Securities and Exchange Board of India
DEPUTY GENERAL MANAGER
DEPOSITORIES AND CUSTODIAL DIVISION
To
All Custodians of Securities
Dear Sir,
Depositories and Custodial Division — Circular No. 20
Sub: Calendar for the implementation of T+2 rolling settlement w. e. f. April 1, 2003
It has been decided to shorten the settlement cycle from the existing T+3 rolling settlement to T+2 rolling settlement w. e. f. April 1, 2003. After detailed deliberations with various market participants, a time schedule for the implementation of T+2 rolling settlement from April 1, 2003 was prescribed by SEBI on January 3, 2003. A summary of the time schedule is as follows:
| Sr. No. | Day | Time | Description of activity |
| 1 | T | Trade Day | |
| 2 | T+1 | By 11:00 a.m. | Confirmation of all trades (including custodial trades). Facility of an exceptional window for late confirmations would be made available by the exchanges. |
| By 1:30 p.m. | Processing and downloading of obligation files to brokers / custodians | ||
| 3 | T+2 | By 11:00 a.m. | Pay-in of securities and funds |
| By 1:30 p.m. | Pay-out of securities and funds |
The Custodians shall adhere to the following activities for implementation of T+2 rolling settlement w.e.f. April 1, 2003:
1.Confirmation of the institutional trades by the custodians latest by 11.00 a.m. on T+1. An exception window would be provided by the exchanges for late confirmations for an additional fee but in any case the confirmation should be made before 1:00 p.m. on T+1.
2.The Custodians shall issue instructions in the physical form upto 4 p.m. and in electronic form upto 6 p.m. on T+1 to the DPs for pay-in of securities.
3.Pay-in to be made before 10:30 a.m. on T+2.
Yours faithfully,
G.S. Reddy
