1. What is the T+3 Listing Regime?
The Securities and Exchange Board of India (SEBI) made the T+3 timeline mandatory for all public issues. Here, 'T' stands for the IPO issue closing day, and all listing procedures must wrap up within three working days.
This rapid cycle replaced the legacy T+6 framework, drastically reducing capital lock-in times and lowering exposure to global market swings.
2. Breakdown of the T+3 Calendar
• T Day: Issue closes for bidding at 5:00 PM IST.
• T+1 Day: Verification of bids and finalization of basis of allotment.
• T+2 Day: Unblocking of funds for unsuccessful bidders and credit of equity shares into CDSL/NSDL demat accounts.
• T+3 Day: Opening bell rings and shares commence official trading on stock exchanges.
3. Impact on Retail and HNI Investors
Faster timelines allow retail investors to quickly recycle unblocked capital into subsequent open public issues, increasing overall primary market liquidity.