Description
NSE Clearing announces settlement calendar for takeover offer under tender offer scheme of AKG Exim Limited with trading period from February 4-17, 2026 and settlement on February 25, 2026.
Summary
NSE Clearing Limited has issued the settlement calendar for the takeover offer under the Tender Offer scheme of AKG Exim Limited. The circular provides the timeline for trading, obligation download, and settlement, along with detailed instructions for members regarding demat share tendering through early pay-in mechanism and rejection codes for order processing.
Key Points
- Settlement Type: X, Settlement Number: 2026010
- Trade Start Date: February 4, 2026
- Trade End Date: February 17, 2026
- Obligation Download: February 24, 2026
- Settlement Date: February 25, 2026
- Demat shares to be tendered only through early pay-in mechanism for Market Type Buyback
- Early pay-in deadline: 3:30 PM on trade end date
- Securities Transaction Tax (STT) applicable on settlement day
- Settlement schedule may be revised in case of delays from RTA or buying member fund pay-in
- Tender Offer Acceptance Report to be provided detailing accepted, partially accepted, and rejected orders
- 26 rejection reason codes specified for order processing
Regulatory Changes
No new regulatory changes introduced. This circular implements settlement procedures for a specific takeover offer following existing tender offer framework.
Compliance Requirements
- Members must tender demat shares through early pay-in mechanism of depositories for Market Type Buyback
- Early pay-in of shares must be completed by 3:30 PM on trade end date (February 17, 2026)
- Members must ensure timely funds pay-in to avoid settlement schedule revisions
- Members should refer to the scheme document referenced in circulars NCL/CMPT/67751 (April 29, 2025) and NSE/CMTR/72498 (January 28, 2026)
- Securities and funds pay-out will be made only after receipt of pay-in of funds on settlement day
- Members must address rejection reasons as per Annexure I codes (01-26)
Important Dates
- January 29, 2026: Circular issuance date
- February 4, 2026: Trade start date
- February 17, 2026: Trade end date (early pay-in deadline 3:30 PM)
- February 24, 2026: Obligation download date
- February 25, 2026: Settlement date
Impact Assessment
Operational Impact: Members and custodians participating in the AKG Exim takeover offer must adjust their operations to comply with the specified settlement timeline. The requirement for early pay-in by 3:30 PM on the trade end date necessitates advance planning for demat share transfers.
Market Impact: Limited to participants in the AKG Exim tender offer. The 26 rejection codes provide clarity on potential order rejection scenarios, reducing uncertainty for participants. The conditional nature of the settlement schedule (subject to RTA and fund pay-in timing) may create some uncertainty.
Administrative Impact: Members must coordinate with depositories for early pay-in mechanism and monitor Tender Offer Acceptance Reports for order status. Contact support available via toll-free number 1800 266 00 50 (Option 2) or email ncl_tenderoffer@nsccl.co.in for clarifications.
Impact Justification
Important for participants in AKG Exim takeover offer with specific settlement timeline and procedural requirements; limited to specific stock and tender offer participants