To,
All Members/Participants,
SEBI has issued circular on the subject “Mode Of Settlement The Request For Quote (RFQ) Platform”, carrying circular no SEBI/HO/DDHS/DDHS-RACPOD1/P/CIR/2023/9 dated January 09, 2023. Mentioned circular is attached herewith for your ready reference.
As directed by SEBI, ICCL has implemented following funds settlement mechanism for the settlement of RFQ & OTC deals:
- Real Time Gross Settlement (RTGS) channel established and operational.
- National Electronic Fund Transfer (NEFT) channel established via HDFC Bank Ltd and operational.
- Further, as directed in SEBI extant regulation on enabling UPI mechanism for RFQ deals settlement as well be made available from 1st March 2024 onwards.
ICCL has on-boarded ‘Phi Commerce Private Limited’ to provide services of payment via UPI mechanism and shall be available for members from 1st March 2024 onwards.
Payment via UPI mechanism will be provided with following specification, members are requested to note the same:
- All the below charges are exclusive of taxes.
- Further, members are requested to note that, payment via UPI mechanism settles on T+1 day.
- And therefore, for deals settling on T+1 day, funds payment via UPI mechanism mandatorily needs to be issued on T+0 day.
- Phi Commerce Private Limited shall provide the services in consideration of the below Phi Commerce Fees:
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Sr. No.
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Particulars
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Charges
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1
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Internet Banking: ICICI /Axis / HDFC
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Rs. 12/- per trxn
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2
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Internet Banking (Other Banks)
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Rs. 9/- per trxn
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3
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UPI Platform Fee
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Nil
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ICCL will settle RFQ deals only after receipt of clear balance in ICCL’s bank account.
Members are requested to take note of the contents of the circular and comply.
For and on behalf of the Indian Clearing Corporation Limited.
Akshat Chaturvedi Mrunal Amberkar
General Manager Senior Manager
Operations Operations |