Description

BSE announces revised trading and settlement schedule for corporate debt segment covering T+0, T+1, and T+2 settlement cycles from September 1-30, 2025.

Summary

BSE has issued a revised trading and settlement programme for the Corporate Debt Segment (ICDM) for the period from September 1, 2025 to September 30, 2025. The circular provides detailed settlement schedules for T+0, T+1, and T+2 settlement cycles with specific settlement numbers, transaction dates, and pay-in/pay-out dates.

Key Points

  • Revised settlement schedule covers entire month of September 2025
  • Three settlement cycles provided: T+0, T+1, and T+2
  • Settlement numbers range from 2526102 to 2526122 for regular trading days
  • Special settlement number 2526500 assigned for September 5, 2025
  • Weekend and holiday adjustments incorporated in the schedule

Regulatory Changes

No new regulatory changes introduced - this is a routine operational schedule update for the corporate debt segment.

Compliance Requirements

  • Market participants must adhere to the revised settlement dates
  • Participants must check depository settlement deadline times for respective market types
  • Securities must be transferred to ICCL account within specified timelines
  • Reference to ICCL Notice No.20091206-01 dated December 06, 2009 for additional details

Important Dates

  • Effective Period: September 1, 2025 to September 30, 2025
  • Special Settlement Date: September 5, 2025 (Settlement No. 2526500)
  • Month-end Settlement: September 30, 2025 (Settlement No. 2526122)
  • Cross-month Settlement: Some October 2025 dates included for T+1 and T+2 cycles

Impact Assessment

This operational circular ensures smooth functioning of the corporate debt market during September 2025. The revised schedule accounts for holidays and weekends, providing clarity to market participants on settlement timelines. Impact is primarily operational, affecting debt market participants’ cash flow and settlement planning. The inclusion of special settlement number for September 5 suggests accommodation for a holiday or special trading day.

Impact Justification

Operational circular affecting debt market participants with revised settlement schedules