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of <h1>SEBI Circular Announces Transition to T+2 Settlement Cycle from April 1, 2003, with Potential Move to T+1 by 2004.</h1> The circular from the Securities and Exchange Board of India (SEBI) outlines the transition from a T+3 to a T+2 rolling settlement cycle effective April 1, 2003. It details the schedule for trade confirmation, pay-in, and pay-out activities, specifying deadlines for each step. Depositories are instructed to ensure compliance with these timelines and are advised to implement systems for real-time online connectivity and client-wise pay-in obligations. The circular also modifies previous instructions, emphasizing the need for efficient execution and settlement processes to facilitate this transition and prepare for a potential T+1 settlement cycle by April 1, 2004.
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