In an online world where everything is instant, why does stock settlement still take 2 days?

There was news few days back that SEBI is in process to implement optionally T PLUS 1 settlement too those who desire along with T PLUS 2.

Better late than never!
but why t+1 when big brokers already funds before trade, it should be on the trade day itself.

They just delaying so that exchanges/brokers can earn some money on the margins collected.

@r95990 SEBI has proposed this T PLUS 1 long back but brokers are not ready saying (1) it will increase back office cost as staff will be needed in second shift (2) Cheque clearing still take 3 working days (3) Many small and medium scale brokers accept cheque payment although most of the corporate brokers need 100% funds before executing delivery order .

ASIFMA (Asian securities industry and financial market associations )has shot off another letter to sebi on operational difficulties foreign investors will face if the settlement cycle is halved to T +1 …securities settlement for FPIs is operationally complex requiring coordination between market participants across different time zones …this will further hamper SBL …

Broker body lobbying

The above question /topic may be MERGED INTO THIS as both are dealing same subject matter…
@ShubhS9 @siv