The pay-in and pay-out of daily mark to market settlements and final settlement of futures contracts is effected in accordance with the settlement schedule issued by INDIA ICC periodically. The Clearing Members should maintain clear balance of funds in their settlement account with their designated Clearing Bank/Settlement bank towards their funds pay-in obligation at the scheduled pay-in time on the settlement day.
The pay-out of funds will be credited to the receiving Clearing member's settlement account with their designated Clearing Bank/Settlement bank.
- The settlement of all the contracts traded under INDIA INX would be in cash in USD.
- The daily mark-to-market settlement and premium settlement of INDIA INX derivatives contracts would be settled in cash as per the settlement schedule prescribed for each session from time to time by INDIA ICC as per the timelines specified by INDIA ICC.
- INDIA ICC will process two settlement cycles daily, for computation of daily mark-to-market settlement of all the contracts as per the timelines specified by INDIA ICC.
The trading / settlement schedule would be as follows :-
|Business Date (example)
||Trading session Timeline
||Download of settlement files to members / Banks
||04:30:00 Hours to 17:00:00 Hours(11/7/2017)
||By 18:00 Hours (11/7/2017)
||8:00 hrs (12/7/2017)
||8:15 hrs (approx.) (12/7/2017)
||17:00:01 Hours (11/7/2017) to 02:30:00 Hours (12/7/2017)
||By 3:30 Hours (12/7/2017)
||16:30 hrs (12/7/2017)
||16:45 hrs (approx.) (12/7/2017)
- As mentioned in the above table, the trading for 'Business Date' of 11-July-2017 shall be conducted over two trading sessions and span across two calendar days viz. 11-July-2017 and 12-July-2017.
- The first trading session shall start at 4:30 hours in the morning and shall end at 17:00 in the evening of 11-July-2017.
- There shall be a break between two trading sessions.
- The second session shall start at 17:05 on 11-July-2017 and end at 2:30 am of 12-July-2017.
- The 'Business Date' shall be provided to the members through the file name of the contract master file.
- At each clearing cycle (end of session 1 & 2), mark-to-market will be calculated on the new positions taken in the current trading session and on the brought forward positions from the previous session.
- The final settlement of future and option contracts traded under INDIA INX shall be effected as per the timelines specified by INDIA ICC
- Contracts traded on INDIA INX, shall be cleared on a netted basis
- The pay-in and pay-out of daily mark to market/premium settlements and final settlement would be effected in accordance with the settlement schedule issued by INDIA ICC on monthly basis.