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of <h1>SEBI Mandates STP System for Institutional Trades in Indian Securities Market Effective July 1, 2004.</h1> The circular mandates the use of the Straight Through Processing (STP) system for all institutional trades in the Indian securities market from July 1, 2004, specifying a standardized transaction workflow and messaging formats. Electronic contract notes must be issued in a prescribed format and confirmed or rejected using designated messaging standards (IFN 515, IFN 548, IFN 598). Changes include optional inclusion of exchange regulations in contract notes, use of exchange security codes for non-dematerialized securities, and standardization of identification codes. The circular aims to enhance efficiency and protect investor interests under the Securities and Exchange Board of India Act, 1992.
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