SEBI/HO/MRD/MRD -PoD -3/P/CIR/2025/58 — THE SECURITIES AND EXCHANGE BOARD OF INDIA ACT, 1992

CIRCULAR SEBI/HO/MRD/MRD -PoD -3/P/CIR/2025/58 All Recognized Stock Exchanges All Recognized Clearing Corporations All Depositories All Registered Stock Brokers All Custodians Sir/Madam, Subject: Extension of timeline for implementation of provisions of SEBI Circular dated December 10, 2024, on optional T+0 settlement cycle for Qualified Stock Brokers (QSBs) SEBI vide Circular No. SEBI/HO/MRD/MRD -PoD -3/P/CIR/2024/172 dated December 10, 2024, enhanced the scope of optional T+0 rolling settlement cycle in addition to the existing T+1 settlement cycle in Equity Cash Markets . As per paragraphs 3.3.1 and 6.2 of the aforesaid circular: "3.3.1. Stock brokers who are designated as QSBs and meet the parameter of minimum number of active clients for qualification as QSB as on December 31, 2024 shall put in place necessary systems and processes for enabling seamless participation of investors in optional T+0 settlement cycle. … 6.2. The provision at paragraphs 3.3, 3.4 and 3.5 above shall be applicable with effect from May 01, 2025 . " April 29 , 2025 Based on the feedback received from QSBs; subsequent discussions with Stock Exchanges, Clearing Corporations, Depositories and QSBs; and in order to ensure smooth implementation of the same, it has been decided to extend the timeline for QSBs for putting in place the necessary systems and processes for enabling seamless participation of investors in optional T+0 settlement cycle, to November 01, 2025 . All other provisions of SEBI Circular dated December 10, 2024 shall remain unchanged. All MIIs are advised to: take necessary steps and put in place necessary systems for implementation of the above. make necessary amendments to the relevant byelaws, rules and regulations, wherever required, for the implementation of the above; and.