SEBI/HO/MRD/MRD -PoD -3/P/CIR/2024/172

3 · 1. Increase in number of eligible scrips for trading under optional T+0 settlement cycle:

3 · 1.2. The above list of scrips shall be in addition to the existing 25 scrips available for trading and settlement under the Beta version of optional T+0 settlement cycle.

3 · 2. Participation by all Stock Brokers: All stock brokers are allowed to participate in the optional T+0 settlement cycle. Stock Brokers are permitted to charge differential brokerage for T+0 and T+1 settlement cycles, within the regulatory limit .

3 · 3. Participation by Qualified Stock Brokers (QSBs):

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.

3 · 3.2. In case of change in the list of QSBs, the exiting QSB shall continue to provide the necessary systems and process and the new QSBs shall put in place the necessary systems and processes for enabling seamless participation of investors in optional T+0 settlement cycle within 3 months from the date of updation of the list.

3 · 4. Participation by Custodians: The Stock Exchanges, Clearing Corporations and Depositories (collectively referred as Market Infrastructure Institutions (MIIs)); and Custodians shall put in place necessary systems and processes for seamless participation of institutional investors in optional T+0 settlement cycle.

3 · 5. Block Deal window in T+0 settlement cycle:

3 · 5.1. A mechanism for Block Deal window shall be put in place by the Stock Exchanges under the optional T+0 settlement cycle. The Block Deal window under the optional T+0 settlement cycle shall be available only for the morning session during 8:45 am to 9:00 am in addition to the existing Block Deal windows of 8:45 am to 9:00 am and 2:05 pm to 2:20 pm for T+1 settlement cycle. The trades in optional T+0 block window session will be settled on T+0 settlement cycle.

3 · 5.2. Participation under this window shall be optional for the investors.

6 · Applicability:

6 · 1. The provisions at paragraphs 3.1, 3.2, 4 and 5 above shall be applicable with effect from January 31 , 2025 .

6 · 2. The provision at paragraphs 3.3 , 3.4 and 3.5 above shall be applicable with effect from May 01, 2025 .

6 · 3. Paragraph 5 of SEBI Circular dated March 21, 2024 shall stand modified and paragraphs 7 , 8 and 9 of SEBI Circular dated March 21, 2024 shall be rescinded, with effect from January 31, 2025 .

6 · 4. All other provisions of SEBI circular dated March 21, 2024 shall remain applicable.

7 · 1. take necessary steps and put in place necessary systems for implementation of the above;

7 · 2. make necessary amendments to the relevant bye-laws, rules and regulations, wherever required, for the implementation of the above; and

7 · 3. bring the provisions of this circular to the notice of market participants (including investors) and also to disseminate the same on their websites;