Finality of settlement: netting or gross procedures under approved bye laws are binding, irrevocable and enforceable. Regulation 44A requires payment and settlement for transactions through a recognized stock exchange and clearing corporation to follow netting or gross procedures specified in their bye laws with SEBI approval; such settlements effected under those bye laws are final, irrevocable and binding once determined. The exchange or clearing corporation has priority to appropriate collaterals, deposits or margins of trading members, clearing members or clients towards settlement or other obligations in accordance with bye laws, and settlement is final when payable obligations are determined irrespective of actual payment.
Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
Provisions expressly mentioned in the judgment/order text.
Finality of settlement: netting or gross procedures under approved bye laws are binding, irrevocable and enforceable.
Regulation 44A requires payment and settlement for transactions through a recognized stock exchange and clearing corporation to follow netting or gross procedures specified in their bye laws with SEBI approval; such settlements effected under those bye laws are final, irrevocable and binding once determined. The exchange or clearing corporation has priority to appropriate collaterals, deposits or margins of trading members, clearing members or clients towards settlement or other obligations in accordance with bye laws, and settlement is final when payable obligations are determined irrespective of actual payment.
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