Description

Updated settlement schedule for Securities Lending and Borrowing (SLB) reverse leg segment with new expiry day moving to 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 implementing a change in SLB expiry day from October 1, 2025, where contracts will expire on the first Tuesday of each month instead of the previous schedule.

Key Points

  • Settlement schedule updated for Q4 2025 (October-December)
  • Contracts now expire on first Tuesday of each month starting October 2025
  • Three settlement cycles defined: SLR-007/25-26, SLR-008/25-26, and SLR-009/25-26
  • Pay-in timing remains at 09:00 a.m. with member instruction deadline at 08:50 a.m.

Regulatory Changes

  • Implementation of new SLB contract expiry schedule effective October 1, 2025
  • Shift from previous expiry timing to first Tuesday of each month
  • Updated depository settlement numbers for the revised schedule

Compliance Requirements

  • Members must submit pay-in instructions to depositories/banks by 08:50 a.m.
  • Adherence to specified obligation dates and pay-in/pay-out dates
  • Follow revised settlement cycle timelines as per the new schedule

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
  • Effective Date: October 1, 2025 for new expiry schedule

Impact Assessment

This revision affects all participants in the SLB market segment, requiring adjustment to operational processes and settlement timing. The change to first Tuesday expiry provides more standardized scheduling but requires system and process updates from market participants. The impact is moderate as it affects settlement operations but maintains existing pay-in timing and procedures.

Impact Justification

Affects SLB market participants with specific settlement schedule changes and new expiry timing