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of <h1>SEBI Implements T+2 Settlement System with Risk Management Framework; Stocks Categorized by Volatility and Liquidity for Margins.</h1> The circular outlines the risk management framework for implementing a T+2 rolling settlement system effective April 1, 2003. It categorizes stocks into three groups based on volatility and liquidity, with specific margin requirements for each group. Group I stocks have lower impact costs, Group II stocks have higher impact costs, and Group III includes remaining stocks. The Value at Risk (VaR) based margins are specified for each group, with additional mark-to-market and special margins as necessary. Margins are to be collected on a T+1 basis. Exchanges must ensure real-time data dissemination and confirm implementation to SEBI by March 31, 2003.
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