Why is my application being sent to the exchange?

Exchange registration is mandatory

After Punch processes your application internally, it is forwarded to the stock exchange (NSE or BSE) for registration. This is a regulatory requirement set by SEBI — the Securities and Exchange Board of India.

The exchange needs to register you in their system so that any buy or sell orders you place can be recognized and processed. Without this step, your trades would not go through.

How long does this take?

Exchange registration typically completes within 24 hours on business days. Weekends and public holidays may add some extra time. You can track the progress on the Account Activation page inside the Punch app.