Description

BSE announces trading and settlement schedule for cash segment from September 1-30, 2025, covering both T+1 and T+0 settlement cycles with detailed settlement numbers and dates.

Summary

BSE has published the comprehensive trading and settlement programme for the cash segment covering the period from September 1-30, 2025. The circular provides detailed schedules for both T+1 and T+0 settlement cycles, including settlement numbers, trading dates, data entry deadlines, and pay-in/pay-out dates.

Key Points

  • Settlement programme covers entire month of September 2025
  • Includes both T+1 and T+0 settlement cycles
  • T+1 cycle: 22 settlements (DR-705/25-26 to DR-726/25-26)
  • T+0 cycle: 21 settlements (DR-402/25-26 to DR-422/25-26)
  • Specific settlement numbers provided for depository purposes
  • Auction settlement schedules included for T+1 cycle

Regulatory Changes

No regulatory changes introduced. This is a standard operational schedule publication.

Compliance Requirements

  • Members must adhere to specified deadlines for 6A/7A data entry
  • Custodians must confirm 6A/7A data by specified dates
  • Auction offers must be submitted on designated dates for T+1 settlements
  • OTR allocation (Give-up entry) can be processed by members as per schedule

Important Dates

  • Programme effective: September 1, 2025
  • Programme end: September 30, 2025
  • First T+1 settlement: DR-705/25-26 (Trading: Sep 1, Pay-in/out: Sep 2)
  • Last T+1 settlement: DR-726/25-26 (Trading: Sep 30, Pay-in/out: Oct 1)
  • First T+0 settlement: DR-402/25-26 (Trading & Pay-in/out: Sep 1)
  • Last T+0 settlement: DR-422/25-26 (Trading & Pay-in/out: Sep 30)

Impact Assessment

High operational impact as this schedule governs all cash segment trading and settlement activities. Critical for market participants to align their operations, risk management, and liquidity planning with the published settlement calendar. The dual settlement cycle structure (T+1 and T+0) requires careful coordination between trading members, custodians, and depositories.

Impact Justification

Critical operational schedule affecting all cash segment trading and settlement activities for entire month