Demat settlement has crunched settlement times in markets substantially. India could afford to move into T+2 rolling settlements purely because of demat. Once upon a time, India used to operate on the T+5 systems with facility of Badla. In spite of that the system was flawed. All that has changed with the advent of demat. Today close to 100% of all trades are settled in demat mode. More than 99% of all shares are being held in demat mode only and physical certificates are almost a thing of the past. This has made the movement of physical certificates redundant making the entire process smooth and error-free. Now exchanges are planning to move to T+1 settlement and that would only be possible because of demat facility.