Description

BSE releases the trading and settlement schedule for the New Debt Segment covering the period from November 1, 2025 to November 30, 2025, detailing settlement numbers, trading dates, and pay-in/pay-out timelines.

Summary

BSE has published the trading and settlement programme for the New Debt Segment (NDS) for November 2025. The circular outlines 19 settlement cycles (NDS-143/25-26 through NDS-161/25-26) covering the period from November 1, 2025 to November 30, 2025. Each settlement cycle includes specific dates for trading, 6A/7A entry and confirmation, pay-in/pay-out, auction, and auction pay-in/pay-out.

Key Points

  • Settlement programme covers November 1-30, 2025 with 19 settlement cycles
  • Settlement numbers range from NDS-143/25-26 to NDS-161/25-26
  • DP settlement numbers range from 2526143 to 2526161
  • Regular pay-in deadline: 10:50 a.m. with pay-in at 11:00 a.m.
  • Auction pay-in deadline: 9:20 a.m. with pay-in at 9:30 a.m.
  • First trading day: November 3, 2025
  • Last trading day: November 28, 2025
  • Standard T+1 settlement cycle for most transactions

Regulatory Changes

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

Compliance Requirements

  • Members must submit pay-in instructions to Depositories/banks by 10:50 a.m. for regular pay-in (executed at 11:00 a.m.)
  • Members must submit auction pay-in instructions to Depositories/banks by 9:20 a.m. for auction pay-in (executed at 9:30 a.m.)
  • Members must adhere to the published settlement calendar for all NDS transactions during November 2025

Important Dates

  • November 3, 2025: First trading day (Settlement NDS-143/25-26)
  • November 4, 2025: First pay-in/pay-out date
  • November 6, 2025: First auction pay-in/pay-out date
  • November 28, 2025: Last trading day (Settlement NDS-161/25-26)
  • December 1, 2025: Pay-in/pay-out for last November settlement
  • December 2, 2025: Auction pay-in/pay-out for last November settlement

Impact Assessment

Market Impact: Minimal. This is a routine monthly operational calendar.

Operational Impact: Low. Provides necessary scheduling information for debt market participants to plan their trading and settlement activities. The schedule follows standard T+1 settlement conventions with consistent timing for pay-in and auction activities.

Participant Impact: Informational only. NDS market participants and clearing members need to note the specific dates for planning purposes but no changes to existing procedures or requirements.

Impact Justification

Routine administrative circular providing standard monthly trading and settlement schedule for debt segment. No policy changes or market impact, only operational calendar information.