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December 09, 1999


The President/Executive Director/Managing Director
Of All the Stock Exchanges

Dear Sir,

Sub: Rolling Settlement

The Committee constituted by SEBI to introduce the rolling settlement met on November 30,1999 to discuss the implementation of Rolling Settlement. Based on the recommendations of the Committee and its recommendations in the earlier meetings. SEBI has decided to :

1.Introduce Rolling Settlement in the following 10 scrips. BFL Software Ltd

  • Citicorp Securities Ltd
  • Cybertech Systems & Software
  • Hitech Drilling Services (I)
  • Lupin Laboratories
  • Maars Software International
  • Morepan Lab Ltd
  • Sri Adhikari Brothers Tel
  • Tata Infotech Ltd
  • Visual Soft(India) Ltd

1. The rolling settlement would be on T+5 basis, ‘T’ representing the trade day and ‘T+5’ implying settlement on the 5th trading day. While this would be the minimum, any stock exchange is welcome to introduce rolling settlement with shorter rolling period.

2. The rolling settlement would be introduced in the aforementioned scrips from the settlements in those scrips commencing on any day in the week beginning January 10, 2000.

3. Rolling Settlement shall be introduced by all the stock exchanges having connectivity with both the depositories. All the stock exchanges have already been directed to establish connectivity with both the depositories vide our letter No. SMDRP/CIR-13/1999 dated May 19, 1999.

4. For the present, the rolling settlement shall be introduced on January 10, 2000 without any change in the present risk containment measures such as the various margin requirements, the exposure limits and price bands. SEBI would be separately examining this issue and advice the stock exchanges appropriately, if possible before January 10, 2000.

The Stock Exchanges shall comply with the decisions taken above and make suitable changes in their software and hardware so that the schedule for implementation of the first phase of rolling settlement is adhered to.

Yours faithfully,

Division Chief
Secondary Market, Depository,
Research & Publications Department
e-mail :

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