10:45 PM
Lot of 'onion peeling' for attaining global first: SEBI chief Madhabi Puri Buch on T+0 settlement
Attaining the global first involved a lot of problem-solving and personal discomforts, SEBI chairperson Madhabi Puri Buch said on Saturday giving the analogy of "onion peeling" for the achievement.
Speaking at the annual convocation of the Indian Institute of Management Ahmedabad (IIMA), Buch said the current generation of Indians is on its way to seeing the "high noon" of the new India.
"My colleagues often tell me that problem-solving with me is like peeling an onion. It makes everybody cry in the process. But by the time you are done, peeling layer after layer after layer of the onion, you suddenly realise there is no problem left," Buch said while addressing students of IIMA as the chief guest of the 59th annual convocation.
Stock exchanges BSE and NSE on Thursday launched the beta version of T+0, or same-day trade settlement on an optional basis for select stocks, which will offer investors an option to transact in 25 securities in T+0 settlement.
"When India became the first large market in the world to move to T+1 settlement, and just two days ago when we went live with an optional T+0 settlement, the process felt pretty much the same--lots of onion peeling happened to make for a global first," Buch said.
Notably, Buch is the first-ever woman to head the capital markets regulator- the Securities and Exchange Board of India.