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of <h1>SEBI Cuts Settlement Cycle to T+2 from April 1, 2003; Stock Exchanges Must Update Systems for Timely Transactions.</h1> The circular issued by the Securities and Exchange Board of India (SEBI) announces the reduction of the settlement cycle from T+3 to T+2, effective April 1, 2003. This change requires stock exchanges to adhere to a revised activity schedule involving trade confirmation, processing, and the pay-in and pay-out of securities and funds. Exchanges must implement systems for late trade confirmations, discourage delays through additional charges, and handle fund and security shortages efficiently. Amendments to byelaws are required to ensure timely payouts to clients. Exchanges are also encouraged to adopt systems for automatic processing and direct transfers to client accounts.
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