Securities lending framework revised: updated tenure options, position limits, rollover and corporate action treatments for SLB contracts. The circular revises the SLB framework to allow Approved Intermediaries to offer contract tenures from short durations up to 12 months; prescribes a tiered position limit regime comprising a market wide limit as a percentage of free float capital, a per clearing member (and institutional investor) cap tied to that market wide limit, and a lower client level cap; prescribes dividend, stock split and other corporate action treatments including foreclosure on ex date for certain events; and formalizes rollovers allowing multiple extensions subject to an overall 12 month cap and prohibiting netting between borrowed and lent positions.
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Securities lending framework revised: updated tenure options, position limits, rollover and corporate action treatments for SLB contracts.
The circular revises the SLB framework to allow Approved Intermediaries to offer contract tenures from short durations up to 12 months; prescribes a tiered position limit regime comprising a market wide limit as a percentage of free float capital, a per clearing member (and institutional investor) cap tied to that market wide limit, and a lower client level cap; prescribes dividend, stock split and other corporate action treatments including foreclosure on ex date for certain events; and formalizes rollovers allowing multiple extensions subject to an overall 12 month cap and prohibiting netting between borrowed and lent positions.
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