Description
NSE Clearing specifies early pay-in procedures for AGIIL shares undergoing face value split from Rs 5 to Re 1 per share with record date October 10, 2025.
Summary
NSE Clearing has issued instructions for early pay-in of securities for Agi Infra Limited (AGIIL) in connection with a face value split from Rs 5 per share to Re 1 per share. The circular specifies the process for members and custodians to execute early pay-in using old and new ISIN codes based on specific settlement dates, with the record date and ex-date set for October 10, 2025.
Key Points
- Face value split: Rs 5 per share to Re 1 per share (subdivision ratio 1:5)
- Old ISIN: INE976R01025
- Ex-date and Record date: October 10, 2025
- Members must use old/existing ISIN for early pay-in on October 10, 2025 (settlement 2025194)
- For October 13, 2025, use old ISIN for settlement 2025194 and new ISIN for settlement 2025195
- Early pay-in quantity must be in old ISIN without adjusting for conversion (e.g., sale of 5 shares requires early pay-in of 1 share in old ISIN)
- After record date, all pay-in/early pay-in instructions must use new ISIN
- Block mechanism applicable as per SEBI circular and NCL/CMPT/53386 dated August 22, 2022
Regulatory Changes
No new regulatory changes. This circular implements existing early pay-in framework (Item 10.18 of consolidated circular NCL/CMPT/67751 dated April 29, 2025) for a specific corporate action event.
Compliance Requirements
For Members:
- Execute early pay-in in old ISIN (INE976R01025) on October 10, 2025 without adjusting for split ratio
- Adhere to SEBI block mechanism in demat accounts for client sale transactions
- Do not upload client-wise early pay-in allocation file when using block mechanism
- Switch to new ISIN for all pay-in instructions after record date
For Custodians:
- Provide early pay-in through pool account where applicable
- Upload client-wise early pay-in allocation details based on actual traded quantity (post-split quantity)
- Execute early pay-in in old ISIN on specified dates, new ISIN after record date
Important Dates
- October 10, 2025: Ex-date and Record date for face value split
- October 10, 2025: Early pay-in date for settlement 2025194 (use old ISIN)
- October 13, 2025: Early pay-in date for settlements 2025194 (old ISIN) and 2025195 (new ISIN)
- After October 10, 2025: All pay-in instructions must use new ISIN
Impact Assessment
Operational Impact: Medium - Members and custodians must carefully manage ISIN transitions during the settlement period to ensure correct margin exemption benefits. The requirement to use old ISIN without adjusting for conversion ratio (1:5) requires precise calculation and execution.
Market Impact: Low to Medium - Limited to AGIIL stock; affects trading members, custodians, and PCMs executing early pay-in for margin benefits. Proper execution ensures smooth settlement and margin treatment during the corporate action period.
Client Impact: Clients benefiting from early pay-in margin exemption must ensure their brokers/custodians follow correct procedures with appropriate ISIN codes for the transition period.
Impact Justification
Operational circular affecting settlement procedures for single stock undergoing face value split; requires specific pay-in actions by members and custodians on designated dates to ensure proper margin treatment