Article 48 Transfer Processing
48.1 Participants may effect transfers, movements, or any other book-entries on any business day, and during such hours as may be laid down in the prescribed procedures.
48.2 Participants may effect transfers, movements, or any other book-entries (transaction) in connection with securities accounts on their own behalf, or on behalf of a securities holder (client) by:
48.2.1 Verifying the terms of the legal basis of transfer, movement, or entry;
48.2.2 Entering the appropriate information regarding the transaction into the CSDR System.
48.2.3 Posting the transaction into the CSDR System.
48.2.4 Sending a copy of the respective transfer order to the CSU.
48.3 A copy of the transfer order referred to in sub-Article (48.2) above shall be considered with the BSE when given in writing to the CSU's designated staff, delivered to the BSE's address, or sent by facsimile to the facsimile number prescribed by the CSU (and followed by the Participant's telephone call to the CSU's designated staff, confirming that the facsimile message has been properly received).
48.4 Posted transactions shall be processed not later than three business days after receipt of the copy of the transfer order, as referred to in sub-Article (44.3) above, provided that the enabling documents are complete and sound.
48.5 The CSU shall approve the entry of appropriate information into the CSDR System unless:
48.5.1 The transfer order check indicates that there are discrepancies or omissions between the transfer order and the relevant (posted) information in the CSDR System;
48.5.2 There is no sufficient position in the relevant securities account;
48.5.3 There is a limitation on the disposal of securities, in accordance with Article (45) hereof;
48.5.4 The legal basis for the transfer is not exempt, pursuant to Article (36) of the BSE's Internal Regulations, and Resolution No. 13/1988, as amended by Resolution No. 8/1993.
48.6 In the above cases, the CSU shall reject the transaction and enter such rejection into the CSDR system.
48.7 The CSU shall have no obligation to verify the terms of the legal basis of transfer, movement, or entry, or compliance by either Participant or Parties to a contract.