Description
NSE Clearing mandates early pay-in procedures for NUVAMA securities undergoing face value split from Rs 10/- to Rs 2/- per share, with specific instructions for old and new ISIN usage.
Summary
NSE Clearing Limited has issued instructions for early pay-in (EPI) of securities for Nuvama Wealth Management Limited (NUVAMA) undergoing a face value split from Rs 10/- per share to Rs 2/- per share. Members must execute early pay-in using the old ISIN (INE531F01015) on specific dates and adjust quantities according to the split ratio, then switch to the new ISIN after the record date.
Key Points
- Face value split: Rs 10/- per share to Rs 2/- per share (5:1 ratio)
- Record Date and Ex-Date: December 26, 2025
- Old ISIN: INE531F01015 to be used for early pay-in on December 26 and 29, 2025
- Settlement numbers affected: 2025246 (Dec 26) and 2025246 & 2025247 (Dec 29)
- For sale of 10 shares, early pay-in must be executed for 2 shares in old ISIN
- After record date, all pay-in/early pay-in must use new ISIN
- Block mechanism compliance required as per NCL/CMPT/53386 dated August 22, 2022
- Client-wise 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
No new regulatory changes introduced. This circular implements existing early pay-in procedures (Item 10.18 of consolidated circular NCL/CMPT/67751 dated April 29, 2025) for a specific corporate action.
Compliance Requirements
For Members/Market Participants:
- Execute early pay-in in old ISIN (INE531F01015) on December 26 and 29, 2025
- Adjust quantity according to split ratio (for 10 shares sold, pay-in 2 shares in old ISIN)
- Adhere to SEBI block mechanism requirements per NCL/CMPT/53386
- Do NOT upload client-wise early pay-in allocation file when using block mechanism
- Switch to new ISIN for all transactions after December 26, 2025 record date
For Custodians:
- If providing early pay-in through pool account, upload client-wise allocation details based on actual traded quantity (not adjusted quantity)
- Execute pay-in/early pay-in in new ISIN after record date
Important Dates
- December 26, 2025: Record Date and Ex-Date for face value split
- December 26, 2025: EPI date for settlement 2025246 (use old ISIN)
- December 29, 2025: EPI date for settlements 2025246 & 2025247 (use old ISIN on Dec 26, new ISIN on Dec 29)
- After December 26, 2025: All pay-in/early pay-in to use new ISIN
Impact Assessment
Operational Impact: Medium - Members and custodians must carefully manage ISIN transitions and quantity adjustments during the face value split period. Errors in using correct ISIN or incorrect quantity calculations could result in settlement failures.
Market Impact: Low - Limited to single security (NUVAMA) and standard corporate action processing.
Compliance Impact: Medium - Requires strict adherence to ISIN usage timelines and block mechanism procedures. Custodians must ensure proper client allocation reporting based on actual vs. adjusted quantities.
Impact Justification
Operational circular affecting specific stock (NUVAMA) with precise settlement instructions for face value split; requires member action but limited to single security