact Assessment
This circular affects members and custodians handling SIGMA securities during the face value split period. The 1:10 split ratio requires careful attention to early pay-in quantities to ensure proper settlement. Members must adjust their operational processes to use old ISIN before record date and new ISIN afterward. Failure to follow correct procedures could result in settlement failures or margin calculation errors. The requirement affects two settlement cycles and requires coordination between trading members, custodians, and depositories.
Impact Justification
Specific procedural guidance for members/custodians handling early pay-in for SIGMA stock split, affecting settlement processes for October 6-7, 2025