T+1 launch on schedule: Sebi

Securities and Exchange Board of India chairman G N Bajpai on Saturday said the proposal for introduction of T+1 settlement in Indian bourses is on schedule.

Everything is ready on the securities side for introduction of T+1 settlement, but there is some delay on the cash side, which would be settled soon," Bajpai said on the sidelines of a seminar on 'Wealth Management Through Mutual Funds' in Kolkata.

"I am more concerned about Real Time Gross Settlement. Unless there is a fund flow coming in T+1 cannot succeed," he said.

Bajpai said he was in touch with the Reserve Bank of India and was studying the progress in this direction.

"I have already been studying the progress with the RBI. 27 banks have already signed up RTGS and many more are coming. As soon as the banks are ready, we will introduce T+1," he said.