The Scrip Reference Rate: How RoDTEP and RoSCTL Scrips Are Priced
Every duty-credit scrip has a face value, but it does not trade at face. What it trades at, on any given day, is anchored to one published number: the Scrip Reference Rate. Here is what it is, what moves it, and what it is not.
What the Scrip Reference Rate is
The Scrip Reference Rate, the SRR, is a benchmark ScripX publishes every trading day for what a duty-credit scrip is worth as a share of its face value. It is broken out by scheme and by expiry band, because a RoDTEP scrip and a RoSCTL scrip, and a scrip with a year left versus one with three weeks left, are not the same thing to a buyer. The SRR is the reference every Sell Now offer is anchored to, so a price is never a number a desk invented for you.
To make it concrete, an example print might read RoDTEP 98.20% and RoSCTL 97.60%. Treat those as illustrative figures, not today's rate. The SRR is published fresh each trading day, and the live number is the one that matters.
Why expiry moves the price
A scrip is only useful while it can still be applied against duty, so the closer it sits to expiry, the less time a buyer has to use it, and the price reflects that. The SRR is banded by time to expiry:
- More than 90 days to expiry: full value. There is comfortable time to apply the scrip, so no expiry adjustment applies.
- 30 to 90 days: a small adjustment, roughly 0.18% to 0.35% below full value, for the tighter window.
- Less than 30 days: sell-now priority, roughly 0.60% below full value. A scrip this close to expiry is best sold promptly rather than held.
The takeaway for a seller is simple: a scrip does not improve with age. Selling while it is comfortably clear of expiry captures full value.
Why size can move it the other way
Large, clean lots are attractive to buyers, so the SRR rewards them. A lot over two crore of face value earns a size premium, roughly +0.12% above the band rate. It is the one adjustment that pushes the price up rather than down.
How the SRR becomes a firm offer
The SRR is the anchor; the Sell Now offer is the commitment. When you open Sell Now, ScripX takes the day's SRR for your scheme and expiry band, applies any surge and any size premium, and shows you one firm price with those reasons on the same screen. That offer is locked for sixty seconds. So the SRR tells you where the market is; the offer tells you exactly what you will be paid, right now, if you accept inside the minute.
The same reference anchors the buy side. When an importer covers a Bill of Entry with scrips, the bundle is priced off the SRR too, with the buy-leg spread on top. One published benchmark sits under both sides of every trade.
What the SRR is not
The SRR is not a guarantee that a trade will happen at that exact number, and it is not advice on when to sell. It is a transparent, published anchor so that a firm offer can be read and trusted rather than taken on faith. If you want to see how it lands on a real trade, the pricing page walks a worked example end to end.
Frequently asked questions
What is the Scrip Reference Rate?
The SRR is a daily benchmark ScripX publishes for what a duty-credit scrip is worth as a share of its face value, broken out by scheme (such as RoDTEP or RoSCTL) and by expiry band. It is the reference every Sell Now offer is anchored to. It is indicative, not an offer to trade.
Why is a scrip near expiry worth less?
A scrip can only be applied against duty until it expires, so a buyer has less time to use one that is close to expiry. The SRR bands this: full value beyond 90 days, a small adjustment of roughly 0.18% to 0.35% between 30 and 90 days, and sell-now priority of roughly 0.60% under 30 days.
Do large scrip lots get a better rate?
Yes. A lot over two crore of face value earns a size premium of roughly +0.12% above the band rate. It is the one SRR adjustment that raises the price rather than lowering it.
Is the SRR the price I will be paid?
Not exactly. The SRR is the anchor. The firm number is your Sell Now offer, which takes the day's SRR for your scheme and expiry band, applies any surge and size premium, and locks for sixty seconds. The example prints of RoDTEP 98.20% and RoSCTL 97.60% are illustrative, not today's rate.
