What is pay-in / payout date ?
The Exchanges define settlement cycle for each leg of the transaction. The date and time for the broker to complete its obligations for the purchase and sales made by its customers is called the pay-in date. Similarly, the date and time by which the Exchange will give funds / shares to the brokers for the sales / purchases for a given settlement number is called the pay-out date. Earlier the pay-in and pay-out would be on different days. Now they are on the same day but the timings are different. It is critical that the customer settles the purchase / sell transaction sufficiently before the Exchange pay-in date.
