Description
NSE Clearing circular outlining early pay-in procedures for Bharat Rasayan Limited securities due to face value split from Rs 10 to Rs 5 per share.
Summary
NSE Clearing Limited has issued guidelines for early pay-in of securities for Bharat Rasayan Limited (BHARATRAS) in connection with a face value split from Rs 10 per share to Rs 5 per share. Members and custodians must follow specific procedures for early pay-in using old and new ISINs on designated dates to receive margin exemption benefits.
Key Points
- Face value split from Rs 10 per share to Rs 5 per share for Bharat Rasayan Limited
- Corporate action record date and ex-date: December 12, 2025
- Old ISIN: INE838B01013 (to be used for early pay-in on specific dates)
- Early pay-in must be executed in old ISIN without adjusting for conversion on December 12, 2025
- For sale quantity of 10 shares, early pay-in should be 5 shares in old ISIN
- Members must adhere to block mechanism requirements as per SEBI circular
- Custodians using pool accounts must upload client-wise allocation details based on actual traded quantity
- After record date, pay-in/early pay-in should be executed in new ISIN
Regulatory Changes
This circular implements Item 10.18 ‘Early Pay-in of Securities for Margin Exemption’ from the consolidated circular (NCL/CMPT/67751) dated April 29, 2025. It provides specific application for BHARATRAS during the face value split corporate action.
Compliance Requirements
- Members: Execute early pay-in in old ISIN (INE838B01013) for settlement numbers 2025237 (December 12, 2025) and 2025237 & 2025238 (December 15, 2025)
- Members: Adhere to NCL circular NCL/CMPT/53386 dated August 22, 2022 regarding block mechanism in demat accounts
- Members: Do not upload client-wise early pay-in allocation file when using block mechanism
- Custodians: Upload client-wise early pay-in allocation details based on actual traded quantity when providing early pay-in through pool accounts
- All participants: Execute pay-in/early pay-in instructions in new ISIN after the record date (post December 12, 2025)
- All participants: Adjust quantities correctly - for sale of 10 shares, make early pay-in of 5 shares in old ISIN
Important Dates
- December 10, 2025: Circular issue date
- December 12, 2025: Record date and ex-date for face value split
- December 12, 2025: EPI date for settlement number 2025237 (use old ISIN)
- December 15, 2025: EPI date for settlement numbers 2025237 & 2025238 (old ISIN for 2025237, new ISIN for 2025238)
- Post December 12, 2025: All pay-in/early pay-in to be executed in new ISIN
Impact Assessment
Operational Impact: Medium - requires members and custodians to carefully manage ISIN transitions during the split period. Incorrect ISIN usage could result in settlement failures or loss of margin benefits.
Market Impact: Limited to members trading BHARATRAS during the December 12-15, 2025 window. The dual ISIN period requires additional operational attention.
Member Benefits: Proper execution of early pay-in allows members to receive margin exemption benefits while ensuring smooth settlement during the corporate action.
Risk Mitigation: Clear procedural guidance reduces settlement risk and ensures proper client benefit allocation, particularly for custodians using pool accounts.
Impact Justification
Important for members trading BHARATRAS during the face value split period. Specific procedural guidance required to ensure correct settlement and margin benefits.