FPIs rush to iron out operational chinks as T+1 deadline looms

The investors, through their custodian banks, have reached out to clearing corporations to push the deadline for equity trade confirmations to 9 a.m. on T+1 day, said sources

Foreign portfolio investors (FPIs) are racing against time to iron out niggling operational issues that might hobble their transition to the shorter T+1 settlement cycle from February 25. T stands for trade day.

The investors, through their custodian banks, have reached out to the clearing corporations (CCs) to push the deadline for equity trade confirmations to 9 a.m. on T+1 day, said people in the know. They have also requested a single trade confirmation deadline for both institutional and non-institutional clients. The CCs had issued a circular in October last year, asking all trade confirmations to be in by 7.30