Description

BSE announces the trading and settlement schedule for cash segment operations covering the period from November 1-30, 2025, including T+1 and T+0 settlement cycles with detailed pay-in/pay-out timelines.

Summary

BSE has issued the trading and settlement programme for the cash segment covering November 1-30, 2025. The circular provides comprehensive schedules for both T+1 and T+0 settlement cycles, including 19 T+1 settlements (DR-748/25-26 to DR-766/25-26) and corresponding auction settlements, plus 19 T+0 settlements (DR-443/25-26 to DR-461/25-26). The schedule accounts for weekend gaps and public holidays, with detailed timelines for member data entry, custodian confirmations, and pay-in/pay-out processes.

Key Points

  • Settlement period covers November 1-30, 2025 for equity cash segment
  • T+1 cycle: 19 regular settlements with corresponding auction settlements
  • T+0 cycle: 19 same-day settlements running parallel
  • First T+1 settlement DR-748/25-26 for trading date November 3, 2025
  • Last T+1 settlement DR-766/25-26 for trading date November 28, 2025 (pay-out December 1, 2025)
  • OTR allocation deadline: 8:00 PM on T day
  • OTR confirmation deadline: 7:30 AM on T+1 day
  • Pay-in deadline: 10:30 AM with instructions to depositories/banks
  • Pay-out timing: Funds and securities by 1:30 PM
  • Auction pay-in: 8:00 AM

Regulatory Changes

No regulatory changes introduced. This is a standard operational schedule following existing T+1 and T+0 settlement frameworks.

Compliance Requirements

  • Members must enter 6A/7A data on trading date as per schedule
  • Custodians must confirm 6A/7A data by specified deadlines
  • Members must submit pay-in instructions to depositories/banks by 10:30 AM
  • OTR allocation (Give-up entry) must be completed by 8:00 PM on T day
  • OTR confirmation (Take-up entry) by custodians must be done by 7:30 AM on T+1 day
  • Members must submit auction pay-in instructions by 8:00 AM on auction settlement day
  • All timelines must be strictly adhered to for smooth settlement operations

Important Dates

  • Programme Period: November 1-30, 2025
  • First Trading Date: November 3, 2025 (Settlement DR-748/25-26)
  • Last Trading Date: November 28, 2025 (Settlement DR-766/25-26)
  • Extended Pay-out Date: December 1-2, 2025 (for November 28 trading)
  • Non-Trading Days (inferred from schedule gaps): November 1, 2, 5, 8, 9, 15, 16, 22, 23, 29-30, 2025
  • Daily Pay-in Time: 10:30 AM
  • Daily Pay-out Time: 1:30 PM
  • Auction Settlement: T+2 days from regular settlement

Impact Assessment

Operational Impact: This circular is essential for operational planning by trading members, custodians, and clearing members. It provides clarity on settlement cycles, enabling proper resource allocation and fund management throughout November 2025.

Market Impact: Minimal direct market impact as this is a routine monthly schedule. However, awareness of non-trading days and settlement timelines is crucial for liquidity management and cash flow planning by market participants.

Member Requirements: Trading members must ensure their back-office systems are updated with the settlement schedule, adequate staffing for daily deadlines, and coordination with custodians for timely confirmations. Failure to meet deadlines can result in auction penalties and settlement failures.

Risk Management: The schedule ensures systematic risk management through defined auction settlement dates (T+2 from regular settlement), allowing the exchange to address delivery shortfalls through auction mechanisms. The staggered settlement numbers aid in tracking and reconciliation processes.

Impact Justification

Routine operational circular providing standard monthly settlement schedule for cash segment. Critical for operational planning but does not introduce policy changes or affect trading rules.