Regulator to Test T+0 for 25 Stocks with Limited Brokers, Will Review Progress Every Three Months

Mumbai: India’s market regulator on Friday deferred a full launch of optional same day settlements, according to a press release.

The Securities and Exchange Board of India (SEBI) said that same day settlement, or T+0, would be launched for only 25 stocks and with a limited set of brokers to test the efficacy of a shorter settlement cycle.

The regulator will review progress at the end of three and six months before deciding on a further course of action, SEBI said.

In December, the regulator proposed a phased rollout of optional same-day settlement and earlier this week said it wants it to launch by the end of March.

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However, the plan has met resistance from offshore investors who say it would be costly for them and could fragment the market.

Hertz appoints Gil West as CEO

Rental car firm Hertz said on Friday it has appointed Gil West as its chief executive officer, effective April 1.

West, who has previously served as chief operating officer of Delta Airlines and GM’s Cruise unit, will succeed Stephen Scherr, who has decided to step down as CEO and member of the Board.

The transition comes at a time when Hertz has been struggling with higher repair costs and weak demand for the electric vehicles it offers on rent.

Earlier this year, Hertz said it was selling about 20,000 electric vehicles, including Teslas, from its U.S. fleet and will instead opt for gas-powered vehicles.

Shares were down 2% at $7.43 in extended trade.