45.1 Each and every trading transaction executed on the BSE must be settled in accordance with the provisions of the CSDR Rules, no matter whether the buyer intends to resell the purchased securities in the same trading session, or otherwise. The Participant shall be liable to discharge the settlement obligations and any other consequential charges and penalties for non-compliance with the provisions of the above paragraph.

45.2 The book-entry transfer of securities shall be effected by the CSU in the Central Securities Registry on the Settlement Day (T+2), by debiting the seller's securities account and crediting the buyer's securities account.

45.3 A seller's position in his securities account, subject to trade, shall not be effected by any transfer or entry of such security, until the final settlement for such a contract has been made.

45.4 Notwithstanding the provisions of sub-Article (45.1) above, in case of a failed trade deemed to compromise the integrity of the settlement system, the settlement of the said transaction may be rolled over, subject to the CSU's discretion, and marked-to-market outside the netting system until the buy-in or sell-out date, at which the transaction will be settled.