Societe Generale Securities Services (SGSS) About Societe Generale Securities Services (SGSS) Contact Societe Generale Securities Services (SGSS) View the web site for Societe Generale Securities Services (SGSS)
Stock Holding Corporation of India Limited About Stock Holding Corporation of India Limited Contact Stock Holding Corporation of India Limited  
INDIA - Capital Market Infrastructure Summary

Central Securities Depositories
National Securities Depository Limited (NSDL)
Reserve Bank of India (RBI)

BIS Model
Model 1

Settlement Cycle
T+2 for Equities
T+N for Bonds

The National Securities Clearing Corporation Ltd. (NSCCL) carries out clearing and settlement functions. NSCCL has two Côtegories of clearing members: trading clearing members and custodians. Trading members' proprietary trades become the member's obligation for settlement. Where trading on behalf of clients, and a custodian is involved, the member flags the trade with a Custodian Participant (CP) code. The custodian is required to confirm settlement of these trades on T+1 day by a 13:00 cut-off time. Non-confirmation by the custodian devolves the trade obligation on the member who had input the trade for the respective client. Trades in the normal settlement segment are subject to a multilateral netting procedure, under which the clearing member has a net settlement obligation (delivery/receipt of securities and cash). In the case of securities in the Trade for Trade – Surveillance segment and Auction Trades, obligations are determined on a gross basis for both funds and securities.

Key terms defined in our glossary:

Central Securities Depository
BIS Model 1
Settlement Cycle

The above information is written as a general guide only and is subject to change. Please refer to our 'Terms' page for more details.