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Sebi offers the T + 1 sliding settlement option on the exchanges

 


The Securities and Exchange Board of India (SEBI) has extended the option to exchanges where they can choose between T + 1 and T + 2 settlement cycles. The decision came after the market regulator received requests from various stakeholders to further shorten the settlement cycle.

Based on discussions with market infrastructure institutions (exchanges, clearing houses and depositaries), it was decided to leave the flexibility to the exchanges to offer a T + 1 or T + 2 settlement cycle “, a Sebi said in a statement Tuesday.

The T + 1 settlement cycle will come into effect on January 1, 2022.

The settlement cycle represents the period of time during which the exchanges must settle securities transactions. T + 1 means that the settlements will have to be cleared within one day of the actual transaction.

An exchange may choose to offer a T + 1 settlement cycle on one of the scripts, after giving at least one month’s notice of the change in the settlement cycle, to all stakeholders. The same should be communicated to the general public and also posted on the stock exchange website.

After opting for the T + 1 settlement cycle for a script, the stock market will have to continue with the same for a minimum of 6 months. If the exchange intends to revert to the T + 2 settlement cycle, it can do so by giving the market one month’s notice.

There will be no compensation between T + 1 and T + 2 settlements, Sebi said.

The securities settlement option will apply to all types of securities transactions on this exchange. For example, if a security is placed in T + 1 settlement on an exchange, regular market trades as well as block trades will follow the T + 1 settlement cycle on that exchange, ”Sebi said.

The market surveillance body has asked exchanges, clearing houses and depositories to take the necessary steps to put in place appropriate systems and procedures for a smooth introduction of the T + 1 settlement cycle on a voluntary basis. , including the necessary modifications of the relevant statutes, rules and regulations. .

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2/ https://www.livemint.com/market/stock-market-news/sebi-offers-t-1-rolling-settlement-option-to-stock-exchanges-11631024342408.html

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