Description

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

Summary

BSE has issued a revised trading and settlement programme for the cash segment covering the period from September 1-30, 2025. The circular provides detailed settlement schedules for both T+1 and T+0 settlement cycles, including settlement numbers, trading dates, pay-in/pay-out dates, and auction schedules. This revision follows Exchange Notice No. 20250904-44 and RBI press release dated September 4, 2025.

Key Points

  • Revised settlement calendar covers September 1-30, 2025
  • Includes both T+1 and T+0 settlement cycles
  • T+1 settlements: DR-705/25-26 through DR-726/25-26
  • T+0 settlements: DR-402/25-26 through DR-421/25-26
  • Settlement numbers for depository purposes: 2526705-2526726 for T+1, 2526402-2526421 for T+0
  • Auction settlements (RA series) included for T+1 cycle
  • Special notations for certain dates marked with @ symbol

Regulatory Changes

This revision follows recent regulatory updates as referenced in Exchange Notice No. 20250904-44 and RBI press release dated September 4, 2025, indicating changes to the settlement calendar structure.

Compliance Requirements

  • Members must follow revised settlement schedule for cash segment transactions
  • Entry of 6A/7A data by members on specified dates
  • Confirmation of 6A/7A data by custodians as per schedule
  • Submission of auction offers on designated auction dates
  • Adherence to pay-in/pay-out timelines for both T+0 and T+1 cycles

Important Dates

  • Effective Period: September 1-30, 2025
  • T+1 Settlement Range: DR-705/25-26 to DR-726/25-26
  • T+0 Settlement Range: DR-402/25-26 to DR-421/25-26
  • Special Settlement Dates: Various dates marked with @ indicating adjusted settlement schedules
  • Month-end Settlement: DR-726/25-26 on September 30, 2025

Impact Assessment

Market Operations: High impact as this affects all cash segment trading and settlement activities for the entire month of September 2025. All market participants, brokers, and custodians must align their operations with the revised schedule.

Operational Impact: Trading members and depositories must update their systems and processes to reflect the new settlement numbers and dates. The dual settlement cycle (T+0 and T+1) requires careful coordination of settlement activities.

Systemic Importance: Critical for market infrastructure as any deviation from the prescribed settlement schedule could disrupt cash segment operations and affect market liquidity.

Impact Justification

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