Efforts for settlements: Obtaining the global first of T+0 settlement entails plenty of problem-solving and personal discomforts, with the achievement akin to ‘onion peeling’, SEBI chairperson Madhabi Puri Buch said.

The current generation of Indian’s is on its path to see the ‘high noon’ of new India, Buch said in her address at the annual convocation of the Indian Institute of Management Ahmedabad (IIM-A) on March 30.

"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 as she spoke in the capacity of the chief guest of the institute’s 59th annual convocation.

The beta version of same day trade settlement on an optional basis for select stocks, termed as T+0 was launched by stock exchanges BSE and NSE last week. This will provide investors an alternative to make transactions 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.

Buch is the first-ever female head of the capital markets regulator Securities and Exchange Board of India. 

No matter how hard, Buch said she persistently pursued the mantra of doing what is right and leaving no stone unturned in the process.

   "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 added that the graduates will find out their own mantra for the way ahead, 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 added.

   She also asked students to not dwell too much on the path feeling effortless and enjoyable during their journey.
   "Just go with the flow," she added.

   However, she suggested students to delve into the nature of their mantra if they are in a tight spot regarding the direction they are taking, and if their mantra aligns with the goals they are aspiring 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 privileged to be a part of 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.

(With PTI Inputs)