Cut-off time for allocation of trades extended

Mumbai: The National Stock Exchange (NSE) has extended the cut-off time for allocation of trades by one additional hour as the market moves towards the T+1 settlement cycle.

In a circular issued on Friday, NSE said brokers and custodians could submit their Obligation Transfer Request (OTR) forms by 8 PM. Until now, the deadline for OTR was 7 PM on the transaction day. The extended OTR deadline will come into effect from December 26, NSE circular added.

OTR is essentially used by the brokers and custodians who service institutional clients. The development comes after market regulator late last year announced a transition to T+1 settlement cycle for all stocks. Custodians who represent foreign funds had previously requested the exchanges to extend the OTR submission.