MUMBAI, April 4: The Bombay Stock Exchange (BSE) has decided to get tough with members who fail to open their clearing accounts with any of the depository participant of National Securities Depository Ltd (NSDL) before April 4.The exchange has decided to switch off the BOLT (BSE On-Line Trading) terminals of those member brokers who fail to open their respective accounts from April 6. Incidentally, the exercise has been done to prepare the ground for the execution of the SEBI diktat which allows for the delivery of demat shares in the physical segment from April 6.According to a BSE release, only 330 members have opened their clearing accounts as on April 3. In a simultaneous move the exchange has also asked its members to open separate clearing member accounts for holding vyaj badla shares with BOI Shareholding, the clearing house for the exchange on or before April 6.Brokers have also been reminded that if they fail to open such clearing member accounts by the stipulated date, they will not beallowed to participate in the carry forward sessions from April 11. Besides the exchange has also circulated a detailed note on the procedure for the delivery of demat shares as against transactions conducted in the physical segment.BSE has decided to conduct a bifurcation session on every Monday on the BOLT, in which the seller member would specify the quantities of securities to be delivered in different modes, either demat or physical modes. However, the exchange has failed to officially announce the timings and the operational modalities of this session.The session, according to BSE, will also have the buyer's participation, where the buyers would specify the preferred mode of shares to be received. However, the exchange has also highlighted the fact that depending upon the matching of options of buyers and sellers, the buyers may not always get delivery in the mode specified by them.It should be recalled that the facility of delivery in the demat mode in physical segment is not provided for theodd lot segment. In a unique development, the exchange has also decided to allow the members to swap their delivery obligations against the delivery of demat shares for physical obligations and vice versa. However, this would be permitted only during the pay in time slots.The swapping exercise would be conducted at the clearing house on the pay-in day which is scheduled for Thursdays. BSE has also decided to conduct a combined auction for shortages in physical and demat segment.
