Overseas investors, as well as other O key stakeholders, such as brokers, custodians, and clearing corporations, are yet to iron out critical issues, even as the shift towards a shorter trade settlement cycle approaches new phases.
Several industry players said foreign portfolio investors (FPIs) are still facing impediments over the trade confirmation timelines, foreign exchange (forex) bookings, and pre-funding requirements. This could potentially act as a roadblock when it comes to moving entirely to the new T+1 settlement cycle from next year.
From February onwards, 500 stocks from the bottom in terms of market value are being moved to the shorter T+1 settlement cycle. The top 200 stocks where FPIs have deployed the bulk of their assets will be moved to a T+1 settlement cycle from January 2023 onwards. However, there are a bunch of stocks with FPI shareholding that will be moved to T+1 next month.
This story is from the May 24, 2022 edition of Business Standard.
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This story is from the May 24, 2022 edition of Business Standard.
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