SEBI Approves Amendment to UP Stock Exchange Bye-law for T+2 Settlement Cycle, Waives Gazette Publication Requirement.

SEBI approved an amendment to bye-law No. 228(3) of the Uttar Pradesh Stock Exchange Association Ltd., allowing the implementation of a T+2 rolling settlement cycle, as advised in a SEBI circular dated February 12, 2003. This change requires members to make payments and deliver securities to constituents within 24 hours of payout. SEBI waived the requirement for prior publication of the amendment in the official gazette, citing the need for immediate implementation in the interest of trade and public interest. This decision was made under the authority of the Securities Contracts (Regulation) Act, 1956.

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