SECURITIES AND EXCHANGE BROAD OF INDIA

Deputy General Manager
Secondary Market Department
e-mail : ravik@sebi.gov.in

SMD/Policy/Cir-04 /2002
January 30, 2002

The Executive Directors/Managing Directors All the stock exchanges
 Dear Sir/ Madam,

Pursuant to discussion in the meeting of the Group on Risk Management Systems for the Equity Markets which met on December 19, 2001 and with a view to derive benefits of increased efficiency it has been decided to shorten the rolling settlement cycle from the present T+5 to T+3. The compulsory rolling settlement on T+3 basis would commence from April 01, 2002.

The stock exchanges are advised to make the necessary arrangements/ modifications in their systems to implement the rolling settlement on T+3 basis for all listed securities from April 01, 2002.

Yours faithfully

D RAVIKUMAR

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