Clearing Members are required to check the physical securities received in pay-out for good delivery as per the norms of good and bad delivery of documents prescribed by SEBI/ BSE/ ICCL while collecting the same from ICCL. In case, the documents received in pay-out are not considered good delivery, the receiving Clearing Member should participate in "Settlement-wise Objection Cycle" as per the schedule published by ICCL from time to time.

The following table summarizes the settlement objection cycle followed by ICCL in respect of securities received in physical mode in the settlement for Equity Cash Segment:

Day	Activity
T + 3	Patawat Arbitration session: Receiving Member to obtain Arbitration awards from officials of the Bad Delivery Cell of ICCL
	Receiving Member to submit the securities received under objection to ICCL
	Delivering Members to collect such securities under objection from ICCL
	Delivering Member may obtain Arbitration awards for invalid objection from members of the Arbitration Review Committee
T + 4	Delivering Member to submit rectified securities, confirmation forms and invalid objections in ICCL
	Receiving Member to collect the rectified securities from ICCL
T + 5	Receiving Member to obtain arbitration awards for invalid rectifications (documents not rectified as per the specified norms) from officials of the Bad Delivery Cell of ICCL and deposit such securities (invalid rectifications) back to ICCL
	Delivering Member to collect the said securities returned by Receiving Member from ICCL

The securities not rectified by the delivering members as per the specified norms as per the scheduled time table are returned back to the delivering member and the transaction is directly closed-out as per the procedure.

A penalty of INR 100 per Delivery Order is debited by ICCL on the delivering member for delivering shares, which are not in order.