Pay in day is
the day when the brokers shall make payment or delivery of securities to the
exchange. Pay out day is the day when the exchange makes payment or delivery of
securities to the broker. Settlement cycle is on T+2 rolling settlement basis
w.e.f. April 01, 2003. The exchanges have to ensure that the pay out of funds
and securities to the clients is done by the broker within 24 hours of the
payout. The Exchanges will have to issue press release immediately after pay
out.
