India – NSE Transition to T+1 Settlement

India – NSE Transition to T+1 Settlement

On 27 January 2023, IND NSE, BSE completed transition to T+1 settlement.

  • IND NSE, BSE announced the transition to T+1 settlement cycle in equity markets.
  • Follows IND SEBI September 2021 introducing a T+1 rolling settlement cycle.


  • Stock exchanges, clearing corporations and depositories jointly finalized the roadmap for the implementation of T+1 settlement cycle in a phased manner.
  • From 27 January 2023, all securities trading in equity segment will be settled on T+1 basis, including equity shares including SME shares, ETFs, REITs, InvITs, and bonds.
  • Bonds include sovereign gold bond (SGB), government bonds and corporate bonds.

ICCL Settlement Number

  • IND ICCL said effective from trade date 31 March 2023 (settlement of, 3 April 2023), settlement number series of T+1 settlement starts from 2324001 (instead of 2324501).
  • Funds settlement values will be in rounded off up to two decimal value in rupees.