Roadmap to a shorter listing period
In the United States, settlement of securities issued pursuant to a public issue takes place within 3 days from the issue closure. Over a period, the Securities and Exchange Board of India (SEBI) had reduced the timeline for listing from 12 working days to 6 working days from the date of issue closure (T+6 Timeline). SEBI by its recent circular dated 1 November 2018 (Circular) has laid down the roadmap for further shortening the timeline for listing to 3 working days from the date of issue closure (T+3 Timeline), which shall be implemented in a phased manner.