Description

NSE Clearing Limited instructs members on early pay-in procedures for Pashupati Cotspin Limited (PASHUPATI) due to a face value split from Rs 10 to Re 1 per share, effective April 17, 2026.

Summary

NSE Clearing Limited (NCL) has issued guidance for members, custodians, and PCMs regarding early pay-in (EPI) of securities for Pashupati Cotspin Limited (Symbol: PASHUPATI, ISIN: INE124Y01010) in connection with a face value split from Rs 10 per share to Re 1 per share. The record date and ex-date are both April 17, 2026. Members must use the old/existing ISIN for EPI on April 17, 2026, and switch to the new ISIN from April 20, 2026 onwards.

Key Points

  • Pashupati Cotspin Limited (PASHUPATI) is undergoing a face value sub-division from Rs 10/- to Re 1/- per share
  • Record date and ex-date: April 17, 2026
  • Old ISIN: INE124Y01010 must be used for EPI on April 17, 2026 (Settlement No. 2026071)
  • New ISIN must be used for EPI from April 20, 2026 (Settlement Nos. 2026071 & 2026072)
  • For a sale of 10 shares, early pay-in in depository should be in old ISIN for a quantity of 1 share (pre-split equivalent)
  • Client-wise EPI allocation file should NOT be uploaded when using block mechanism
  • Custodians using pool accounts must upload client-wise EPI allocation details based on actual traded quantity (e.g., 10 shares)

Regulatory Changes

This circular references NCL’s consolidated circular (NCL/CMPT/67751 dated April 29, 2025), specifically Item 10.18 on ‘Early Pay-in of Securities for Margin Exemption’. It also references SEBI circular NCL/CMPT/53386 dated August 22, 2022, on block mechanism in demat accounts for clients undertaking sale transactions.

Compliance Requirements

  • Members must execute EPI instructions in the old ISIN (INE124Y01010) for trades on April 17, 2026 without adjusting for the corporate action conversion
  • After the record date, all EPI/pay-in instructions must be in the new ISIN
  • EPI through block mechanism: client-wise early pay-in allocation file must NOT be uploaded
  • Custodians providing EPI through pool accounts: must upload client-wise EPI allocation details reflecting actual traded quantity
  • All participants must adhere to NCL circular NCL/CMPT/53386 on block mechanism requirements

Important Dates

  • April 17, 2026: Ex-date and record date for face value split; EPI must use old ISIN for Settlement No. 2026071
  • April 20, 2026: EPI must use new ISIN for Settlement Nos. 2026071 & 2026072

Impact Assessment

This circular has a targeted operational impact on members and custodians holding or trading Pashupati Cotspin Limited shares around the corporate action date. The ISIN transition requires precise handling to avoid settlement failures. The split ratio (10:1) means that pre-split quantities must be adjusted accordingly in EPI instructions. Failure to use the correct ISIN on the correct settlement date could result in settlement discrepancies. The impact is limited to participants actively trading or holding PASHUPATI shares.

Impact Justification

Stock-specific operational circular affecting members and custodians trading PASHUPATI around the face value split record date; requires careful ISIN handling but limited to one security.