Description
NSE Clearing publishes the settlement calendar and timings for the Offer for Sale (OFS) of Keystone Realtors Limited shares scheduled for October 15-16, 2025.
Summary
NSE Clearing Limited has published the settlement calendar for the Offer for Sale (OFS) of Keystone Realtors Limited shares. The OFS will have separate settlement schedules for institutional and retail categories on October 15-16, 2025, with T+1 settlement following existing secondary market transaction rules. Securities transaction tax (STT) and stamp duty will be collected on respective settlement days.
Key Points
- Settlement follows existing rules for secondary market transactions as per circular NCL/CMPT/67751 dated April 29, 2025
- Five different settlement configurations covering institutional (100% and 0% margin) and retail categories
- Institutional Series (IS) settlements on October 15-16, 2025 with varying custodial confirmation requirements
- Retail Series (RS) settlement on October 16, 2025 without custodial confirmation
- Funds pay-in deadline: T+1 day by 11:00 AM
- Securities and funds pay-out: T+1 day by 01:30 PM
- STT and stamp duty collected on respective settlement days
Regulatory Changes
No new regulatory changes introduced. This circular implements the existing secondary market settlement framework for the specific OFS transaction.
Compliance Requirements
- Members and custodians must adhere to the published settlement calendar
- 100% margin category: Custodial confirmation by 03:30 PM on order date (for institutional non-retail on Oct 15)
- 0% margin category: Custodial confirmation by 07:30 AM on T+1 day
- Funds pay-in must be completed by 11:00 AM on T+1 day
- Participants must ensure compliance with STT and stamp duty collection requirements
Important Dates
- October 15, 2025: Order date for Institutional Series (Non-Retail) - Settlement No. 2025163
- 100% margin: Custodial confirmation by 03:30 PM, settlement on Oct 16
- 0% margin: Custodial confirmation by 07:30 AM on Oct 16, settlement on Oct 16
- October 16, 2025: Order date for Retail Series and additional Institutional Series - Settlement No. 2025164
- Retail Series: Settlement on Oct 17 (no custodial confirmation required)
- Institutional Series 100% margin: Custodial confirmation by 03:30 PM, settlement on Oct 17
- Institutional Series 0% margin: Custodial confirmation by 07:30 AM on Oct 17, settlement on Oct 17
- T+1 Day: Funds pay-in by 11:00 AM; Securities and funds pay-out by 01:30 PM
Impact Assessment
Operational Impact: Medium - Members, custodians, and PCMs participating in the Keystone Realtors OFS must configure their systems and processes to comply with the specific settlement timings and margin requirements. The staggered settlement schedule across two days requires careful coordination.
Market Impact: Medium - The OFS will impact trading and settlement activities for Keystone Realtors shares. The differentiated treatment between institutional and retail categories with varying margin requirements affects liquidity management.
Participant Impact: Institutional participants with 100% margin requirements must ensure custodial confirmations by 03:30 PM on order date, while 0% margin participants have until 07:30 AM next day. Retail participants have simplified settlement without custodial confirmation requirements. All participants must ensure adequate funds availability for T+1 pay-in deadline.
Impact Justification
Important for participants in the Keystone Realtors OFS to comply with settlement schedules and timings. Medium impact as it affects specific OFS participants rather than broader market.