Description
BSE announces revised settlement schedule for Securities Lending and Borrowing (SLB) reverse leg segment with new contract expiry on first Tuesday of each month.
Summary
BSE has revised the settlement programme for the Securities Lending and Borrowing (SLB) Reverse Leg Segment for the period October 2025 to December 2025. This follows the earlier circular dated August 14, 2025, which changed the SLB contract expiry day to the first Tuesday of each month, effective October 1, 2025.
Key Points
- New SLB contract expiry schedule begins October 1, 2025
- Contracts will expire on the first Tuesday of each month
- Three settlement cycles scheduled for October, November, and December 2025
- Pay-in instructions must be submitted by 08:50 AM on settlement dates
Regulatory Changes
- Contract expiry moved from previous schedule to first Tuesday of each month
- Settlement timing remains at 09:00 AM for pay-in
Compliance Requirements
- Members must submit pay-in instructions to Depositories/banks by 08:50 AM on settlement dates
- Adherence to revised settlement schedule is mandatory
Important Dates
- SLR-007/25-26: Obligation date October 6, 2025 | Pay-in/Pay-out October 7, 2025
- SLR-008/25-26: Obligation date November 3, 2025 | Pay-in/Pay-out November 4, 2025
- SLR-009/25-26: Obligation date December 1, 2025 | Pay-in/Pay-out December 2, 2025
Impact Assessment
This revision affects all participants in the SLB market segment, requiring adjustment to settlement processes and timing. The change to first Tuesday expiry provides more predictable settlement cycles for market participants engaged in securities lending and borrowing activities.
Impact Justification
Operational change affecting SLB market participants with specific settlement schedules