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TMI BlogShorten the settlement cycle from the existing T+3 rolling settlement to T+2 w.e.f. April 01, 2003X X X X Extracts X X X X X X X X Extracts X X X X ..... orten the settlement cycle from the existing T+3 rolling settlement to T+2 w.e.f. April 01, 2003. We had vide our circular No. SMD/Policy/Cir-05/2002 dated March 26, 2002 intimated the activity schedule for the implementation of the rolling settlement on T+3 basis. In view of the shortening of the settlement cycle, the activity schedule has been revised and the following activity schedule shall b ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... lace the following systems for effecting settlement on T+2 basis. (1) A facility of late confirmation of trades by the custodians shall be provided. However, the time limit for late confirmation shall be fixed in a manner that the download of the final obligation files to brokers is not delayed. (2) The stock exchanges would levy an additional charge to discourage late confirmations by the custo ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... number of such incidences. Besides, the exchanges may take necessary action against members making repeated changes. However, genuine mistakes may be allowed to be rectified. (7) Stock exchanges would encourage members to adopt automatic downloading of pay-in files for securities and funds. The members would also be encouraged to adopt direct transfer of securities/ funds to clients' account on p ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... f trades by custodians. (2) System to capture the details of the client's depository account and bank account. (3) System for online transmitting the client wise pay-in obligation to depository so that the depository in turn could download the security pay-in instructions to depository participants in respect of the investor maintaining account with them. (4) System wherein the pay-out files co ..... X X X X Extracts X X X X X X X X Extracts X X X X
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