Shorten the settlement cycle from the existing T+3 rolling settlement to T+2 w.e.f. April 01, 2003

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.... Dear Sir/Madam, It has been decided to further shorten the settlement cycle from the existing T+3 rolling settlement to T+2 w.e.f. April 01, 2003. We had vide our circular No. SMD/Policy/Cir-05/2002 dated March 26, 2002 intimated the activity schedule for the implementation of the rolling settlement on T+3 basis. In view of the shortening of the settlement cycle, the activity schedule ....

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.... Pay-in of securities and funds. By 1.30 pm Pay-out of securities and funds. The stock exchanges shall also put in place the following systems for effecting settlement on T+2 basis. (1)    A facility of late confirmation of trades by the custodians shall be provided. However, the time limit for late confirmation shall be fixed in a manner that the download of the final ....

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....ent. (6)    The stock exchanges shall not normally permit changes in the Client ID and would keep a strict vigil on cases of client code modification and would implement a monetary penalty structure that would escalate with the number of such incidences. Besides, the exchanges may take necessary action against members making repeated changes. However, genuine mistakes may be allo....

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....s necessary for the implementation of the T+2 rolling settlement, the stock exchanges may also provide the following facilities desirable for further smoothing clearing and settlement process, though these may not be pre-conditions for introduction of T + 2 rolling settlement. (1)    Facility of online confirmation of trades by custodians. (2)    System to captu....