Description

Settlement schedule and timings for basket repo and special repo segments from September 1-30, 2025.

Summary

BSE has published the trading and settlement programme for Basket Repo and Special Repo segments for September 2025. The circular provides detailed settlement schedules for Ready Leg T+0, Ready Leg T+1, and Forward Leg transactions, along with specific settlement timings for different repo types.

Key Points

  • Settlement schedule covers period from September 1-30, 2025
  • Three settlement types: Ready Leg T+0, Ready Leg T+1, and Forward Leg
  • 22 settlement numbers (2526102 to 2526122) assigned for the month
  • Different pay-in and pay-out timings for basket repo vs special repo
  • Settlement excludes weekends and holidays (no settlements on Sep 5-7, 13-14, 20-21, 27-28)

Settlement Schedules

Ready Leg T+0

  • Same-day settlement for transaction, pay-in, and pay-out dates
  • Covers all trading days in September 2025

Ready Leg T+1

  • Pay-in and pay-out occur one day after transaction date
  • Last transaction (Sep 30) settles on October 1, 2025

Forward Leg

  • Same schedule as Ready Leg T+1
  • Pay-in and pay-out occur one day after transaction date

Settlement Timings

  • Basket Repo Pay-in: 2:15 PM
  • Basket Repo Pay-out: By 3:00 PM (Ready Leg T+0 and Forward Leg), By 3:00 PM (Ready Leg T+1)
  • Special Repo: By 3:00 PM (Ready Leg T+0 and Forward Leg), By 1:00 PM (Ready Leg T+1)

Important Dates

  • Effective Period: September 1-30, 2025
  • First Settlement: September 1, 2025 (Settlement No. 2526102)
  • Last Settlement: September 30, 2025 (Settlement No. 2526122)
  • Reference Document: ICCL Notice No.20180525-18 dated May 25, 2018

Impact Assessment

This is a routine operational circular that enables smooth functioning of repo market segments. Market participants in basket repo and special repo segments must align their operations with these settlement schedules to ensure compliance and avoid settlement failures.

Impact Justification

Operational circular providing settlement schedules for repo segments, important for market participants but routine in nature