Thanks @nithin . Just to be clear, if I currently sell a stock that I hold in my demat account on NSE and buy it on the same day on BSE, the shares will still be transferred out of my demat account to the pool account on T+1 day and I will receive the shares I bought credited into by demat account on T+2, correct?
I’m trying to do tax loss harvesting by selling my holding on NSE and buying it back on BSE immediately on the same day. So I just wanted to be sure if this will be a delivery based transaction and not an intraday one.
Ah no, in the backend it is interoperable, not on the trading platform.
What this means is that you can’t do CNC Buy on NSE and try to sell the same as CNC sell on BSE, the platform won’t allow you to do it as it isn’t ready for interoperability.
But if you sell a current stock holding on NSE and buy it on BSE, shares won’t get debited and credited to your demat. It will be intraday. You will have to sell, wait for a day and then buy it back again.
But SEBI has introduced interoperability between exchanges last year.
While the backoffice of all brokers can handle interop, none of the trading front ends (brokers) are ready for it as of now. Whenever interop is ready on the trading platform, you can buy/sell between exchanges if the same scrip/contract is trading on either of them.
Interop is a complex change on the risk management systems of brokers, and hence it has taken this much time for implementation. We will probably be ready in 6 months time.