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of <h1>SEBI Circular Introduces STP for Faster Trade Settlements, Moving to T+1 by March 2004 to Attract Foreign Investors.</h1> The circular issued by SEBI on October 3, 2002, addresses the introduction of Straight Through Processing (STP) in the Indian securities market to enhance operational efficiency and reduce settlement cycles. STP aims to automate the trade settlement process, minimizing manual intervention and errors. The initiative is part of a broader move from T+3 to T+2 and T+1 settlement periods by March 2004. A committee recommended adopting ISO 15022 messaging standards, electronization of contract notes, and improved connectivity among market participants. The implementation of STP is set to begin on December 2, 2002, to boost India's appeal to foreign investors.
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