New SEBI Rules- Square Up of Purchases If Dues Not Paid

This is with reference to NSE Circular no. NSE/INSP/41359 and SEBI Circular CIR/HO/MIRSD/DOP/CIR/P/2019/75 dated June 20, 2019 regarding Handling of Securities by Trading Member /Clearing Member. This Circular is effective from October 2019, therefore please take note of the following modifications: 

• Shares received from Exchange as pay out on T+2 will be transferred to the client's beneficiary a/c on the same day if there is no debit in client's account. In case of debit, the shares will be kept in pool (Settlement pool account) till T+3 EOD and will be transferred to a separate demat account ("Client unpaid Securities Account"). If there is no clearance of dues with in T+4 days, shares kept in "Client unpaid Securities Account" will be squared off on T+5 day morning. As we have to clear the shares from "Client unpaid Securities Account" within 5 days, no avoidance from clearance will be permitted hereafter.
• Since it is mandatory to clear the shares from "Client unpaid Securities Account" on T+5, pending cheques if any, will not be considered while selling. So please take utmost care while presenting cheques against dues. We request you to use online fund transfer facilities such as Payment Gateway, UPI, NEFT/RTGS etc.