NSE clearing sets early pay-in rules for PSUBANK's 10:1 face value split
Members must use the old ISIN for early pay-in on July 10 and 13, applying a 10:1 quantity conversion, before switching to the new ISIN post-record date.
What changed
- Kotak Nifty PSU Bank ETF (PSUBANK) splits face value from Rs 10 to Re 1 per unit.
- Early pay-in on July 10 and 13, 2026 must use the old ISIN with 10:1 quantity adjustment.
- Post-record date, all pay-in instructions must shift to the new ISIN.
The read
NSE Clearing has laid out the early pay-in drill for PSUBANK's 10:1 face value split. Members must deposit securities in the old ISIN on July 10 and 13, converting quantities at the split ratio (e.g., 10 shares old ISIN for 1 share sold). Custodians using pool accounts must upload client-wise allocations based on actual trade quantities; those using block mechanism must not. After the July 10 record date, all instructions switch to the new ISIN. The split itself is a neutral event for holders, but the tight procedural window of two settlement dates creates operational risk for members who get the ISIN or quantity wrong. Get it right or face settlement mismatches.
Primary source: official circular (PDF)