Description
NSE Clearing Limited instructs members on early pay-in procedures for IVZINGOLD following a face value split from Rs 100 to Re 1 per share, with record and ex-date of April 30, 2026.
Summary
NSE Clearing Limited (NCL) has issued guidance for members, custodians, and PCMs on the early pay-in (EPI) of securities for Invesco India Gold Exchange Traded Fund (IVZINGOLD) in connection with a face value split (sub-division) from Rs 100 per share to Re 1 per share. Members must follow specific instructions for using the old/existing ISIN versus the new ISIN during the transition period around the April 30, 2026 record date.
Key Points
- IVZINGOLD (ISIN: INF205K01361) is undergoing a face value split from Rs 100/- per share to Re 1/- per share
- Record Date and Ex-Date are both April 30, 2026
- For the ex-date (April 30, 2026), early pay-in must be made in the old/existing ISIN without adjusting for the conversion ratio
- For a sale quantity of 100 shares, the early pay-in in the depository should be in the old ISIN for a quantity of 1 share
- After the record date, pay-in/early pay-in instructions must be executed in the new ISIN
- Custodians providing EPI via pool account must upload client-wise early pay-in allocation details based on actual traded quantity (e.g., 100 shares)
- In case of EPI through block mechanism, the client-wise early pay-in allocation file should NOT be uploaded
Regulatory Changes
This circular supplements Item 10.18 of NCL’s consolidated circular (NCL/CMPT/67751 dated April 29, 2025) on Early Pay-in of Securities for Margin Exemption. Members must also adhere to NCL circular NCL/CMPT/53386 dated August 22, 2022, regarding SEBI’s Block Mechanism in demat accounts for clients undertaking sale transactions.
Compliance Requirements
- Members/Custodians/PCMs must execute EPI instructions in the old ISIN for trades on or before the record date (April 30, 2026), without applying the split conversion ratio
- Custodians using pool accounts for EPI must upload client-wise allocation files reflecting actual traded quantities (post-split share counts)
- All participants must switch to the new ISIN for pay-in/early pay-in instructions after the record date
- Block mechanism users must not upload client-wise EPI allocation files
Important Dates
| Event | Date |
|---|---|
| Circular Date | April 28, 2026 |
| Ex-Date | April 30, 2026 |
| Record Date | April 30, 2026 |
| EPI Date 1 | April 30, 2026 — Settlement 2026080 (Old ISIN) |
| EPI Date 2 | May 4, 2026 — Settlements 2026080 & 2026081 (New ISIN) |
Impact Assessment
This circular has a medium operational impact on trading members, custodians, and PCMs who hold or trade IVZINGOLD positions around the corporate action window. Participants must carefully distinguish between old and new ISIN usage across the two EPI dates to avoid settlement failures or incorrect margin exemption claims. The 100:1 split ratio means early pay-in quantities in the old ISIN will be 1/100th of the traded quantity, requiring attention to avoid over- or under-delivery. Failure to comply with the prescribed ISIN and quantity instructions could result in settlement discrepancies.
Impact Justification
Operational instruction affecting members/custodians trading IVZINGOLD around the face value split corporate action; limited to specific settlement dates and ISIN transition procedures.