The National Stock Exchange (NSE) on July 31, 2024, notified regarding the introduction of custodian transactions in the T+0 settlement cycle.
The following has been stated namely: -
• It states that exchanges shall provide a facility to execute trades with custodial participant (CP) code in the T+0 settlement cycle effective September 30, 2024.
• It states that custodians shall apply for a common CP code for 'Family accounts' for T+0 settlement, and shall perform KYC, maintain family constituent details, and ensure the client's name field ends with "FAMILYAC."
• It states that participants shall ensure that the CP code issued for family accounts shall be used exclusively only while placing orders for T+0 settlement.
• It states that considering the obligations on a deemed and final custodial trade confirmation basis, reports shall be provided as per Annexure A (attached below).
[Circular no. - NCL/CMPT/63165]
