“SEBI Outlines Roadmap for Same-Day Trade Settlement, Eyes T+0 by March 2024”
SEBI Chief unveils plans for same-day trade settlement, aiming for T+0 settlement by March 2024, followed by an optional instantaneous system, amid discussions and progress in shaping a parallel framework for trade settlements within a day.
SEBI (Securities and Exchange Board of India) Chief Madhabi Puri Buch unveiled plans for the implementation of same-day settlement for trades, aiming for T+0 settlement by March 2024, followed by an optional instantaneous settlement system.
During a press conference held in Mumbai post SEBI’s Board meeting on November 25, Buch revealed that significant progress has been made towards same-day settlement, indicating a proposed roadmap for seamless trade settlement within a day.
Buch highlighted the industry’s feedback, citing that market participants emphasized the need to initiate the process at T+0, subsequently transitioning towards an instantaneous settlement framework. Emphasizing the technological aspect, she stressed the importance of bypassing an interim step of a one-hour delay, moving directly from T+0 to instantaneous settlement.
Expressing contentment with the ongoing advancements, Buch stated, “The progress is very good, a lot of discussion has happened. A roadmap is pretty much ready. It is a parallel system that is completely optional.”
Elaborating on the projected timeline, Buch clarified, “Market participants have advised us to commence at T+0 and then progress towards instantaneous settlement. T+0 implementation is targeted by the end of March, with instantaneous settlement set for a subsequent year.”
Earlier this year, India transitioned to T+1 settlement, wherein trades are settled on the next business day. Reports indicated apprehension from offshore investors regarding SEBI’s proposed move towards same-day settlement, fearing potential fragmentation in the system and increased trading costs.
The shift towards same-day settlement could prompt offshore investors to convert funds into Indian rupees a day prior to trading, diverging from the current T+1 and T+2 settlements where rupee conversions can occur on the day of settlement.
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