NSE Clearing Limited (NCL) has issued the settlement calendar for the buyback offer under the tender offer scheme by EMA Partners India Limited. This circular (NCL/CMPT/74081) references earlier circulars NCL/CMPT/73996 dated April 30, 2026 and NSE/CMTR/74076 dated May 06, 2026. Settlement type is X with Settlement No. 2026047.

Key Points

• Trade window opens May 7, 2026 and closes May 13, 2026
• Obligation download scheduled for May 19, 2026
• Final settlement date is May 20, 2026
• Demat shares must be tendered via Early Pay-in of Shares through depository mechanism for Market Type Buyback
• Early pay-in of shares on trade end date must be completed well in advance of 3:30 PM cutoff
• Securities Transaction Tax (STT) will be collected on the respective settlement day
• Settlement schedule may be revised if there are delays in RTA acceptance details or funds pay-in by buying trading members

Regulatory Changes

No new regulatory changes introduced. This circular operationalizes the previously announced buyback tender offer framework under existing NSE Clearing regulations.

Compliance Requirements

• Members/Custodians/PCMs must ensure demat shares are tendered only through the Early Pay-in mechanism via depositories
• Early pay-in of shares on the trade end date (May 13, 2026) must be submitted well before 3:30 PM
• Securities and funds payout will occur only after receipt of funds pay-in on Settlement Day (May 20, 2026)
• Members will receive a Tender Offer Acceptance Report detailing accepted, partially accepted, and rejected orders with rejection reason codes
• For queries, members should contact the help desk at ncl_tenderoffer@nsccl.co.in or Toll Free: 1800 266 00 50 (Option 2)

Important Dates

Impact Assessment

This circular is directly relevant to members, custodians, and PCMs participating in the EMA Partners India Limited buyback tender offer. Participants must adhere strictly to the early pay-in deadline of 3:30 PM on May 13, 2026 to avoid order rejection. The 26 rejection codes listed in Annexure I (covering issues such as signature discrepancies, PAN mismatch, demat account name mismatch, and excess shares tendered) provide clear guidance on common pitfalls. The settlement schedule is subject to revision in case of delays from the RTA or buying trading members, so participants should monitor for any revised notifications from NSE Clearing.