What happens if a T-Bill is traded on the secondary market (eg.BSE) on the exact date it matures ?
For example, i see that
some units of 91TB011222 were bought/sold on BSE today 01-DEC-2022, i.e. the date The T-Bill matures.
Who receives the payment due upon maturity - Today’s buyer or today’s seller?
When would they receive the payment?
Generally, couple of days prior to the maturity-date,
- the exchanges (NSE/ BSE) suspend the trading of the security on the exchange,
- and also issue circulars notifying about the same.
However, the above above security (91TB011222) appears to have been allowed to be traded on the maturity date (01-DEC-2022) and there have NOT been any circulars issued either.
Anything special about this T-Bill?