Article 40 Application of the Guarantee Fund Account
40.1 If a Participant fails to pay his net to pay balance amount on the Settlement Day (T+2) no later than 09:30 hours, the amount of deficiency shall be debited from the Guarantee Fund account and credited to the BSE's clearing account.
40.2 If the amount of the undischarged obligation to pay the net to pay balance exceeds the amount of the failed Participant's contribution, the amount of deficiency shall be debited pro-rata against all other Participants' contributions to the Guarantee Fund account, on the basis of their respective contributions, and credited to the BSE's clearing account.
40.3 A Participant who fails to pay the net to pay balance amount shall be liable to refund the amount debited to the Guarantee Fund account, and all costs relating to the use of the Guarantee Fund, as determined by the BSE.
40.4 In the case of a Participant's failure to pay the net to pay balance amount, the BSE shall, immediately after 09:30 hours on T+2 (and until the amount is honoured in accordance with sub-Article (40.3) above), suspend the defaulting Participant from:
40.4.1 Any trading services provided by the BSE, with respect to securities transactions generally.
40.4.2 All services and activities in relation to clearing, settlement, depository and registry functions, or operations of a Participant, except the services in relation to the pending settlement obligations of such Participant.