The India International Bullion Exchange (IIBX) on March 07, 2024, issued a circular regarding the introduction of Multiple Settlement Cycles for Funds Payout for the T+0 Contracts traded at IIBX.
The following has been stated: -
•IIBX has become a globally first Exchange to introduce multiple Settlement cycles for Funds Pay-out for the T+0 Contracts traded at IIBX.
•The Settlement for funds payout is processed by IIBX Clearing between 18:00 Hrs to 21:00 Hrs (IST) on the trading day. To enable the Qualified Suppliers to get US Dollars on the same day, it is now proposed to introduce multiple Fund Settlements during the trading day.
•The introduction of this feature is expected to expedite the process of transfer of funds to the Qualified Suppliers, especially to the Qualified Suppliers having bank accounts with the IFSC Banking Unit (IBU) Clearing Banks at GIFT City. Other Qualified Suppliers are advised to open bank accounts with the IBUs at GIFT City to enable faster transfer of funds from their Clearing / Trading Member account to their account.
•The enhancements in the Clearing & Settlement System shall be introduced w.e.f. Monday, March 11, 2024.
The detailed circular is given in the document attached below.
[Circular No. 20240307-1]
