Lot of ‘onion peeling’ for attaining global first: SEBI chief on T+0 settlements

Ahmedabad: Attaining the global first of T+0 settlement involved a lot of problem-solving and personal discomforts, SEBI chairperson Madhabi Puri Buch has said giving the analogy of “onion peeling” for the achievement.

Speaking at the annual convocation of the Indian Institute of Management Ahmedabad (IIMA) on Saturday, Buch also 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,” she 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 woman to head the capital markets regulator-Securities and Exchange Board of India (SEBI).

Buch said she doggedly followed the mantra of doing what is right, no matter how hard, and leaving no stone unturned, no matter how hard.

“I believe that at a conscious and a subconscious level, my mantra has been very very simple. Do the right thing, no matter how hard. Leave no stone unturned, no matter how hard. The wonderful thing about this mantra is that eight times out of ten you actually succeed. And the two times that you don’t, you have absolutely no regret,” she added.

Buch further said the graduates will discover their own mantra for going forward, which will be the “default setting” within which it is effortless for them to operate.

“And until you find that mantra, it is as though you have a quiver full of arrows, some sharp, some not so sharp. And as you aim for the goals that you choose, you may find that your sharp arrows were perfectly well, wonderful, or that you need to sharpen some of your arrows,” the SEBI chief said.

She also asked students to not overthink if it feels effortless and enjoyable in their journey.

“Just go with the flow,” she added.

Buch, however, suggested students probe the nature of their mantra if they face a dilemma about the direction they are taking and whether their mantra is a match for the goals that they are aiming for.

“In today’s multi-dimensional and multi-varied world, there is an infinite set of combinations of which mantra can help you achieve which goal. You just need to make sure that you find a fit at a point in time,” she said.

Buch said her generation was very fortunate to participate in the dawn of the new India.

“Your generation, in my view, is even more fortunate. You are on your way to seeing the high noon of the new India,” she added. (PTI)