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<h1>Repeated delivery default penalty: additional sanction for each repeat default, penalty proceeds transferred to settlement guarantee fund.</h1> SEBI mandates that a repeated delivery default-defined as three or more defaults on delivery obligations within a rolling six month period-attracts an additional penalty calculated as a proportion of the delivery default value; penalty proceeds must be transferred to the Clearing Corporation's Settlement Guarantee Fund and the measure becomes effective one month after the circular's issuance.