Reschedulement of Settlements due to proposed Bank Strike on April 16, 2002

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Press Release

April 15,  2002
Ref.No.PR 73/2002

RESCHEDULEMENT OF SETTLEMENTS DUE TO PROPOSED BANK STRIKE ON APRIL 16, 2002

There have been reports about the possibility of a strike by the bank employees on April 16, 2002. If the strike materialises, the BSE, NSE and other stock exchanges have advised that it will not be possible for them to maintain the normal settlement schedule for April 16, 2002.

Only in the event of the strike materialising, the exchanges have advised that they shall make the following changes in the settlement schedule:

1. There will be no alterations or clubbing of any trading cycle for this period.
2. The settlement falling due on April 16, 2002 and April 17, 2002 would be settled by the exchanges on April 17 and April 18, 2002 respectively.
3. The trades done on April 15 and 16, 2002 would be separately settled on April 19, 2002 without netting.

In case, the strike is called off, the exchanges shall adhere to their normal settlement schedule.