"Now investors need not wait till the pay-out day of the exchange to receive proceeds from sale of shares," it said in a statement.

The scheme will be operative for investors trading in dematerialised shares and who hold depository accounts with Shcil.

Under the "sell-n-cash" scheme, Shcil will debit the investor's depository account of shares and issue a cheque for the value of the shares sold, after the broker confirms the transaction with the price at which the trade was executed and settlement details.

Shcil managing director BV Goud told a news conference that investors would be charged a service charge which was likely to be around two per cent inclusive of brokerage.

It also proposed to start with a limit of around Rs 500,000 per investor for making payments for shares, he said.

With this the pay-out process which takes between 9 and 16 days under the weekly settlement system, can now be expedited on the same day of trade, the Shcil statement said.

Shcil will become a clearing member of the Bombay and National stock exchanges in order to offer these services, it said.

It currently holds clients' assets worth over Rs 1,300 billion in custody both in physical and demat form.