HO/47/11/12(1)2025-MRD-POD3

HO/47/11/12(1)2025-MRD-POD3 CIRCULAR All Recognized Stock Exchanges All Recognized Clearing Corporations All Depositories All Registered Stock Brokers Sir/Madam, Subject: Further extension of timeline for mandatory implementation of systems and processes by Qualified Stock Brokers (QSBs) with respect to T+0 settlement cycle 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 place necessary systems and processes for enabling seamless participation of investors number of active clients for qualification as QSB as on December 31, 2024 shall put in 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 . " 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 , vide SEBI Circular No. SEBI/HO/MRD/MRD -PoD -3/P/CIR/2025/58 dated April 29, 2025, it was 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 . October 30 , 2025 HO/47/11/12(1)2025-MRD-POD3 Considering the challenges highlighted by QSBs in ensuring timely readiness of systems on or before November 01, 2025 and request to extend the same for ensuring smooth implementation, it has been decided to extend the timeline for QSBs for putting in place th

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