FPIs remain upset even as Sebi relaxes trade confirmation deadline

The Securities and Exchange Board of India (Sebi) has relaxed the trade confirmation deadline to ensure smooth transition to the new T+1 settlement regime. However, foreign portfolio investors (FPIs) are still unhappy and seeking greater leeway, observe industry players.

Earlier this week, the National Stock Exchange (NSE) notified that the trade confirmation cut-off for custodians has been revised from 7.30 pm on trade (T) day to 7.30 am the following day of trade (T+1).

FPIs, however, want the cut-off to be pushed to at least 9.30 pm, so that they don’t have to face the hassle of booking foreign exchange