After FPIs, domestic brokers' lobby voices concern over T+1 settlement

Says move will increase working capital requirement for brokers, raise the work load on the system and will leave little room for contingencies

Close on the heels of the overseas investors group, brokers’ lobby Association of National Exchanges Members of India (Anmi) has raised concerns over the proposal to halve the settlement cycle to so-called T+1.

The move will increase the working capital requirement for brokers, raise the workload on the system, and leave little room for contingencies, Anmi said in a letter to Ajay Tyagi, chairman, Securities and Exchange Board of India (Sebi).

Last month, the Asia Securities Industry and Financial Markets Association (Asifma), a foreign portfolio investor (FPI) lobby group, had shot off a letter to the markets regulator and the finance ministry,