Is T+0 mandatory for everyone?

No. It’s optional alongside T+1. Exchanges list eligible stocks and the T+0 trading/settlement windows in their circulars.

What changed on margin pledge?

SEBI extended the go-live timeline for the updated pledge/re-pledge framework to October 10, 2025 to ensure smooth implementation across DPs, brokers and depositories.

Will T+0 quotes differ from T+1?

Yes. T+0 typically runs in a defined intraday window with price-band protections and separate liquidity; some exchange rules keep T+0 trades outside index calculation.

Can brokers charge differently for T+0?

Yes. Brokers may levy distinct fees given faster settlement and operational costs. Check your broker’s tariff note.

T+0 (Optional) & Pledge Extension: Two-Speed Retail Should Navigate

In this piece:

The short
Timeline & windows (T+0)
Pledge/re-pledge: what’s changing
Broker checklist
Investor checklist
FAQ

The short

Two-speed: Optional T+0 runs alongside T+1—different liquidity pools and protections.
Pledge push-out: Updated pledge/re-pledge framework now slated for Oct 10, 2025, giving DPs/brokers more time to align systems.
Actionables: Brokers must split risk, ops, and tariffs by cycle; investors should learn T+0 windows, price bands, and funds/securities availability rules.

Timeline & windows — T+0 at a glance

Rollout

Beta in Mar 2024 with 25 names.
Scope expanded towards top 500 from Dec 10, 2024 (phased additions).
Broker readiness for optional T+0 extended to Nov 1, 2025 for QSBs.

Trading systems

Defined intraday T+0 window (per exchange circulars; early phases used ~9:15–13:30).
Price-band protections vs T+1 quotes; T+0 prints typically excluded from index calculation.
Separate liquidity; settlement and pay-in/pay-out are same-day.

Check the latest NSE/BSE circulars for eligible stocks, exact windows, and bands.

Pledge/re-pledge — what’s changing by Oct 10

New framework: Margin obligations to flow through the depository pledge/re-pledge pipe (audit-friendly; no “off-market” shortcuts).
Revised go-live: Deadline extended to October 10, 2025 to complete system builds and end-to-end testing across DPs/brokers.
Takeaway: Expect staged broker cut-overs; investors may see updated pledge screens and consent flows.

Broker checklist — two speeds, one OMS/RMS

Area	What to do
Onboarding & UI	Add explicit T+0 vs T+1 selection; disclose windows, bands, and tariff differences.
RMS/Margins	Separate risk buckets; T+0 requires same-day funding and inventory settlement.
DP & Pledge	Map new pledge/re-pledge APIs; rehearse lien creation/cancellation flows pre-Oct 10.
Ops Timings	Publish cut-offs for funds/securities pay-in specific to T+0 vs T+1.
Custody/Institutions	Enable custodian-routed T+0 (per exchange FAQs) and reconcile allocations.
Disclosures	Make clear that T+0 quotes/liquidity differ; some prices/bands may not impact indices.

Investor checklist — avoid gotchas

Before you trade

Confirm if your stock is T+0-eligible and note the window.
Keep funds ready; same-day pay-in applies.
Expect tighter bands and different liquidity vs T+1.

After you trade

Watch settlement timelines—credit/debit same day.
Corporate actions/indices may reference T+1, not T+0 prints.
Charges may differ by cycle; check your broker’s schedule.

FAQ

Can I switch between T+0 and T+1 intraday? Your broker’s UI will show eligible choices; selections apply per order.
Does the Oct 10 date affect my current pledges? Brokers/DPs are migrating systems. Existing pledges should continue; watch for new consent flows.
Will T+0 expand further? Exchanges keep updating cohorts; watch their circulars for additions.

Disclosure: This explainer summarises regulatory/exchange circulars. Final windows, eligible names and pledge mechanics may change via fresh notices.