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HomeBusinessSmooth start for world's fastest stock settlement

Smooth start for world’s fastest stock settlement

MUMBAI: The launch of the

fastest stock trading

and settlement system in the world went on smoothly on Thursday, with 136

trades

from 73 brokers for a majority of the 25 stocks that are allowed in the segment over two bourses,

NSE

and

BSE

.
On the BSE, 49

investors

closed their trades and settled through the T+0 settlement system by evening. On the NSE, the corresponding number was 41 investors.
“The T+0 settlement stands as a pioneering attempt across the globe and this rollout involved active collaboration between regulators, exchanges, clearing corporations, depositories, and the member community at large,” a BSE release said.

Under the T+0 settlement system, stocks bought and sold between 9:15 am and 1:30 pm are settled by the end of the same day, with buyers getting the stocks they bought in their demat account and sellers seeing the amount credited in their bank accounts the same day.

This system is slotted to run parallel to the currently used T+1 settlement system under which buyers get the stocks in their demat accounts on the next working day after the day of trade. Similarly, sellers get the funds in their bank accounts one working day after the day of trade.
“This (T+0 settlement system) is a significant step towards greater efficiency and reduced risk in our market,” said Sundararaman Ramamurthy, MD & CEO, BSE. “We are confident that this optional settlement cycle will contribute to the continued growth and development of the capital markets in India.”
As many as 41 members traded in 10 stocks and placed a total of 329 orders, which resulted in 90 trades. Unique investors using this facility stood at 49, the BSE release said.
On the NSE, there were 46 trades in the segment, involving 32 brokers by 41 different investors in 14 stocks, sources said.