Description

NSE Clearing circular on early pay-in process for AJMERA shares undergoing face value split from Rs 10 to Rs 2 per share, with specific ISIN handling instructions for settlement.

Summary

NSE Clearing has issued instructions for early pay-in of securities for Ajmera Realty & Infra India Limited (AJMERA) due to a face value split from Rs 10 per share to Rs 2 per share. The circular provides specific guidance on handling early pay-in using old and new ISIN codes during the corporate action period, with adjusted quantities to reflect the 5:1 split ratio.

Key Points

  • Face value split (sub-division) from Rs 10 per share to Rs 2 per share (5:1 ratio)
  • Existing/Old ISIN: INE298G01027
  • Record Date: January 15, 2026
  • Ex Date: January 14, 2026
  • Early pay-in on January 14, 2026 (Settlement 2026010) must use old ISIN with adjusted quantity
  • Early pay-in on January 16, 2026 can use old ISIN (Settlement 2026010) or new ISIN (Settlement 2026012)
  • Example: For sale of 10 shares post-split, early pay-in should be 2 shares in old ISIN
  • Block mechanism applicable as per SEBI circular (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 details based on actual traded quantity

Regulatory Changes

No new regulatory changes. This circular implements existing early pay-in framework (Item 10.18 of consolidated circular NCL/CMPT/67751 dated April 29, 2025) for the specific corporate action of AJMERA’s face value split.

Compliance Requirements

  • Members and Custodians: Execute early pay-in instructions in old ISIN (INE298G01027) for ex-date/record date with quantity adjusted for 5:1 split ratio
  • Market Participants: Adhere to SEBI block mechanism requirements in client demat accounts for sale transactions
  • Early Pay-in via Block Mechanism: Do not upload client-wise early pay-in allocation file
  • Custodians using Pool Accounts: Must upload client-wise early pay-in allocation details based on actual traded quantity (post-split quantity)
  • Post Record Date: Execute pay-in/early pay-in instructions in new ISIN only after January 15, 2026

Important Dates

  • January 14, 2026: Ex-date for face value split; early pay-in (Settlement 2026010) must use old ISIN
  • January 15, 2026: Record date for face value split
  • January 16, 2026: Early pay-in can use old ISIN (Settlement 2026010) or new ISIN (Settlement 2026012)
  • After January 15, 2026: All pay-in/early pay-in must use new ISIN

Impact Assessment

Operational Impact: Members and custodians dealing with AJMERA shares must carefully manage the transition between old and new ISIN codes during the corporate action period. Incorrect ISIN usage or quantity adjustments could lead to settlement failures and margin implications.

Trading Impact: The face value split increases share liquidity by reducing per-share price, making the stock more accessible to retail investors. The 5:1 split ratio requires precise quantity calculations for early pay-in to ensure margin exemption benefits.

Settlement Impact: The overlapping settlement periods (2026010 and 2026012) on January 16, 2026 require careful tracking of which ISIN to use for each settlement, adding complexity to back-office operations during the transition period.

Impact Justification

Operational circular affecting trading members and custodians dealing with AJMERA shares during corporate action period. Requires specific early pay-in procedures to avoid settlement issues.