Description

BSE announces the complete trading and settlement schedule for Basket Repo and Special Repo segments covering the period from November 1, 2025 to November 30, 2025.

Summary

BSE has published the trading and settlement programme for the Basket Repo and Special Repo segments for November 2025 (01.11.2025 to 30.11.2025). The circular provides detailed settlement schedules for Ready Leg T+0, Ready Leg T+1, and Forward Leg transactions, covering 19 settlement numbers (2526144 to 2526162). The schedule excludes November 1, 5, 8-9, 15-16, 22-23, 29-30 due to market holidays/weekends.

Key Points

  • Settlement schedule covers 19 trading days in November 2025
  • Three settlement types: Ready Leg T+0, Ready Leg T+1, and Forward Leg
  • Settlement numbers range from 2526144 to 2526162
  • First settlement: November 3, 2025 (Settlement No. 2526144)
  • Last settlement: November 28, 2025 (Settlement No. 2526162)
  • Different pay-in and pay-out timings for each settlement type
  • Reference made to ICCL Notice No.20180525-18 dated May 25, 2018

Regulatory Changes

No regulatory changes introduced. This is a routine operational circular providing the monthly settlement calendar.

Compliance Requirements

  • Market participants must adhere to specified settlement timings:
    • Ready Leg T+0: Pay-in by 02:15 PM, Pay-out by 03:00 PM (Basket Repo) / 03:00 PM (Special Repo)
    • Ready Leg T+1: Pay-in by 02:15 PM, Pay-out by 03:00 PM (Basket Repo) / 01:00 PM (Special Repo)
    • Forward Leg: Pay-in by 02:15 PM, Pay-out by 03:00 PM (both Basket and Special Repo)
  • Securities and funds pay-in/pay-out must be completed as per the published schedule
  • Participants should refer to ICCL Notice No.20180525-18 for detailed operational guidelines

Important Dates

  • Schedule Period: November 1-30, 2025
  • First Trading Day: November 3, 2025
  • Last Trading Day: November 28, 2025
  • Total Settlement Days: 19 days
  • Key Settlement Dates: November 3, 4, 6, 7, 10, 11, 12, 13, 14, 17, 18, 19, 20, 21, 24, 25, 26, 27, 28
  • Final Pay-out Date: December 1, 2025 (for November 28 transactions under T+1 and Forward Leg)

Impact Assessment

Market Impact: Minimal. This is a standard operational schedule published monthly to facilitate planning and execution of repo transactions.

Operational Impact: Low. Market participants in the repo segment need to note the settlement calendar for November 2025 to ensure timely securities and funds movements. The schedule provides clarity on working days and settlement timelines, enabling proper liquidity and collateral management.

Stakeholder Impact: Affects participants in Basket Repo and Special Repo segments including banks, financial institutions, and primary dealers who use these instruments for short-term liquidity management and collateral optimization.

Impact Justification

Routine monthly settlement schedule publication for repo segments with no regulatory changes or market impact beyond standard operational planning.