Description

BSE announces revised trading and settlement schedule for cash segment (T+0 and T+1 cycles) for September 1-30, 2025, following changes in settlement calendar as per RBI press release dated September 4, 2025.

Summary

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

Key Points

  • Revised settlement calendar effective for September 1-30, 2025
  • Covers both T+1 Settlement Cycle (settlements DR-705/25-26 through DR-726/25-26) and T+0 Settlement Cycle (settlements DR-402/25-26 through DR-421/25-26)
  • Modified schedule accounts for market holidays and weekend adjustments
  • Settlement adjustments include delayed pay-in/pay-out dates marked with @ symbol for specific settlements (DR-708 through DR-711)
  • Auction settlements (RA series) scheduled accordingly following regular delivery settlements

Regulatory Changes

This circular implements changes to the settlement calendar as mandated by:

  • BSE Exchange Notice No. 20250904-44
  • RBI press release dated September 4, 2025

The revision adjusts the standard T+1 and T+0 settlement cycles to accommodate the modified calendar.

Compliance Requirements

For Trading Members:

  • Follow revised settlement schedule for all cash segment trades executed during September 2025
  • Enter 6A/7A data on specified dates as per the revised schedule
  • Submit auction offers on designated auction settlement dates
  • Ensure timely pay-in/pay-out compliance as per revised dates

For Custodians:

  • Confirm 6A/7A data on specified dates
  • Issue delivery and money statements according to revised timeline

Important Dates

T+1 Settlement Cycle:

  • First Settlement: DR-705/25-26 (Trading: Sep 1, Pay-in/Pay-out: Sep 2)
  • Last Settlement: DR-726/25-26 (Trading: Sep 30, Pay-in/Pay-out: Oct 1)
  • Modified Pay-in/Pay-out dates (marked @): Settlements DR-708, DR-709, DR-710, DR-711 have extended settlement dates
  • Auction settlements run from RA-705/25-26 through RA-726/25-26

T+0 Settlement Cycle:

  • First Settlement: DR-402/25-26 (Trading & Pay-in/Pay-out: Sep 1)
  • Last Settlement: DR-421/25-26 (Trading & Pay-in/Pay-out: Sep 29)
  • Note: DR-406/25-26 skipped (likely due to holiday on Sep 5 or Sep 8)

Market Holidays/Non-Trading Days:

  • September 5, 2025 (Friday) - No settlement DR-406 in T+0 cycle
  • September 6-7, 2025 (Weekend)
  • September 13-14, 2025 (Weekend)
  • September 20-21, 2025 (Weekend)
  • September 27-28, 2025 (Weekend)

Impact Assessment

Market Impact:

  • Affects all equity cash segment participants trading during September 2025
  • Settlement numbering continues sequentially from previous month
  • Total of 22 T+1 settlements and 20 T+0 settlements scheduled for the month

Operational Impact:

  • Trading members must update internal systems with revised settlement calendar
  • Back-office operations need to adjust for modified pay-in/pay-out dates, particularly for settlements with extended timelines (DR-708 through DR-711)
  • Custodians must align confirmation processes with revised schedule
  • Risk management systems require recalibration for adjusted settlement cycles
  • Liquidity planning affected due to modified pay-in/pay-out schedules, especially for early September settlements that extend beyond standard T+1 cycle

Scope:

  • Applies to: Equity Cash Segment
  • Settlement Categories: RMS (Risk Management System)
  • Notice Category: Settlement/RMS
  • Notice Number: 20250905-39

Impact Justification

Affects all cash segment trading and settlement operations for entire month; critical for market participants to adjust systems and operations for revised pay-in/pay-out schedules