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In view of the above, in consultation with Clearing Corporations (CCs), the following has been decided: 2.1. In the case of repeated default by a seller or a buyer, for each instance of repeated default, an additional penalty shall be imposed, which shall be 3 % of the value of the delivery default. 2.2. Repeated Default shall be defined as an event, wherein a default on delivery obligations takes place 3 times or more during a six months period on a rolling basis. 2.3. The penalty levied shall be transferred to Settlement Guarantee Fund (SGF) of the Clearing Corporation. The circular shall be effective after one month from the date of issuance of the circular.