| High Level FPI Transaction Flow- Derivatives Short (Sell) |
| 1 | Request for placing sell Order | FPI | T-1/T |
| 2 | Order Placed on BSE's Trading Platform | TM /CM | T |
| 3 | Order executed on BSE's Trading Platform | BSE | T |
| 4 | Executed Trade details intimated to the Client | TM / CM | T |
| 5 | Tax consultant advised of the trades details | TM / CM | T |
| 6 | Executed Trade details provided to the Clearing Corporation (ICCL) for Settlement | BSE | T |
| 7 | Trade details made available to Clearing Member for confirmation | ICCL | T |
| 8 | Trade confirmed | TM / CM | T |
| 9 | Instructions for transfer of Settlement amount to TM / CM | ICCL | T+1 |
| 10 | Clearing Bank transfers the funds to the TM / CM's Bank Account | ICCL | T+1 |
| 11 | FPI provides repatriation instructions | FPI | T+1 |
| 12 | Tax consultant provides the Tax Computation | Tax Consultant | T+1 |
| 13 | TM / CM instructs its Bank to:
a – transfer funds to the Client's Bank Account
b – pay the applicable Tax
c – repatriate funds (net of tax) to the client's Overseas Bank Account | CM | T+1 |
| 14 | Foreign Currency denominated Funds repatriated to FPI's Bank | FPI's Bank in India | T+2/T+3 |
| 15 | FPI's Bank advises client of receipt of funds | FPI's overseas Bank | T+3/T+4 |