14.1 A Participant who fails to settle his net to pay amount on the Settlement Day (T+2) not later than 09:30 hours, causing the BSE to settle its payment obligations to other Participants from the Guarantee Fund account, shall be obliged to replenish the Guarantee Fund account with the value of the amount previously withdrawn by the BSE.

14.2 If the BSE established one day after the Settlement Day (T+3) not later than 09:30 hours that the Participant has failed to pay the amount withdrawn by the BSE from the Guarantee Fund account to settle his net to pay amount, the BSE shall impose on the defaulting Participant a delay charge, in accordance with Article (21.1) hereof, and shall instruct him in utmost confidentiality to sell the purchased securities through another Participant.

14.3 If the Participant fails to sell the purchased securities through the authorized Participant on T+3, the BSE may give him an additional day to effect the selling on T+4.

14.4 If the Participant fails to sell the purchased securities through the authorized Participant on T+4, the BSE shall on T+5 instruct the Trading and Members Affairs Unit to sell the said securities by auction.

14.5 If by 09:00 hours on T+6 the CSU established that the proceeds of sold securities, in accordance with Article (14) hereof, are not sufficient for reimbursement of the required amount to the Guarantee Fund account, the Participant shall be obliged to pay the difference. The surplus, if any, shall be paid to the concerned investor after deducting all the charges and expenses due from the Participant.