Description
Instructions for early pay-in process for GICL securities due to face value split from Rs 10/- to Re 5/- per share with record date October 15, 2025.
Summary
NSE Clearing Limited has issued instructions for the early pay-in process for Globe International Carriers Limited (GICL) securities undergoing a face value split from Rs 10/- per share to Re 5/- per share. The circular provides specific guidance on ISIN usage and settlement procedures for early pay-in transactions around the record date of October 15, 2025.
Key Points
- Face value split: Rs 10/- per share to Re 5/- per share for GICL
- Existing/Old ISIN: INE947T01014
- Record Date and Ex-Date: October 15, 2025
- Early pay-in for October 15, 2025 (Settlement 2025197) should use old ISIN
- Early pay-in for October 16, 2025 (Settlements 2025197 & 2025198) should use appropriate ISIN based on timing
- After record date, use new ISIN for all pay-in/early pay-in instructions
- For sale of 10 shares, early pay-in should be 5 shares in old ISIN (reflecting split ratio)
Regulatory Changes
No new regulatory changes introduced. This circular provides operational implementation guidance for existing early pay-in framework (Item 10.18 of consolidated circular NCL/CMPT/67751 dated April 29, 2025) as applied to a specific corporate action.
Compliance Requirements
For Members:
- Execute early pay-in instructions in old ISIN (INE947T01014) for ex-date/record date transactions
- Adjust quantity for corporate action ratio when making early pay-in (e.g., 5 shares in old ISIN for 10 shares traded)
- Adhere to SEBI block mechanism requirements per NCL circular NCL/CMPT/53386 dated August 22, 2022
- Do not upload client-wise early pay-in allocation file when using block mechanism
- Use new ISIN for all instructions after record date
For Custodians:
- When providing early pay-in through pool account, upload client-wise allocation details as per actual traded quantity (not adjusted quantity)
- Follow same ISIN usage requirements as members
- Execute pay-in/early pay-in in new ISIN after record date
Important Dates
- October 14, 2025: Circular issue date
- October 15, 2025: Record date and ex-date for face value split
- October 15, 2025: Settlement number 2025197 - use old ISIN for early pay-in
- October 16, 2025: Settlement numbers 2025197 & 2025198 - use new ISIN for early pay-in
- Post October 15, 2025: Use new ISIN for all pay-in/early pay-in instructions
Impact Assessment
Operational Impact: Medium. Members and custodians trading GICL must carefully track ISIN usage and quantity adjustments during the transition period. Incorrect ISIN usage or quantity calculations could result in failed settlements or margin calculation errors.
Market Impact: Low to Medium. Limited to participants trading GICL securities. The early pay-in mechanism allows margin exemption benefits, so proper execution is important for cost optimization.
Risk Considerations: Potential for settlement failures if members use incorrect ISIN or fail to adjust quantities properly. Block mechanism compliance is mandatory to prevent unauthorized selling of client securities.
Contact Information: Help desk available at 18002660050 (Option 2) or securities_ops@nsccl.co.in for clarifications.
Impact Justification
Operational circular affecting settlement procedures for a specific stock undergoing face value split. Important for members trading GICL but limited to single security.