Straight Through Processing mandates standardized electronic contract notes and messaging formats, making IFN formats compulsory for institutional trades. The circular mandates Straight Through Processing for institutional equity trades, requiring brokers to issue electronic contract notes in IFN 515 and obliging institutional investors or custodians to confirm acceptance or rejection using IFN 598 or IFN 548. Settlement instructions must use IFN 540-543 with confirmations in IFN 544-547; messages routed via the STP centralised hub require hub-based confirmations. It standardises identification codes, adjusts IFN 515 fields for auditability, prescribes handling of non ISIN securities, and requires contract terms and stamp duty arrangements to be set out in client or tripartite agreements.
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Provisions expressly mentioned in the judgment/order text.
Straight Through Processing mandates standardized electronic contract notes and messaging formats, making IFN formats compulsory for institutional trades.
The circular mandates Straight Through Processing for institutional equity trades, requiring brokers to issue electronic contract notes in IFN 515 and obliging institutional investors or custodians to confirm acceptance or rejection using IFN 598 or IFN 548. Settlement instructions must use IFN 540-543 with confirmations in IFN 544-547; messages routed via the STP centralised hub require hub-based confirmations. It standardises identification codes, adjusts IFN 515 fields for auditability, prescribes handling of non ISIN securities, and requires contract terms and stamp duty arrangements to be set out in client or tripartite agreements.
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