Description

Circular regarding early pay-in process for BEML Limited securities due to face value split from Rs 10/- per share to Rs 5/- per share with ex-date and record date on November 3, 2025.

Summary

NSE Clearing Limited has issued instructions for early pay-in (EPI) of securities for BEML Limited due to a face value split (sub-division) from Rs 10/- per share to Rs 5/- per share. The circular specifies procedures for members and custodians to follow when executing early pay-in instructions during the record date and ex-date of November 3, 2025, including the use of existing/old ISIN (INE258A01016) and new ISIN for different settlement dates.

Key Points

  • BEML Limited (Symbol: BEML) is undergoing face value split from Rs 10/- to Rs 5/- per share
  • Record Date and Ex-Date: November 3, 2025
  • Existing/Old ISIN: INE258A01016
  • Early pay-in on November 3, 2025 (Settlement 2025209) should use old ISIN without adjusting for conversion
  • Early pay-in on November 4, 2025 (Settlements 2025209 & 2025210) should use new ISIN
  • For sale quantity of 10 shares, early pay-in should be in old ISIN for 5 shares (conversion ratio applied)
  • After record date, pay-in/early pay-in instructions must use new ISIN
  • Block mechanism rules from circular NCL/CMPT/53386 (August 22, 2022) apply
  • Client-wise early pay-in allocation file should NOT be uploaded when using block mechanism
  • Custodians using pool accounts must upload client-wise allocation based on actual traded quantity

Regulatory Changes

This circular does not introduce new regulations but provides operational guidance for implementing existing early pay-in procedures during a corporate action (face value split). It references Item 10.18 ‘Early Pay-in of Securities for Margin Exemption’ from consolidated circular NCL/CMPT/67751 dated April 29, 2025.

Compliance Requirements

For Members and Custodians:

  • Execute early pay-in instructions in old ISIN (INE258A01016) on November 3, 2025 without adjusting for conversion ratio
  • Switch to new ISIN for early pay-in instructions after the record date (November 4, 2025 onwards)
  • Adhere to SEBI block mechanism requirements as per NCL/CMPT/53386 dated August 22, 2022
  • When using block mechanism: Do NOT upload client-wise early pay-in allocation file
  • When using pool account: Upload client-wise early pay-in allocation details based on actual traded quantity
  • Apply conversion ratio correctly: for sale of 10 shares, early pay-in in old ISIN should be 5 shares

Important Dates

  • November 3, 2025: Record Date and Ex-Date for face value split
  • November 3, 2025: EPI Date - Settlement Number 2025209 (use old ISIN)
  • November 4, 2025: EPI Date - Settlement Numbers 2025209 & 2025210 (use new ISIN)
  • After November 3, 2025: All pay-in/early pay-in instructions to use new ISIN

Impact Assessment

Operational Impact: Medium - Members and custodians trading BEML securities must carefully manage the transition between old and new ISIN during the settlement window. The requirement to use different ISINs on specific dates and apply conversion ratios correctly requires operational attention and system coordination.

Market Impact: Low to Medium - Limited to participants with BEML positions during the corporate action period. The face value split itself is a routine corporate action, but the early pay-in procedures require specific handling.

Client Impact: Low - Clients with BEML positions may experience administrative changes in how their securities are processed, but the underlying value remains unchanged due to proportional adjustment in share quantity.

Impact Justification

Affects members and custodians trading BEML securities during the face value split period, requiring specific early pay-in procedures using old and new ISINs on different dates.