December 2022

SEBI’s Investor Risk Reduction Access (IRRA Platform): A Solution for Disruption of Trading Services

The Investor Risk Reduction Access (IRRA platform) is a contingency service introduced by the SEBI to address the issue of disruption of trading services provided by Trading Members (TMs).

Key Features and Functions of the Investor Risk Reduction Access (IRRA platform):

  • The IRRA platform is a contingency service developed by the SEBI to provide investors with an avenue to square off/close their open positions and/or cancel pending orders in the event of disruption of trading services provided by a Trading Member (TM).
  • The IRRA platform will be jointly managed by the stock exchanges and will be available across multiple segments and exchanges.
  • TMs can request the enablement of the IRRA service in case of technical glitches, and the stock exchanges will also monitor parameters such as connectivity and order flow to initiate the enablement of the service if needed.
  • Investors will be able to access the IRRA platform through a secure login system using their Unique Client Code (UCC) or PAN number and will be authorized through a One Time Password (OTP).
  • The IRRA platform will also provide TMs with access to an Admin Terminal, through which they can monitor the actions of investors and carry out actions on their instructions.
  • The TM will continue to be responsible for all activities on the IRRA platform, including settlement and margin requirements.
  • In case of reverse migration to the TM’s systems, the IRRA platform will be deactivated, and all pending orders and open positions will be migrated back to the TM’s systems.
SEBI's Investor Risk Reduction Access (IRRA Platform)

Overview of the IRRA Platform

The Investor Risk Reduction Access (IRRA) platform is a contingency service developed by the Securities and Exchange Board of India (SEBI) to address the issue of disruption of trading services provided by Trading Members (TMs). In recent times, with the increasing dependence on technology in the securities market, there have been instances of glitches in TMs’ systems that have led to the disruption of trading services and investor complaints. In such situations, investors with open positions may not have an avenue to close their positions, particularly if markets are volatile.

To address this issue, SEBI has developed the IRRA platform, which will be jointly managed by the stock exchanges. The IRRA platform will provide investors with an opportunity to square off/close their open positions and/or cancel pending orders in the event of disruption of trading services provided by a TM. The IRRA platform will be available across multiple segments and exchanges, and TMs and investors will be able to access it through a secure login system. The IRRA platform will also provide TMs with access to an Admin Terminal, through which they can monitor the actions of investors and carry out actions on their instructions.

The IRRA platform is an important resource for mitigating risk in the event of disruption of trading services and ensuring the continuity of trading for investors. It is designed to provide a backup solution in case the TM’s own business continuity plans are unable to prevent disruption, such as in cases of cyber-attacks or the inability to move to a Disaster Recovery Site (DRS) within the stipulated time. The IRRA platform will be activated upon request by the TM or suo moto by the stock exchanges if needed based on monitoring of parameters such as connectivity, order flow, and social media posts.

Enabling the IRRA Service

Trading Members (TMs) can request the enablement of the Investor Risk Reduction Access (IRRA) service in the event of technical glitches that lead to the disruption of trading services. TMs can make such a request as per the procedures specified by the stock exchanges from time to time. The IRRA service will be enabled on receipt of such a request.

In addition to requests made by TMs, the stock exchanges will also monitor parameters such as connectivity, order flow, and social media posts to suo moto initiate the enablement of the IRRA service if needed. This service will be enabled by the exchanges suo moto only in case of disruption of trading services of the TM across all exchanges where the TM is a member. In cases of disruption of trading services of the TM with one or some of the exchanges where the TM is a member, the TM may request the enablement of the service, in which case the TM will use the service for all exchanges.

It is important to note that the IRRA service will only be activated in cases of disruption of trading services provided by the TM. In the event that the IRRA service is activated, all investors of the TM will be informed by the exchange through email/SMS and a public notice on the exchange’s website. The TM will also be required to communicate the availability of the service by displaying it on their own website.

Accessing the IRRA Platform

Once the Investor Risk Reduction Access (IRRA) service is enabled, investors of the Trading Member (TM) can log in to the service using either their Unique Client Code (UCC) or their PAN number. They will then be authorized to access the IRRA platform through a One Time Password (OTP) that will be sent to their registered mobile numbers and email IDs.

Once successfully authorized, investors will be able to square off/close their open positions and/or cancel pending orders across segments and exchanges. The IRRA platform will not permit any actions that increase the risk of the investor.

In addition to investor access, the IRRA platform will also provide the TM with access to an Admin Terminal. Through this terminal, the TM can monitor the actions of investors and carry out actions on their instructions. The TM will be required to maintain evidence of such instructions in the form specified by SEBI/stock exchanges from time to time. In the event that the IRRA service was enabled due to a cyber-attack, the Admin Terminal will be on a network other than the one subjected to the attack in order to protect other critical infrastructure.

IRRA Platform is not a Replacement for Normal Trading

It is important to note that the IRRA platform is intended to provide a contingency service in the event of disruption of trading services provided by the TM. It is not intended to replace the normal trading systems and processes of the TM, and all open positions and pending orders will be migrated back to the TM’s systems once the IRRA service is deactivated.

TM Responsibility on the IRRA Platform

The Trading Member (TM) remains responsible for all activities on the Investor Risk Reduction Access (IRRA) platform, including settlement and margin requirements. This means that the TM is responsible for ensuring that all obligations related to trades executed through the IRRA platform are met.

Reverse Migration to TM Systems

In the event that the Investor Risk Reduction Access (IRRA) service is deactivated, all pending orders and open positions will be migrated back to the Trading Member’s (TM’s) systems. The stock exchanges will design a detailed plan for the reverse migration of such orders and positions, taking into consideration the various scenarios that may arise.

The reverse migration process will be initiated by the stock exchanges on receipt of a request from the TM, or suo moto in cases where the IRRA service was enabled due to a cyber-attack or other disruptive event that has been resolved. The TM will be required to confirm the receipt of all orders and positions that have been migrated back to their systems.

It is important to note that the reverse migration process is a critical aspect of the IRRA service and must be handled carefully to ensure the continuity of trading and minimize risk to investors. The stock exchanges and the TM will be responsible for ensuring the smooth and timely execution of the reverse migration process.

Conclusion: The Importance of the IRRA Platform

The IRRA platform is an important resource for mitigating risk in the event of disruption of trading services and ensuring the continuity of trading for investors. It is designed to provide a backup solution in case the TM’s own business continuity plans are unable to prevent disruption, such as in cases of cyber-attacks or the inability to move to a Disaster Recovery Site within the stipulated time. The IRRA platform is an essential tool for ensuring the smooth functioning of the securities market and protecting the interests of investors.

Also Read:

  1.          What is the IRRA platform?

           The IRRA platform is a contingency service developed by the Securities and Exchange Board of India (SEBI) to provide investors with an opportunity to square off/close their open positions and/or cancel pending orders in the event of disruption of trading services provided by a Trading Member (TM).

  2.         How is the IRRA platform activated?

            The IRRA platform can be activated upon request by the TM in the event of technical glitches that disrupt trading services, or suo moto by the stock exchanges if needed based on monitoring of parameters such as connectivity, order flow, and social media posts.

  3.         How do investors access the IRRA platform?

            Investors can access the IRRA platform through a secure login system using their Unique Client Code (UCC) or PAN number, and will be authorized through a One Time Password (OTP) sent to their registered mobile numbers and email IDs.

  4.         What actions can investors take on the IRRA platform?

             Once authorized to access the IRRA platform, investors can square off/close their open positions and/or cancel pending orders across segments and exchanges. The IRRA platform will not permit any actions that increase the risk of the investor.
     

SEBI’s Investor Risk Reduction Access (IRRA Platform): A Solution for Disruption of Trading Services Read More »

RBI Report: Double Digit Growth for Banks in FY23

RBI Report on Trend and Progress of Banking in India 2021-22 says the financial performance of banks and financial institutions in India has been strong in 2021-22, with double-digit growth in the consolidated balance sheet of scheduled commercial banks (SCBs) and credit growth reaching a ten-year high. The credit growth accelerated to a ten-year high in H1:2022-23.

  • Double-digit growth in the consolidated balance sheet of scheduled commercial banks (SCBs)
  • Credit growth reached a ten-year high in the first half of 2022-23
  • Strengthening of the capital-to-risk-weighted assets ratio (CRAR) of SCBs
  • Decline in the gross non-performing assets (GNPA) ratio of SCBs
  • Improvement in profitability for SCBs, with acceleration in income and contraction in expenditure
  • Improved financial performance for urban cooperative banks (UCBs), with augmented capital buffers and a decline in the GNPA ratio
  • Maintained strong liquidity buffers and a strong capital position in the non-banking financial sector (NBFC), while seeing an improvement in asset quality
RBI Report on Trend and Progress of Banking in India 2021-22

Overview of financial performance in 2021-22

RBI Report tells the financial performance of banks and financial institutions in India has been strong in 2021-22, with growth in the consolidated balance sheet of scheduled commercial banks (SCBs) and credit growth reaching a ten-year high in the first half of 2022-23. The capital-to-risk-weighted assets ratio (CRAR) of SCBs has strengthened, and the gross non-performing assets (GNPA) ratio has declined.

In addition, income has accelerated and expenditure has contracted, leading to improvements in profitability for SCBs. Urban co-operative banks (UCBs) have also seen improvements in their financial performance, and the non-banking financial sector (NBFC) has maintained strong liquidity buffers and a strong capital position while seeing an improvement in asset quality. According to the RBI report overall, it has been a positive year for banks and financial institutions in India.

Double-digit growth in the consolidated balance sheet of SCBs

The consolidated balance sheet of scheduled commercial banks (SCBs) in India registered double-digit growth in 2021-22 after a gap of seven years tells RBI report. This growth was driven by credit growth, which reached a ten-year high in the first half of 2022-23. The strong performance of the SCB sector was supported by a strengthening of the capital-to-risk-weighted assets ratio (CRAR), with all banks meeting the regulatory minimum capital requirement and the common equity tier-1 (CET-1) ratio requirement.

The growth in the consolidated balance sheet is a positive indicator of the health of the SCB sector, as it reflects an increase in the total assets and liabilities held by these banks. This growth can be attributed to a variety of factors, including strong demand for credit and a favorable economic environment. The double-digit growth in the consolidated balance sheet is a welcome development for the SCB sector and bodes well for the future performance of these banks.

Credit growth reaches a ten-year high

The RBI report further states that credit growth in India reached a ten-year high in the first half of 2022-23, contributing to the strong performance of the scheduled commercial banks (SCBs) in the country. Credit growth refers to the expansion of a bank’s loan portfolio, and is an important indicator of the demand for credit in the economy.

The strong credit growth seen in India in the first half of 2022-23 is a positive sign for the economy, as it reflects an increase in investment and consumption. It can also be seen as a sign of confidence in the banking sector, as borrowers are more likely to take on new loans when they feel that the economic environment is favorable.

The SCBs in India have played a key role in driving this credit growth, as they have increased their lending to meet the demand for credit. The strong credit growth seen in the first half of 2022-23 is a welcome development for the SCB sector and bodes well for the future performance of these banks.

Strengthening of CRAR for SCBs

The capital-to-risk-weighted assets ratio (CRAR) is a measure of a bank’s financial strength, as it indicates the extent to which the bank has sufficient capital to support its risk-weighted assets. A higher CRAR indicates that a bank has a stronger capital position, which can provide a cushion against potential losses and help to maintain the stability of the bank.

The CRAR of scheduled commercial banks (SCBs) in India has strengthened in recent years, says the RBI report. It increased from 16.3% at the end of March 2021 to 16.8% at the end of March 2022. This improvement in the CRAR of SCBs is a positive development, as it reflects an increase in the capital held by these banks.

The strengthening of the CRAR for SCBs in India is particularly notable, as it occurred while all banks met the regulatory minimum capital requirement of 11.5% as well as the common equity tier-1 (CET-1) ratio requirement of 8%. This indicates that the SCBs in India have been able to maintain a strong capital position while also meeting the regulatory requirements for capital adequacy. The improvement in the CRAR for SCBs is a positive sign for the financial health of these banks and promises well for their future performance.

Decline in GNPA ratio for SCBs

The gross non-performing assets (GNPA) ratio is a measure of the percentage of a bank’s total loans that are classified as non-performing. Non-performing assets are loans that are not being serviced in accordance with their terms and may be at risk of default. A high GNPA ratio can be a sign of financial stress for a bank, as it indicates that a significant portion of the bank’s loans are not generating income.

In the RBI report, the GNPA ratio of scheduled commercial banks (SCBs) in India has been declining in recent years, falling from its peak in 2017-18 to reach 5.8% at the end of March 2022. This decline in the GNPA ratio is a positive development, as it reflects an improvement in the asset quality of these banks.

The decline in the GNPA ratio for SCBs in India has been driven by a combination of lower slippages and a reduction in outstanding GNPAs. Slippages refer to the conversion of performing loans into non-performing loans, and a reduction in slippages indicates that fewer loans are becoming non-performing. The reduction in outstanding GNPAs, meanwhile, reflects the successful resolution of non-performing assets by the SCBs.

The decline in the GNPA ratio for SCBs in India is a positive sign for the financial health of these banks, as it indicates that they are managing their assets effectively and reducing the risk of potential losses. It is also a positive development for the overall banking sector in India, as it suggests that the sector is becoming more stable and resilient.

Improvement in profitability for SCBs

The profitability of a bank is an important indicator of its financial performance, as it reflects the bank’s ability to generate income from its operations. Profitability can be measured in a variety of ways, including return on equity (ROE) and return on assets (ROA). ROE measures the profitability of a bank in terms of the return generated on the equity invested by shareholders, while ROA measures the profitability of a bank in terms of the return generated on its total assets.

Scheduled commercial banks (SCBs) in India have seen an improvement in their profitability in recent years, as income has accelerated and expenditure has contracted. This has led to improvements in both ROE and ROA for SCBs.

The improvement in profitability for SCBs in India is a positive development, as it reflects an increase in the efficiency of these banks and their ability to generate income. It is also a positive sign for the overall banking sector in India, as it suggests that the sector is becoming more stable and resilient.

Improved financial performance for UCBs

Urban co-operative banks (UCBs) in India have seen an improvement in their financial performance in recent years, characterized by augmented capital buffers, a decline in the gross non-performing assets (GNPA) ratio, and improved profitability indicators.

According to the RBI report, the augmentation of capital buffers refers to an increase in the capital held by UCBs, which can provide a cushion against potential losses and help to maintain the stability of these banks. The decline in the GNPA ratio for UCBs indicates an improvement in the asset quality of these banks, as it reflects a reduction in the percentage of loans that are classified as non-performing. The improved profitability indicators for UCBs, such as return on equity (ROE) and return on assets (ROA), reflect an increase in the efficiency of these banks and their ability to generate income.

The improved financial performance of UCBs in India is a positive development, as it suggests that these banks are becoming more stable and resilient. It is also a positive sign for the overall banking sector in India, as it indicates that the sector is performing well and contributing to the growth of the economy.

Strong liquidity buffers and capital position maintained in NBFC sector

The RBI report mentions non-banking financial sector (NBFC) in India has maintained strong liquidity buffers, adequate provisioning, and a strong capital position during 2021-22, while also seeing an improvement in asset quality.

Liquidity buffers refer to the amount of cash and other assets that can be easily converted into cash that a financial institution has available to meet its short-term obligations. Adequate provisioning refers to the funds set aside by a financial institution to cover potential losses on its loans and other assets. A strong capital position refers to the financial strength of a financial institution, as it reflects the extent to which the institution has sufficient capital to support its risk-weighted assets.

The maintenance of strong liquidity buffers and a strong capital position in the NBFC sector in India is a positive development, as it indicates that these institutions are financially stable and capable of meeting their obligations. It is also a positive sign for the overall financial sector in India, as it suggests that the sector is performing well and contributing to the growth of the economy. The improvement in asset quality in the NBFC sector is also a positive development, as it reflects a reduction in the risk of potential losses for these institutions.

Conclusion

The conclusion of the RBI Report on Trend and Progress of Banking in India is that 2021-22 was a positive year for banks and financial institutions in India. Highlights of the RBI report are strong growth in the consolidated balance sheet of scheduled commercial banks (SCBs), credit growth reaching a ten-year high, and an improvement in profitability. The capital-to-risk-weighted assets ratio (CRAR) of SCBs has strengthened, and the gross non-performing assets (GNPA) ratio has declined.

Urban co-operative banks (UCBs) have also seen improvements in their financial performance, and the non-banking financial sector (NBFC) has maintained strong liquidity buffers and a strong capital position while seeing an improvement in asset quality. Overall, it has been a successful year for banks and financial institutions in India, and the outlook for the sector is positive.

Also Read:

RBI Report: Double Digit Growth for Banks in FY23 Read More »

Shriram Finance Declared an Interim Dividend of 150%

Shriram Finance declared an interim dividend of ₹ 15 per equity share for the financial year 2022-23 on 24 December 2022. The board also approves the raising of funds.

Shriram Finance Declared an Interim Dividend

Shriram Transport Finance Company and Shriram City Union Finance have recently merged to form Shriram Finance Limited, a large retail non-banking financial company (NBFC) in India. SHRIRAMFIN informed exchanges on December 24, 2022, that the board of directors of the company made several decisions. The board declared an interim dividend of 150% (equivalent to ₹15 per equity share of face value 10 INR each) for the financial year 2022-23. The dividend will be paid to eligible shareholders on or after January 18, 2023, after the record date of Wednesday, January 4, 2023.

Shriram Finance declared an interim dividend
Shriram Finance declared an interim dividend

Fund Raising Plans of 35000 Crores

The board of Shriram Finance Limited also reviewed and approved higher amounts for resource mobilization, including the issuance of redeemable non-convertible debentures(NCD)/subordinated debentures and bonds, in tranches or any other methods of borrowing in onshore/offshore market for the purpose of the business of the company to fund the increased credit demand consequent upon the merger of former Shriram City Union Finance Limited into the company and approved the issuance of these securities up to 35,000 crores INR on a private placement basis.

Shareholder Approval for the Appointment on Board

Along with Shriram Finance declaring an interim dividend the company additionally, approved a postal ballot notice seeking shareholder approval for the appointment of new independent directors, the appointment of a new managing director and CEO, the re-designation of the vice chairman and managing director as executive vice chairman, the payment/revision of remuneration to whole-time directors, the issuance of non-convertible debentures on a private placement basis, and the creation of security in connection with borrowings made by the board for the purpose of the company’s business.

Also Read:

Shriram Finance Declared an Interim Dividend of 150% Read More »

Amendments to the SEBI Buy-back of Securities Regulations, 2018

On 20th Dec 2022, the proposed amendments to the SEBI Buy-back of Securities Regulations, 2018, including a number of changes to the buyback process in India.

These changes are intended to streamline the buyback process, create a level playing field for investors, and promote ease of doing business. It is important for companies to carefully consider the implications of buyback, as it can affect the company’s capital structure and shareholder value. Companies should also ensure compliance with relevant regulations and laws when conducting a buyback.

Amendments Proposed by SEBI for Buy-back of Securities

Amendments to the SEBI Buy-back of Securities text are written on the logo of SEBI
  • Phasing out the buyback through the stock exchange route in a gradual manner.
  • Increasing the minimum utilization of the amount earmarked for buyback through the stock exchange route from 50% to 75%.
  • Creating a separate window on stock exchanges for undertaking buybacks until buyback through the stock exchange is permitted.

Buy-back of Securities Through Tender Offer Route

  • Reducing the timeline for completion of the buyback by 18 days.
  • Allowing for upward revision of the buyback price until one working day prior to the record date.
  • Making it mandatory to place relevant advertisements and documents related to the buyback on the websites of the stock exchange, merchant banker, and the company.

Also Read:

Amendments to the SEBI Buy-back of Securities Regulations, 2018 Read More »

Margin Trading with ETF | Equity ETFs are Eligible for Margin Trading Facility

SEBI: Inclusion of Equity Exchange Traded Funds as list of eligible securities under Margin Trading Facility. अब आप Margin Trading with ETF कर सकते हैं।

Margin Trading with ETF

सेबी ने 30 नवंबर 2022 को सर्कुलर जारी किया जिसके अनुसार वे इक्विटी ETF (Exchange Traded Fund) जोकि ‘Group I security’ में वर्गीकृत हैं उनको Margin Trading Facilty (MTF) के लिए इस्तेमाल किया जा सकता है। इस सुविधा का लाभ आप 31 दिसंबर 2022 से उठा पाएंगे। सेबी की ‘Group I security’ की परिभाषा के अनुसार, उस सिक्योरिटी में पिछले 6 महीने में 80% दिनों में ट्रेड हुआ हो और उनमें Impact Cost (1 लाख का buy/sell का ट्रेड करने में क़ीमत पर पड़ने वाला फर्क) 1% से कम हो।

Margin Trading with ETF

SEBI ने जून 13, 2017 के Circular No. CIR/MRD/DP/54/2017 में MFT के लिए व्यापक ढांचा जारी किया था। उसके बाद अगस्त 1, 2017 के Circular No. CIR/MRD/DP/86/2017 ब्रोकर MFT के लिए किस स्रोत से धन का इंतजाम कर सकते हैं, उसके बारे में बताया था। अब सेबी ने Margin Trading with ETF की अनुमति दे दी है।

Rules of MFT

MFT के लिए दिए गए ETF पर कम से कम 7.5% haircut के रुप में रखा जायेगा। जो ETF आप मार्जिन फंडिंग के लिए देंगे, उस  ETF को और जो शेयर या ETF आप इस फंडिंग अमाउंट से खरीदेंगे उन दोनों को अलग रखा जाएगा। अगर आपके द्वारा दिए गए ETF की कीमत बढ़ती है, तो आपको उतनी अतिरिक्त फंडिंग अमाउंट मिल जाएगी। किन्तु आपके द्वारा फंडिंग अमाउंट से खरीदे हुए शेयर या ETF की कीमत बढ़ने पर आपको अतिरिक्त फंडिंग नहीं मिलेगी।

उदाहरण के लिए आपने 1 लाख रूपये का ETF ब्रोकर के पास जमा करवाया। हेअरकट के बाद उसकी कीमत 92.5 हजार रूपये होगी। आपने 92.5 हजार रूपये का ETF और खरीद लिया। मान लीजिए की इस ETF की कीमत 20% की बढ़ोतरी हो जाती है, यानि 1.2 लाख रूपये हो गई। आपको अतिरिक्त 20 हजार रूपये में से 1500 रूपये हेअरकट कम करके 18500 रूपये की अतिरिक्त फंडिंग मिल जाएगी। आपके द्वारा खरीदे गए MFT वाले 92.5 हजार रूपये के ETF की कीमत भी बढ़ गई है किन्तु आपको MFT में खरीदे गए ETF पर अतिरिक्त फंडिंग नहीं मिलेगी।

Be Careful While Using MFT

Margin Trading with ETF, करते समय ध्यान दें कि आपके द्वारा MFT के लिए दिए गए ETF या स्टॉक की कीमत अगर कम हो जाती है तो आपको उतना अतिरिक्त अमाउंट ब्रोकर के पास जमा करवाना पड़ेगा।

उदाहरण के लिए आपने जो 1 लाख रूपये का ETF ब्रोकर के पास जमा करवाया। हेअरकट के बाद उसकी कीमत 92.5 हजार रूपये है। आपने 92.5 हजार रूपये का ETF और खरीद लिया। मान लीजिए की इस ETF की कीमत 20% कम हो जाती है यानि 80 हजार रूपये रह गई। आपको अतिरिक्त 20 हजार रूपये जमा करवाने होंगे।

List of ETFs for MFT

यह जानना भी जरूरी है कि कौन से ETF हैं, जो ‘Group I security’ की परिभाषा में आते हैं। दुर्भाग्यवश सिर्फ एक ETF है, जिस पर की Margin Trading with ETF संभव है। उस ETF का नाम है, Nippon India ETF Nifty 50 BeES (NIFTYBEES). इसके अतिरिक्त, कोई भी ETF इस श्रेणी में शामिल नहीं है। भविष्य में, हो सकता है कि कुछ और ETF इस श्रेणी में शामिल हों, जिन पर आप Margin Trading कर पाएं।

Margin trading with ETF से संबंधित अगर कोई अन्य जानकारी चाहिए तो कमेंट करके हमें बताएं।

अन्य पढ़ें:

Margin Trading with ETF | Equity ETFs are Eligible for Margin Trading Facility Read More »

SEBI: Net Settlement of Cash and FO Segment Upon Expiry

सेबी ने फ्यूचर एंड ऑप्शन में रिटेल शार्ट सेलर की मुश्किलें आसान करने के लिए Net Settlement of Cash and FO की व्यवस्था की। इस नए प्रबंध का मतलब आज हम समझेंगे।

Net Settlement of Cash and FO: From March 2023

सेबी फिजिकल सेटलमेंट का नया नियम मार्च 2023 की एक्सपायरी से ला रही है। इस नियम के अनुसार, अगर आपका F&O का ट्रेडिंग मेंबर (TM) और कैश सेगमेंट का क्लीयरिंग मेंबर (CM) एक ही है तो, अब फिजिकल सेटलमेंट Net basis पर होगा। अभी तक ये सेटलमेंट अलग अलग होती है। यानि, शार्ट पोजीशन की डिलीवरी देने के लिए जो शेयर आप का ब्रोकर ऑक्शन में बाजार से खरीदता है और जो F&O में आप डिलीवरी देते हैं, वे दोनों सेटलमेंट अलग होती है। अब इन दोनों को आपस में नेट ऑफ किया जायेगा। इस नियम को अनुसार, रिटेल निवेशकों को STT और Stamp Duty पुराने नियमों के अनुसार ही देनी होगी अर्थात् कैश और F&O की अलग अलग।

Net Settlement of Cash and FO is written and animated on a weighing scale.
Net Settlement of Cash and FO Segment Upon Expiry

Net Settlement of Cash and FO: Not for Institutional Investors

ये Netting of settlements सिर्फ रिटेल निवेशकों के लिए है। इसका फायदा Institutional Investors जिनमें कि FPI शामिल हैं नहीं उठा पाएंगे।

What is Physical Settlement

नवंबर 2019 से वायदा बाजार की एक्सपायरी से स्टॉक डेरिवेटिव पर फिजिकल सेटलमेंट लागू है। फिजिकल सेटलमेंट का मतलब है कि फ्यूचर एंड ऑप्शन की एक्सपायरी के दिन वे कॉन्ट्रैक्ट जिनको खरीद/बेच कर खत्म नहीं किया जाता, उनका सेटलमेंट नकद की जगह डिलीवरी से होगा। इसका मतलब अगर आपके पास किसी शेयर की F&O में एक्सपायरी के बाद ओपन पोजीशन है, तो वह डिलीवरी में सेटल होगी।

Physical Settlement in Stock Futures

अगर आपने कोई फ्यूचर खरीद रखा है तो आपको उस शेयर के लोट साइज के बराबर शेयरों की डिलीवरी मिलेगी। आपको उस शेयर के एक्सपायरी वाले दिन के बंद भाव से लोट साइज को गुना करने के बाद पेमेंट देनी होगी। अगर किसी ने फ्यूचर बेच रखा है, तो उसे लोट साइज के बराबर शेयरों की डिलीवरी देनी होगी। डिलीवरी के बदले उसको पेमेंट मिल जायेगा।

Physical Settlement in Stock Options

ऑप्शन में ये मामला थोड़ा अलग है। ऑप्शन में, सिर्फ इन द मनी (ITM) कॉन्ट्रैक्ट डिलीवरी से सेटल होंगे। ऑप्शन की लॉन्ग पोजीशन और शार्ट पोजीशन का अलग अलग मतलब होता है। अगर किसी ने ITM कॉल ऑप्शन खरीद रखा है या ITM पुट ऑप्शन बेच रखा है तो यह लॉन्ग पोजीशन होगी। इस स्थिति में उसको उस स्टॉक की डिलीवरी मिलेगी। अगर किसी ने ITM पुट ऑप्शन खरीद रखा है या ITM कॉल ऑप्शन बेच रखा है तो यह शार्ट पोजीशन होगी। इस स्थिति में उसे स्टॉक की डिलीवरी देनी होगी।

Net Settlement of Cash and FO: No Change for Long Positions

सेबी के इस नए नियम का फिजिकल सेट्लमेंट की लॉन्ग पोजीशन पर कोई फर्क नहीं पड़ेगा। लॉन्ग पोजीशन वाले को स्टॉक की डिलीवरी मिलेगी और उन शेयरों का भुगतान करना होगा।

Net Settlement of Cash and FO: Old Rule for Short Seller

शार्ट पोजीशन वालों को इस नए नियम का फायदा होगा। अगर किसी की शार्ट पोजीशन एक्सपायरी वाले दिन रह जाती है और उसके पास देने के लिए डिलीवरी नहीं है, तो उसे उन शेयरों को बाजार से खरीद कर देना पड़ता है। अभी तक जो शेयर वह बाजार से खरीदता है और जो डिलीवरी उसको फिजिकल सेट्लमेंट में देनी होती है, ये दोनों सौदे अलग अलग सेटल होते हैं। यानि शार्ट सेलर बाजार से जो शेयर खरीदेगा, उसका भुगतान करेगा और डिलीवरी उसके डीमैट अकाउंट में आएगी। उसके बाद ये शेयर F&O में डिलीवर करेगा और भुगतान प्राप्त करेगा। इस बीच में, उसको कैश में और F&O में दोनों जगह मार्जिन भी देना होता है।

Net Settlement of Cash and FO: New Rule for Short Seller

अब नए नियमों के हिसाब से इन दोनों सौदों को आपस में नेट ऑफ किया जायेगा से तात्पर्य अब शेयर खरीदने के लिए पेमेंट न करके, सिर्फ दोनो के भाव के अंतर का ही भुगतान करना होगा। उदाहरण के लिए अगर आपने कोई स्टॉक फ्यूचर बेच रखा है और एक्सपायरी वाले दिन जिसका भाव 105 रुपये सेटल हुआ है। आपको बाजार से वे शेयर 106 रुपये में मिलता है तो आपको सिर्फ 1 रूपये को लोट साइज से गुना कर के भुगतान करना होगा। जबकि पुराने नियमों के हिसाब से आपको 106x लोट साइज का भुगतान करना होता है और 105x लोट साइज से आपको अलग से भुगतान मिलता है।

Net Settlement of Cash and FO: Benefit of New Rules

नए नियम के अनुसार शेयर खरीदने का मार्जिन और भुगतान दोनों ही नहीं करने पड़ेंगे, जिससे छोटे निवेशकों को फायदा होगा।

अन्य पढ़ें:

SEBI: Net Settlement of Cash and FO Segment Upon Expiry Read More »