Financial Daily from THE HINDU group of publications
Tuesday, Apr 27, 2004

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Opinion - Letters

Payment settlement

This is with reference to "If all goes well, T+1 by Oct: Bajpai" (Business Line, April 26). With a more or less stabilisation of T+2 settlement, all eyes in the trade circles are now concentrating on the T+1 which is the ultimate target.

The foreign investors have shown particular interest in the Indian market on the eve of the implementation of T+1 mode. But the success depends on the completion of the Real Time Gross Settlement system, currently in the implementation stage by Indian banks.

Without the full support of the banking channels, the payment settlement will not be complete. If SEBI can ensure the completion of the system, it will not be difficult to bring the T+1 during the current year itself and boost the Indian markets further.

The present complaints, though marginal, with regard to the delay in carrying out the delivery instructions by the depository participants (DPs) should also be rectified in the process.

C. P. Velayudhan Nair


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