Out of the twenty securities that have been made eligible for lending, eighteen securities were available on the first ALBM session. "A total of 41,997 shares were lent for a vlaue of Rs 69.32 lakh, valued at the Securities Lending Price (SLP)," said an NSE press release. The Securities Lending Price is the previous day's closing price and does not include the lernding rate.

The lending rates for other securities are -27 per cent for ICICI, 29.12 per cent for ACC, 26.86 per cent for L&T, and -28.56 per cent for State Bank of India. The negative rates indicates arebate offered by the lender to the borrower.

The lending/borrowing deal will be debited or credited against the clearing members' account only on Monday, so that the borrower will get the shares in time for his pay in next Tuesday.

Monday's ALBM session is the first effective stock lending operation in the country after the Securities and Exchange Board of India cleared introduction of the mechanism about two years ago.

Stock Holding Corporation of India (SCHIL), Deutsche Bank and Reliance Capital, the other three stock lending intermediaries registered with Sebi, are yet to streamline their stock lending mechanism into a commercially viable system.

Under the NSCCL system only dematerialised stocks are eligible for stock lending. The lending and borrowing facility is limited to 20 stocks eligible for compulsory demat trading. They include pivotals like State Bank of India and software favourites NIIT and Infosys Technologies.