Description
NSE Clearing Limited circular instructing members and custodians on early pay-in (EPI) procedures for Angel One Limited securities due to a face value split from Rs 10/- to Re 1/- per share, effective February 26, 2026.
Summary
NSE Clearing Limited (NCL) has issued guidance to all Members, Custodians, and PCMs regarding the early pay-in (EPI) of securities for Angel One Limited (ANGELONE) in connection with its face value split. The split reduces the face value from Rs 10/- per share to Re 1/- per share, with the record date and ex-date both set as February 26, 2026. Members must use the old/existing ISIN for EPI on the ex-date and switch to the new ISIN after the record date.
Key Points
- Security Affected: Angel One Limited (Symbol: ANGELONE, Existing ISIN: INE732I01013)
- Corporate Action: Face Value Split (Sub-Division) from Rs 10/- per share to Re 1/- per share
- Record Date & Ex-Date: February 26, 2026
- EPI on February 26, 2026 (Settlement 2026040): Use Old/Existing ISIN
- EPI on February 27, 2026 (Settlements 2026040 & 2026041): Use New ISIN
- For a sale of 10 shares, the EPI quantity in the old ISIN should be 1 share (adjusted for the split ratio)
- Client-wise EPI allocation files must NOT be uploaded when early pay-in is done via the block mechanism
- Custodians using pool accounts must upload client-wise EPI allocation details based on actual traded quantity (10 shares in the example)
Regulatory Changes
This circular references Item 10.18 ‘Early Pay-in of Securities for Margin Exemption’ of the consolidated circular NCL/CMPT/67751 dated April 29, 2025. It also references NCL/CMPT/53386 dated August 22, 2022 and the SEBI circular on Block Mechanism in demat accounts for clients undertaking sale transactions. No new regulatory framework is introduced; this is an operational advisory within the existing framework.
Compliance Requirements
- Members and custodians must execute EPI instructions in the old ISIN for trades on or before the ex-date (February 26, 2026), without adjusting for the conversion ratio
- For EPI on February 27, 2026, members must use the new ISIN
- EPI through block mechanism: Client-wise EPI allocation files must not be uploaded
- EPI through pool accounts (custodians): Client-wise EPI allocation details must be uploaded based on actual traded quantities
- All participants must adhere to guidelines in NCL/CMPT/53386 (August 22, 2022) regarding Block Mechanism in demat accounts
Important Dates
| Date | Event |
|---|---|
| February 25, 2026 | Circular issued by NSE Clearing Limited |
| February 26, 2026 | Ex-Date and Record Date for face value split; EPI in Old ISIN for Settlement 2026040 |
| February 27, 2026 | EPI in New ISIN for Settlements 2026040 & 2026041 |
Impact Assessment
This circular has a high operational impact on members, custodians, and PCMs dealing in Angel One Limited (ANGELONE) securities around the record date. The face value split changes the ISIN, and incorrect EPI instructions (using wrong ISIN or wrong quantity) could result in settlement failures or incorrect margin exemption calculations. The 10:1 split ratio means EPI quantities in the old ISIN must be adjusted accordingly (1 share for every 10 shares in the new ISIN). Custodians providing EPI via pool accounts carry additional responsibility to upload client-wise allocation files using actual traded quantities to pass on benefits correctly. Participants should contact the NSE helpdesk at 18002660050 (Option 2) or securities_ops@nsccl.co.in for clarifications.
Impact Justification
Time-sensitive operational circular with specific EPI instructions tied to a face value split on February 26, 2026; non-compliance could result in incorrect settlement and loss of margin exemption benefits for members and custodians.