Description

BSE announces revised trading and settlement schedule for cash segment from September 1-30, 2025, covering both T+0 and T+1 settlement cycles with updated auction timelines.

Summary

BSE has issued a revised trading and settlement programme for the cash segment covering the period from September 1-30, 2025. This circular updates both T+0 and T+1 settlement cycles, incorporating changes following Exchange Notice No. 20250904-44 and RBI press release dated September 4, 2025.

Key Points

  • Revised settlement schedule covers entire month of September 2025
  • Both T+0 and T+1 settlement cycles are included
  • Settlement numbers range from DR-705/25-26 to DR-726/25-26 for T+1 cycle
  • T+0 settlement numbers range from DR-402/25-26 to DR-421/25-26
  • Updated auction submission and pay-in/pay-out dates provided
  • Special arrangements for weekends and holidays included

Regulatory Changes

This circular revises the previous settlement calendar based on RBI guidelines and exchange requirements. The update ensures proper alignment of trading dates with settlement cycles and auction processes.

Compliance Requirements

  • Members must follow revised dates for 6A/7A data entry
  • Custodians must confirm 6A/7A data as per updated timeline
  • Auction offers must be submitted on specified dates
  • Pay-in and pay-out processes must adhere to revised schedule
  • All delivery and money statements to be issued per new timeline

Important Dates

  • Effective Period: September 1-30, 2025
  • First T+1 Settlement: DR-705/25-26 (Trading Date: September 1, 2025)
  • First T+0 Settlement: DR-402/25-26 (Trading Date: September 1, 2025)
  • Weekend adjustments apply for settlements falling on September 7, 14, 21, and 28
  • Month-end settlement DR-726/25-26 extends to October 1, 2025

Impact Assessment

This revision ensures smooth settlement operations during September 2025 while maintaining regulatory compliance. All market participants in the cash segment must update their systems and processes to align with the new settlement calendar. The changes are operational in nature and should not significantly impact trading volumes or market liquidity.

Impact Justification

Routine operational update affecting all cash segment trading and settlement processes for September 2025