Rolling Settlement

Podcast Duration: 06:09
नमस्कार मित्रो। एंजेल वन के इस podcast में आपका स्वागत है ।

Aaj hum rolling settlement ke bare mein charcha karenge. Jo bhi trade execute hota hai, usse settle karne ka ek bahut aasan aur systematic Tarika hai rolling settlement.

Par stock market hamesha se rolling settlement method ko follow Karta raha hai, aisa nahin hai. Past mein dusre methods use hote the. Hum unn methods ke bare mein bhi charcha karenge. Hum ya dekhenge ki rolling settlement mechanism ke advantages kya hai.

Before going into all such details, let's talk about the two types of markets which can be said to exist inside the stock market. Agar aap koii corporate house ya phir company se directly shares khareed te hain usse primary market ka transaction Mana jayega. This happens, for example, at the time of the initial public offerings when companies issue fresh stock.

Agar aap Koi dusri traders se stocks khareed te hain ya phir kisi or trader ku kud stocks bech te hai, toh usse secondary market ka transaction maana jayega. Ab bhale hi transaction primary market mein ho ya phirsecondary market mein, har transaction ke 3 steps hote hain.

Iss mein se pehle step ko execution kaha jata hai. At the time of the execution of the trade, the buyer and seller decide and agree on the details such as what stock is being transferred and how much it is being transferred for.

The second step is called clearing. During clearing, the index checks if the buyer has the requisite funds in his or her account. Other technical boxes are also ticked off.

Now we turn our attention to the third step: settlement. In the past, trades were settled through the means of account settlement. Account settlement ke time par pichhle week mein jitne bhi trades execute hote the, unhe clear aur settle kiya jata tha. Iska fayda yah tha key trades bulk mein settle Ho jaate The. Isliye har trade ko individually settle nahin karna padta tha. Pahle trades ko settle karna cumbersome hota tha, kyunki physical stock certificates involved hote the. There had to be actual transfers of documents across the involved parties. There were a lot of disadvantages of the account settlement system as well. Those will be discussed later. Aaj ke jamane mein account settlement process extinct ho chuka hai.

The markets are constantly adapting new means of doing business to boost productivity and efficiency. Because of this tendency stock indexes across the world transitioned to the rolling settlement method when its advantages became clear.

Under the rolling settlement method, stock market transactions are settled in t + 2 days. Here, T stands for the day on which the trade was executed and plus two stands for the number of business days it takes for the stock market to clear and settle the trade.

It is interesting to note that when the rolling settlement method was introduced to India, it was not adapted by everyone at once. Pahle toh rolling settlement ka method sirf 10 stocks per lagu tha.

phir dhire dhire 10 stocks 200 stocks ban Gaye. Around 2001, SEBI ne decide Kiya ki India ka har stock exchange ab rolling settlement method ko hi follow Karega. Uss time par rolling settlement t + 2 nahin t + 5 days hota tha. That is, trades were settled in 5 days after being executed.

Just like t+ 5 beame t +2, eventually t + 2 will become t + 1. In fact, many stock exchanges around the world already settle the executed traits in t + 1 days.

It is only a matter of time before this change reaches the Indian financial shores as well.

Rolling settlement ke, account settlement ki comparison mein, kya benefit hai wo discuss karte Hain.

Pahla benefit to yah hai ki account settlement ki vajah se bahut sara important financial information convey nahin Ho paata tha. At any given moment a lot of trades were pending. That is, a lot of the trades which were already executed were yet to be settled. Vo trades jab tak settle ho, tab tak exactly Kitna trade hua aur kiss stock ka hua iss par bahut jyada speculation hota tha.

Aur account settlement ki wajah se trading activity bhi artificially suppressed rehti thi.

Investors ka paisa unsettled trades mein atka rehta tha.

Jo trades pahle execute kiye Gaye unhen priority bhi nahin milta tha.

Maan lijiye ki aapne Tuesday ko koi trade execute Kiya aur kisi aur trader ne vahi trade Friday ko execute Kiya. Ab jab next week saare trades settle honge tab aapke trade ko account settlement process ke andar priority nahin diya jaega. However, under the rolling settlement method, your trade will be given priority and get settled first.

Under the rolling settlement method the volume of stock market transactions also increases. This is because the money gets freed faster as the trades are settled faster. Because of the increase in transactions, brokerage houses see their revenues go up because of the increasing commissions. Investors can also increase the volume at which they trade. Isiliye rolling settlement se stock market activity mein involved har party ka fayda hota hai.

The price discovery method also becomes more efficient with the rolling settlement method. After all, the prices in the stock market are dependent on the demand and supply for the stocks. Agar koi company fresh stock issue karti hai stocks ka supply badh jata hai aur prices gir sakte hai. Agar koi company Apne hi stocks buyback karti hai to market mein unke stocks ka supply kam ho jata hai aur isliye price badh sakta hai.

Yah supply aur demand ka picture rolling settlement ki vajah se jyada jaldi clear ho jata hai. In the past, because of late settlement of the trades, this picture used to be blurry.

चलिए, एंजेल वन की तरफ से आपको आज के अलविदा. ये podcast शेयर करना ना भूलियेगा - याद रखियेगा की ज्ञान बाटने से बढ़ता है । और फिर अंत में तोह financial markets एक ऐसी university है जिसमे कोई professor नहीं, सब students ही है ।