Description

BSE announces the trading and settlement schedule for the Corporate Debt Segment (ICDM) covering T+0, T+1, and T+2 settlement cycles for the period from November 1 to November 30, 2025.

Summary

BSE has published the trading and settlement programme for the Corporate Debt Segment (ICDM) for November 2025. The circular provides detailed settlement schedules for three settlement cycles: T+0 (same-day settlement), T+1 (next-day settlement), and T+2 (two-day settlement). The schedule covers 19 trading days from November 3, 2025 to November 28, 2025, with settlement numbers ranging from 2526144 to 2526162.

Key Points

  • Settlement schedule covers period from November 1 to November 30, 2025
  • Three settlement cycles provided: T+0, T+1, and T+2
  • 19 settlement numbers allocated (2526144 through 2526162)
  • Trading days exclude November 1, 5, 8, 9, 15, 16, 22, 23, 29, and 30 (weekends and holidays)
  • Participants must check depository settlement deadline times for respective market types
  • Securities must be transferred to ICCL account within specified timelines

Regulatory Changes

No regulatory changes introduced. This is a routine operational schedule announcement.

Compliance Requirements

  • Market participants must adhere to the published settlement schedule
  • Securities and funds pay-in must be completed by specified dates
  • Participants should refer to ICCL Notice No.20091206-01 dated December 6, 2009 for detailed settlement procedures
  • Participants must verify depository settlement deadline times to ensure timely transfer of securities to ICCL account

Important Dates

Schedule Period: November 1-30, 2025

First Settlement: November 3, 2025 (Settlement No. 2526144)

Last Settlement in November: November 28, 2025 (Settlement No. 2526162)

Key Settlement Dates:

  • T+0 settlements: Same-day pay-in and pay-out
  • T+1 settlements: Next business day pay-in and pay-out
  • T+2 settlements: Two business days later for pay-in and pay-out

Note: Some T+1 and T+2 settlements for end-of-month trades will spill into December (December 1-2, 2025)

Impact Assessment

Market Impact: Minimal - This is a routine operational schedule that provides necessary information for participants to plan their debt segment trading and settlement activities.

Operational Impact: Low - The schedule follows the standard settlement framework already established for the Corporate Debt Segment. Market participants use these schedules for operational planning and ensuring timely fulfillment of settlement obligations.

Participant Action Required: Informational only - Participants should note the dates and ensure their systems and processes are aligned with the published schedule to avoid settlement failures or penalties.

Impact Justification

Routine monthly settlement schedule announcement for debt segment with no changes to existing framework or processes