The correct answer is: D. by the respective stock exchange.
The pay-in and pay-out dates for the settlement calendar are declared by the respective stock exchange. The settlement calendar is a schedule of dates that outlines when trades will be settled. The pay-in date is the date on which buyers must deposit funds
to their brokerage accounts to cover the cost of the shares they purchased. The pay-out date is the date on which sellers will receive funds from their brokerage accounts for the shares they sold.The Securities and Exchange Board of India (SEBI) is the regulator of the Indian securities market. The Securities Contract Regulation Act, 1957 is the primary legislation governing the Indian securities market. The National Securities Depository Limited (NSDL) is a depository that
holds securities in electronic form.The pay-in and pay-out dates for the settlement calendar are not declared by SEBI, the Securities Contract Regulation Act, 1957, or NSDL. They are declared by the respective stock exchange.