Settlement of OTB (Buyback, Take-over, Delisting) :

• For each Tender Offer on BSE OTB platform, a separate settlement calendar is published by ICCL.
• Members/Custodians need to make early pay-in of securities in the Depository system against their bids on BSE OTB platform
• Participants on OTB platform must ensure that effect of their early pay-in of securities is reflected in BSE/ICCL systems before the prescribed timelines for accepting/confirmation of Bids by the BSE OTB platform. For this purpose they must complete the process of early pay-in of securities in the Depository system sufficiently in advance before the prescribed timelines for closure of BSE OTB Bidding window for placing the bids by members and confirmation window for confirming the Bids by Custodians.
• The shares delivered through early pay-in mechanism, will be treated as Securities Pay-in of the Members whose bids will be accepted as per the allotment process of BSE OTB Platform.
• In case of Buy-back, the Buyer Member will be required to provide a file for Direct Payout to Client containing demat account details of Escrow A/c of the company for transfer of the shares in Securities pay-out.
• The un-allocated shares due to non-acceptance/partial acceptance of Bids will be returned back in the clients' demat account from which early pay-in was received by ICCL. In case of rejection of returned shares in the Depository system, such shares will be transferred to the concerned Clearing Members' demat pool a/c for onward transfer to the Trading Members and respective clients.

Funds Settlement:

• Buyer members need to do the funds pay-in before the prescribed timelines on the settlement day.
• Transaction Charges and any other charges will also be collected from Clearing Member's settlement account.

The funds pay-out process:

For shares accepted under the Offer, ICCL will make direct funds pay-out to respective client's bank account as per the details provided by the Depository system. If clients' bank account details are not available or if the funds transfer instruction gets rejected by RBI/Bank, due to any reason, then such funds will be transferred to the concerned Seller Brokers' settlement bank account for onward transfer to their respective clients. In case of certain client types viz. NRI, Foreign Clients etc. (where there are specific RBI and other Regulatory requirements pertaining to funds pay-out) who do not opt to settle through Custodians, the funds pay-out would be given to their respective Clearing Member's Settlement Bank Accounts for releasing the same to their respective Trading members and onward to the respective client's account.

In case of bids confirmed by custodians, the funds settlement will be released to custodian's settlement bank account.

For details and latest updates members may refer BSE and ICCL circular Nos.and any other circulars issued from time to time.

http://www.icclindia.com/DynamicPages/DispNoticesNCirculars.aspx?page=20170203-29
http://www.icclindia.com/DynamicPages/DispNoticesNCirculars.aspx?page=20170202-34