The Bombay Stock Exchange (BSE) on November 06, 2026, issued Operational Guidelines for Collateral Management & Clearing and Settlement in Interoperability framework amongst Clearing Corporations for Tender Offer -Offer to Buy (OTB).
BSE has informed Members and Custodians that Tender Offer/Offer to Buy (OTB) transactions relating to Buyback, Takeover and Delisting will be brought under the interoperability framework on or after November 27, 2026. Clearing Members and Custodians will be permitted to select their Designated Clearing Corporation for OTB settlement, including continuing with the same Clearing Corporation as selected for the Equity Cash Segment, subject to the prescribed process.
The Early Pay-In (EPI) process for Tender Offers will remain unchanged, except that Clearing Members must mandatorily provide the Trading Member (TM) Code while submitting EPI instructions. Settlement obligations arising from bids placed across all Exchanges will be reflected in the settlement reports of the respective Clearing Members opting for BSE Clearing Corporation Limited (BSECL). Further, bids assigned to Custodians for confirmation will be available through the BSECL RTRMS module, with an exchange identifier incorporated into the confirmation file format. Any bids not accepted by Custodians by 4:00 PM on the last bidding day will be deemed rejected.
Members are advised that, except for trade files, there will be no changes to other End-of-Day (EOD) file formats. Trading Members, Clearing Members, Custodians and back-office vendors are required to take note of the revised framework and implement necessary changes in their respective systems. All other existing settlement procedures and guidelines will continue unchanged.
[Notice No. 20261106-10]
