Description

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

Summary

BSE has released the trading and settlement programme for the Corporate Debt Segment (ICDM - Indian Corporate Debt Market) 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, excluding weekends and holidays.

Key Points

  • Settlement schedule covers period from November 1, 2025 to November 30, 2025
  • Three settlement cycles provided: T+0, T+1, and T+2
  • Total of 19 settlement numbers ranging from 2526144 to 2526162
  • First transaction date: November 3, 2025
  • Last transaction date: November 28, 2025
  • Participants must check depository settlement deadline times for respective market types
  • Securities must be transferred to ICCL (Indian Clearing Corporation Limited) account within stipulated timelines

Regulatory Changes

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

Compliance Requirements

  • Market participants must adhere to the published settlement schedule for corporate debt transactions
  • Securities and funds pay-in must be completed by the specified dates for each settlement number
  • Participants must refer to ICCL Notice No.20091206-01 dated December 6, 2009 for additional settlement details
  • Depository settlement deadline times must be verified to ensure timely transfer of securities to ICCL account

Important Dates

T+0 Settlement Cycle:

  • Settlement Numbers: 2526144-2526162
  • Transaction dates: November 3, 4, 6, 7, 10, 11, 12, 13, 14, 17, 18, 19, 20, 21, 24, 25, 26, 27, 28, 2025
  • Securities/Funds pay-in and pay-out: Same day as transaction date

T+1 Settlement Cycle:

  • Settlement Numbers: 2526144-2526162
  • Securities/Funds pay-in and pay-out: One business day after transaction date
  • Last pay-out date: December 1, 2025 (for November 28 transactions)

T+2 Settlement Cycle:

  • Settlement Numbers: 2526144-2526162
  • Securities/Funds pay-in and pay-out: Two business days after transaction date
  • Last pay-out date: December 2, 2025 (for November 28 transactions)

Non-Trading Days (excluded from schedule):

  • November 1, 2, 5, 8, 9, 15, 16, 22, 23, 29, 30, 2025

Impact Assessment

Market Impact: Low - This is a routine monthly operational schedule with no changes to existing settlement procedures or market structure.

Operational Impact: Low - Standard settlement schedule that debt market participants are accustomed to following. No new requirements or process changes.

Participant Impact: The schedule allows corporate debt market participants to plan their settlement activities for November 2025. All three settlement cycles (T+0, T+1, T+2) continue to operate as usual, providing flexibility based on transaction requirements. Participants must ensure adequate liquidity and securities availability on respective pay-in dates to avoid settlement failures.

Impact Justification

Routine monthly settlement schedule announcement for corporate debt segment with no policy changes or material market impact