Description

BSE updates SLB segment trading and settlement schedule for September 1-30, 2025, including revised timings for settlements on September 9-10 due to RBI calendar changes.

Summary

BSE has issued a revised trading and settlement programme for the Securities Lending and Borrowing (SLB) segment covering the period from September 1, 2025 to September 30, 2025. The revision follows RBI press release dated September 4, 2025 regarding changes in the settlement calendar. The programme includes 22 settlements (SL-105/25-26 through SL-126/25-26) with modified pay-in/pay-out timings for settlements on September 9-10, 2025.

Key Points

  • Revised SLB settlement calendar issued due to RBI settlement calendar changes
  • Covers 22 settlement cycles from September 1-30, 2025
  • Settlement numbers: SL-105/25-26 to SL-126/25-26 with corresponding depository numbers 2526105 to 2526126
  • Special timing arrangements for settlements on September 9 and 10, 2025
  • Standard pay-in time: 08:00 a.m. with instructions to be submitted by 07:50 a.m.
  • Modified timings apply to four specific settlements (SL-108, SL-109, SL-110, SL-111)

Regulatory Changes

This circular implements changes mandated by the RBI press release dated September 4, 2025, which modified the settlement calendar. The revised programme adjusts BSE’s SLB segment operations to align with the updated regulatory calendar.

Compliance Requirements

Standard Settlements:

  • Members must submit pay-in instructions to Depositories/Banks by 07:50 a.m.
  • Pay-in processing at 08:00 a.m.

Special Timing Settlements:

SL-108/25-26 (Trade Date: September 4, 2025):

  • Pay-in/Pay-out Date: September 9, 2025
  • Pay-in: 08:00 a.m., Pay-out: 09:30 a.m.
  • Instructions submission deadline: 07:50 a.m.

SL-109/25-26 (Trade Date: September 5, 2025):

  • Pay-in/Pay-out Date: September 9, 2025
  • Pay-in: 10:15 a.m., Pay-out: 12:00 p.m.
  • Instructions submission deadline: 10:05 a.m.

SL-110/25-26 (Trade Date: September 8, 2025):

  • Pay-in/Pay-out Date: September 10, 2025
  • Pay-in: 08:00 a.m., Pay-out: 09:30 a.m.
  • Instructions submission deadline: 07:50 a.m.

SL-111/25-26 (Trade Date: September 9, 2025):

  • Pay-in/Pay-out Date: September 10, 2025
  • Pay-in: 10:15 a.m., Pay-out: 12:00 p.m.
  • Instructions submission deadline: 10:05 a.m.

Important Dates

Period Coverage: September 1, 2025 to September 30, 2025

Critical Settlement Dates with Modified Timings:

  • September 9, 2025: Two settlements (SL-108 and SL-109) with staggered timings
  • September 10, 2025: Two settlements (SL-110 and SL-111) with staggered timings

Notice Details:

  • Notice Number: 20250905-40
  • Notice Date: September 5, 2025
  • Reference: Exchange Notice No. 20250904-44

Impact Assessment

Operational Impact: SLB segment participants must adjust their operational workflows to accommodate the revised settlement schedule, particularly for the four settlements with modified timings on September 9-10. The staggered pay-in/pay-out timings on these dates require careful attention to avoid missed deadlines.

Market Impact: Limited direct market impact as this is primarily an operational adjustment to align with RBI’s revised settlement calendar. The changes ensure continuity of SLB operations while maintaining compliance with regulatory requirements.

Participant Action Required: Members must update their internal systems and processes to reflect the new settlement timings, especially for settlements falling on September 9-10, 2025, where multiple settlements occur on the same day with different timing windows.

Impact Justification

Operational update affecting SLB segment participants with specific timing changes for certain settlement dates due to RBI calendar revision