Description

NSE Clearing Limited announces the settlement calendar for the Offer for Sale (OFS) of shares of Swan Defence and Heavy Industries Limited, detailing settlement numbers, order dates, margin categories, and settlement dates for March 18-20, 2026.

Summary

NSE Clearing Limited has issued the settlement calendar for the Offer for Sale (OFS) of shares of Swan Defence and Heavy Industries Limited. The circular references an earlier circular (NCL/CMPT/67751 dated April 29, 2025) and confirms that settlement for OFS securities will follow existing rules for secondary market transactions.

Key Points

  • Two settlement numbers are applicable: 2026053 (Order Date: March 18, 2026) and 2026054 (Order Date: March 19, 2026)
  • Both retail (RS) and non-retail/institutional (IS) investor categories are covered
  • Non-retail (IS) orders carry either 100% or 0% margin requirements depending on custodial confirmation
  • Retail (RS) orders under settlement 2026054 carry 100% margin with no custodial confirmation required
  • All settlements settle on March 20, 2026
  • Applicable STT and stamp duty will be collected on the respective settlement day

Regulatory Changes

No new regulatory changes introduced. This circular operationalizes existing OFS settlement rules (per circular NCL/CMPT/67751 dated April 29, 2025) for this specific OFS event.

Compliance Requirements

  • Members and custodians must adhere to the settlement calendar as specified
  • Custodial confirmation for IS (non-retail) 100% margin category must be completed by March 18, 2026 by 03:30 PM (for settlement 2026053) and by March 19, 2026 by 03:30 PM (for settlement 2026054)
  • Custodial confirmation for IS (non-retail) 0% margin category must be completed by March 20, 2026 by 07:30 AM
  • Funds pay-in must be completed by T+1 day by 11:00 AM
  • For queries, contact the help desk at 1800 266 0050 (Option 2) or ofs_ncl@nsccl.co.in

Important Dates

  • March 18, 2026: OFS Order Date for Settlement No. 2026053 (IS non-retail)
  • March 19, 2026: OFS Order Date for Settlement No. 2026054 (RS retail and IS non-retail)
  • March 20, 2026: Settlement Date for all categories (2026053 and 2026054)
  • T+1 by 11:00 AM: Funds pay-in deadline
  • T+1 by 01:30 PM: Securities and funds pay-out

Impact Assessment

This circular is relevant to members, custodians, and PCMs participating in the Swan Defence and Heavy Industries Limited OFS. It provides operational clarity on settlement timelines and margin requirements. The impact is limited to participants of this specific OFS and does not affect broader market operations. Retail investors have a simplified process (no custodial confirmation), while institutional investors have two margin tiers depending on whether custodial confirmation is provided before or after settlement date.

Impact Justification

Operationally important for members and custodians participating in the Swan Defence OFS; provides specific settlement schedules and deadlines but is limited in broader market impact.