Media Release

Media Release

Roadmap for introduction of T+1 rolling settlement cycle in equity market


 Mumbai, November 8, 2021:  Securities and Exchange Board of India (SEBI), on September 07, 2021, permitted Stock exchanges to introduce T+1 settlement cycle from January 01, 2022 on any of the securities available in the equity segment.

Market Infrastructure Institutions “MIIs” (Stock Exchanges, Clearing Corporations and Depositories) have finalized the roadmap for the implementation of T+1 settlement cycle as detailed below:

The T+1 settlement cycle will be implemented in a phased manner and the first list of securities with T+1 settlement cycle will begin from trade date starting from February 25, 2022.

The schedule of securities to be transitioned to T+1 settlement cycle will be decided as follows:

1)     All listed stocks, across stock exchanges (BSE, NSE & MSEI), shall be ranked in descending order based on daily market capitalization averaged for month of October 2021.

2)     Where a stock is listed on multiple exchanges, the market capitalization shall be calculated based on the price of stock at the stock exchange with highest trading volume during the above-mentioned period.

3)     The list of stocks and exchanges where they are available for trading shall be published on website of all exchanges

4)     Based on the ranking arrived as mentioned at above paras, the bottom 100 stocks shall be available for introduction of T+1 settlement, from trade date February 25, 2022.

5)     Thereafter, from March 2022 onwards, on the last Friday (trade day) of every month, the next bottom 500 stocks from the list of stocks ranked as mentioned above, shall be available for introduction to T+1 settlement. In case Friday is a trading holiday, the same shall be introduced on immediate next trading day.

6)     Any new stock getting listed after October 2021, shall be added to list, as mentioned in above paras, based on the market capitalization calculated on the basis of average trading price of 30 days after commencement of trading. In case, based on market capitalization, if the stock falls under the category (in terms of market capitalization) of stocks already under T+1 settlement then that stock also becomes eligible for T+1 settlement and will be introduced in T+1 settlement cycle on the last Friday (trade day) of next month.

7)     New stock getting listed may be on account of initial public offering (IPO), corporate action or any other reason would be handled as mentioned in point (6) and the date of transition will be announced jointly by all exchanges on which the stock is available for trading.

8)     Securities such as Preference shares, Warrants, Right entitlements, Partly paid shares and securities issued under differential voting rights (DVR) will be transitioned to T+1 settlement along with the stock of parent company.

9)     All other securities listed below in the equity segment of exchange will be transitioned to T+1 settlement cycle along with the last scheduled batch of securities as determined in point (6) above for transition to T+1 settlement cycle

a)     Close ended mutual fund schemes

b)     Debt Securities (including corporate bonds)

c)      Sovereign Gold bonds (SGB)

d)     Government Securities (G-Sec), Treasury bill (T-Bill) and State Development loan (SDL)

e)     Real estate investment trusts (REITs)

f)       Infrastructure investment trusts (InvITs)

g)     All other existing securities trading in normal segment or trade for trade segment and not covered under the above points such as exchange traded funds (ETFs), depository receipts (IDR), etc.

The security wise list along with the transition date is available below:

Any security getting listed post the trade date of last scheduled batch of securities based on the ranking arrived as mentioned at above paras will be directly introduced with T+1 settlement cycle.

The press release is jointly issued by all MIIs.


BSE     ICCL                MSEI   MCCIL            NSE     NCL                 CDSL   NSDL


About BSE

BSE (formerly Bombay Stock Exchange) established in 1875, is Asia’s first & now the world’s fastest Stock Exchange with a speed of 6 microseconds. BSE is India’s leading exchange group and has played a prominent role in developing the Indian capital market. BSE is a corporatized and demutualised entity, with a broad shareholder. BSE provides an efficient and transparent market for trading in equity, debt instruments, equity derivatives, currency derivatives, commodity derivatives, interest rate derivatives, mutual funds and stock lending and borrowing.


BSE also has a dedicated platform for trading in equities of small and medium enterprises (SMEs) that has been highly successful. BSE also has a dedicated MF distribution platform BSE StAR MF which is India Largest Mutual Funds Distribution Infrastructure. BSE launched commodity derivatives trading in Gold, Silver, Copper , Oman Crude Oil Guar Gum , Guar Seeds & Turmeric .


BSE provides a host of other services to capital market participants including risk management, clearing, settlement, market data services and education. It has a global reach with customers around the world and a nation-wide presence. BSE’s systems and processes are designed to safeguard market integrity, drive the growth of the Indian capital market and stimulate innovation and competition across all market segments.


Indian Clearing Corporation Limited, a wholly owned subsidiary of BSE, acts as the central counterparty to all trades executed on the BSE trading platform and provides full novation, guaranteeing the settlement of all bonafide trades executed. BSE Institute Ltd, another fully owned subsidiary of BSE runs one of the most respected capital market educational institutes in the country. Central Depository Services Ltd. (CDSL), associate company of BSE, is one of the two Depositories in India. 


BSE has set up an Investor Protection Fund (IPF) on July 10, 1986 to meet the claims of investors against defaulter Members, in accordance with the Guidelines issued by the Ministry of Finance, Government of India. BSE Investor Protection Fund is responsible for creating Capital markets related awareness among the investor community in India.



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