NSEL-e-Auction - National Spot Exchange Limited

104. Post Trade activitiesOn being a successful bidder to auction, bidders have to transfermargin amount defined by the seller during RFQ initiation.Bidders will have to transfer the amount through payment gatewayprovided by NSEL.The successful bidders will be required to pay rest of the saleproceeds (total sales value less margin amount) amount within thespecified days from confirmation of the deal. Here the total tradevalue = [(Traded Qty* Traded value) + any charges defined] theearnest money /margin amount shall be adjusted against the lastinstallment receivable from them. On receipt of the earnest moneyand the sales proceedings from the bidders, the Exchange shalltransfer the amount to the seller after generation of delivery order byhim.In case of non-transfer of pending settlement amount by the bidderwithin the specified settlement date, the margin amount will beforfeited. In such case, the deal will be cancelled and the forfeitedamount will be transferred to the seller.The transfer of margin and sales proceeds to the seller by theExchange will be through payment gateway.Seller will be able to see in the system details of remittance of fundsby the buyers. Based on this, he is required to generate Delivery Orderon the system.The buyer can download such Delivery Order from the systemhimself. He is required to produce such Delivery Order alongwith hisproof of identity before the warehouse manager for the purpose oflifting delivery.