The National Stock Exchange (NSE) on April 17, 2023, issued a circular regarding the Open Market Buyback (BO series) with reference to circular no. 36/2023 dated March 17, 2023, regarding the same.
The following have been notified to all the members:
• Applicable Symbol file shared by NCL shall contain 2 records i.e. one for applicable series such as EQ/BE/BZ/SM etc. and another for BO series.
• Trades executed in BO series shall be cleared and settled on a gross obligations basis. Settlement shall be compulsorily done in dematerialized mode. All trades shall be settled under settlement type ‘Z’ and a settlement guarantee shall be provided.
• OTR window shall be available till on T day as per applicable timings.
• Trades executed in BO series shall be settled on a T+1 rolling basis.
• Early pay-in/ pay-in of securities for the BO series shall be done in Trade for Trade segment as per the existing procedure.
• Shortages, if any, shall be compulsorily closed-out at the highest price prevailing in the Exchange from the day of trading on the T day or 20% above the official closing price on the T day, whichever is higher.
• All other provisions regarding the settlement of trades applicable to the Capital Market Segment shall also be applicable mutatis-mutandis to this series.
[Circular Ref. No: 56394/2023]
