Settlement cycle reduction mandates accelerated trade settlement and stricter operational requirements for exchanges and brokers across market participants. Shorten the rolling settlement from T+3 to T+2 effective April 1, 2003, with a prescribed operational timetable: custodial confirmation and obligation-file generation on T+1, pay-in and pay-out on T+2 with intra-day cut-offs. Exchanges must provide late-confirmation windows with deterrent charges, systems for handling shortages to meet pay-out, byelaw amendments requiring broker disbursement within 24 hours, alternative clearing for non-dematerialised shares, restrictions and penalties on client ID changes, and promote automation and online interfaces; exchanges must submit implementation roadmaps.
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Settlement cycle reduction mandates accelerated trade settlement and stricter operational requirements for exchanges and brokers across market participants.
Shorten the rolling settlement from T+3 to T+2 effective April 1, 2003, with a prescribed operational timetable: custodial confirmation and obligation-file generation on T+1, pay-in and pay-out on T+2 with intra-day cut-offs. Exchanges must provide late-confirmation windows with deterrent charges, systems for handling shortages to meet pay-out, byelaw amendments requiring broker disbursement within 24 hours, alternative clearing for non-dematerialised shares, restrictions and penalties on client ID changes, and promote automation and online interfaces; exchanges must submit implementation roadmaps.
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