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of <h1>SEBI Mandates Abolition of 'No Delivery Period' for Demat Trades by May 1, 2002; Updates Close-Out Rules.</h1> The circular issued by the Securities and Exchange Board of India (SEBI) on April 16, 2002, addresses stock exchanges regarding the abolition of the 'no delivery period' for scrips traded in compulsory dematerialized mode due to corporate actions like dividends and bonus shares. Exchanges are required to implement this by May 1, 2002, without extensions, as part of the transition to a T+3 rolling settlement system. Additionally, the mark-up price for direct close-out due to short delivery is reduced to 10%, and the reference price for close-out shall be the latest closing price at the exchange.
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