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Capital market regulator SEBI has revised the activity schedule for conducting the settlement of auction session by deciding to conduct the auction session by T+2 day (T being the trade date) and pay in/pay out of auction and close out by T+3. The auction session has to be conducted in case the selling broker does not bring in the required number of securities on the day of normal settlement. Earlier, in case of default by the selling broker in a normal settlement, the security delivered short was bought in the auction session (conducted on T+2 day) and delivered to the buying broker on T+3 day.
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