The systems currently used by FPIs and their service providers, for instance, do not have the capability to code for different settlement cycles in the same market.
“It’s a positive development, especially given that FPIs, brokers, and banks need more time to develop and implement necessary systems, cash flows, and forex management,” said Akshay Thakurdesai, director, head of securities services India, BNP Paribas.
According to the announcement on Monday, all listed stocks across the BSE, NSE and MSEI shall be ranked in descending order based on daily market capitalisation averaged for the month of October 2021.
They had also raised concerns that a compressed confirmation deadline due to time zone differences could result in more failed trades.
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