T+0 Settlement Day One: 63 Members Participate, 329 Orders Placed
BSE and its clearing arm Indian Clearing Corp. successfully launched the beta version of T+0 settlement on Thursday.
The T+0 settlement in the Indian capital market that went into action on Thursday saw the participation of 63 members in the optional segment, the BSE said.
On the first day, as many as 41 members traded in 10 scrips and placed a total of 329 orders, which resulted in 90 trades, the bourse said in a statement. The number of unique investors using this facility stood at 49.
BSE and its clearing arm, Indian Clearing Corp., successfully launched the beta version of the T+0 settlement on Thursday. To begin with, the beta version offered an option for investors to transact in 25 securities in a T+0 settlement.
Designed to settle trades on the same day they are executed, the T+0 settlement facilitates quicker receipt of funds and securities in investor accounts, thereby reducing the risks associated with the time lag.
The Securities and Exchange Board of India introduced a beta framework for the T+0 settlement cycle, which will be a continuous session between 9:15 a.m. and 1:30 p.m. Following this, the regulator will take one year to move to instant settlement by March next year.
The successful launch of the groundbreaking system is a significant step towards greater efficiency and reduced risk in our market, said BSE Managing Director and Chief Executive Officer Sundararaman Ramamurthy.
"We are confident that this optional settlement cycle will contribute to the continued growth and development of the capital markets in India," he said.