Description
NSE Clearing Limited advises members on early pay-in procedures for V2 Retail Limited securities ahead of a face value split from Rs 10 to Re 1 per share, effective March 25-27, 2026.
Summary
NSE Clearing Limited (NCL) has issued guidance (Circular Ref. No: 0116/2026) for members, custodians, and PCMs on the early pay-in (EPI) of securities for V2 Retail Limited (V2RETAIL) in connection with a face value sub-division. The split reduces the face value from Rs 10 per share to Re 1 per share, with an ex-date of March 25, 2026 and record date of March 26, 2026. Members must use the old ISIN for EPI prior to the record date and switch to the new ISIN thereafter.
Key Points
- V2 Retail Limited (V2RETAIL, ISIN: INE945H01013) is undergoing a face value split from Rs 10 to Re 1 per share.
- Ex-date is March 25, 2026; record date is March 26, 2026.
- For EPI on March 25, 2026 (Settlement No. 2026058), use the old/existing ISIN.
- For EPI on March 27, 2026 (Settlement Nos. 2026058 & 2026059), use the new ISIN.
- For a sale of 10 shares, EPI in the old ISIN should be for 1 share (pre-split quantity), not adjusted for conversion.
- Custodians providing EPI through pool accounts must upload client-wise EPI allocation details based on actual traded quantity (e.g., 10 shares).
- In case of EPI through block mechanism, the client-wise EPI allocation file must NOT be uploaded.
- Members must also adhere to NCL circular NCL/CMPT/53386 dated August 22, 2022 on block mechanism for demat accounts.
Regulatory Changes
No new regulatory framework is introduced. This circular operationalizes existing EPI guidelines (NCL/CMPT/67751 dated April 29, 2025, Item 10.18) for a specific corporate action event — the face value sub-division of V2RETAIL shares.
Compliance Requirements
- Members must submit early pay-in instructions in the old ISIN for trades on or before the ex-date (March 25, 2026), without adjusting for the split ratio.
- Members must switch to the new ISIN for EPI instructions after the record date (post March 26, 2026).
- Custodians using pool account EPI must upload client-wise allocation files reflecting actual traded quantities.
- Members using the block mechanism must refrain from uploading client-wise allocation files.
- All participants must comply with NCL/CMPT/53386 (August 22, 2022) on SEBI’s block mechanism in demat accounts.
Important Dates
| Event | Date |
|---|---|
| Circular Date | March 24, 2026 |
| Ex-Date | March 25, 2026 |
| Record Date | March 26, 2026 |
| EPI in Old ISIN (Settlement 2026058) | March 25, 2026 |
| EPI in New ISIN (Settlements 2026058 & 2026059) | March 27, 2026 |
Impact Assessment
This circular has a focused, short-term operational impact on market participants trading V2RETAIL around the corporate action window. Failure to use the correct ISIN for EPI could result in settlement failures or incorrect margin exemption claims. Custodians managing client positions in V2RETAIL must ensure their back-office systems correctly handle the ISIN transition and upload appropriate allocation files. The impact is limited to the specific settlement dates and the single security involved.
Impact Justification
Operationally important for members trading V2RETAIL around the corporate action dates, requiring specific ISIN handling for early pay-in; limited to a single stock and short window.