Description

BSE publishes the complete trading and settlement schedule for mutual fund transactions (subscription and redemption) for the period December 1-31, 2025.

Summary

BSE has released the trading and settlement programme for the Mutual Fund segment covering the period from December 1, 2025 to December 31, 2025. The circular provides detailed settlement schedules for mutual fund subscriptions (both liquid and non-liquid) and redemptions, including settlement numbers, transaction dates, funds pay-in dates, and units/securities payout dates.

Key Points

  • Settlement schedule covers 22 trading days in December 2025 (settlements 2526165 to 2526186)
  • Non-liquid mutual fund subscriptions follow T+1 settlement cycle for units payout
  • Liquid mutual fund subscriptions follow T+0 settlement cycle (same-day payout)
  • Funds payout to AMCs for non-liquid transactions occurs before 3:00 PM on T day
  • NFO (New Fund Offering) scheme payouts happen on T+1 based on funds confirmation received by ICCL till 6:00 PM on T day
  • Redemption securities pay-in occurs on the same day as the transaction date
  • Redemption funds payout varies based on scheme TAT (ranging from T+1 to T+10 days)

Settlement Schedule Details

Non-Liquid Subscription Timeline:

  • Settlement dates: December 1, 2, 3, 4, 5, 8, 9, 10, 11, 12, 15, 16, 17, 18, 19, 22, 23, 24, 26, 29, 30, 31, 2025
  • Funds pay-in: Same as settlement date
  • Units payout: T+1 day
  • Note: December 25, 2025 appears to be a market holiday (no settlement)

Liquid Subscription Timeline:

  • Same settlement dates as non-liquid
  • Funds pay-in: Same as settlement date
  • Units payout: Same day (T+0)

Redemption Schedule:

  • Transaction dates align with settlement dates
  • Securities pay-in: Same as transaction date
  • Funds payout: Depends on individual scheme TAT (T+1 to T+10)

Compliance Requirements

  • Investors and participants must adhere to the published settlement schedule for all mutual fund transactions
  • AMCs must process non-liquid transaction payouts before 3:00 PM on T day
  • For NFO schemes, ICCL must receive funds confirmation by 6:00 PM on T day for T+1 payout
  • Investors should verify scheme-specific TAT (Turn Around Time) in the scheme master available on BSE Star MF Platform for redemption payout timelines

Important Dates

  • Effective Period: December 1, 2025 to December 31, 2025
  • First Settlement: December 1, 2025 (Settlement No. 2526165)
  • Last Settlement: December 31, 2025 (Settlement No. 2526186)
  • Market Holiday: December 25, 2025 (no settlement scheduled)
  • Year-end Settlement: December 31, 2025 with units payout/funds settlement on January 1, 2026

Impact Assessment

Market Impact: Minimal - This is a routine operational circular providing advance notice of settlement schedules.

Operational Impact: Low - The settlement cycle remains consistent with existing practices. Market participants can plan their operations and liquidity management for December 2025 based on this schedule.

Investor Impact: Low - Provides transparency and predictability for mutual fund investors regarding when their subscription units will be credited and redemption proceeds will be received. Investors should note the year-end settlement on December 31st will have payout on January 1, 2026.

Impact Justification

Routine monthly settlement calendar publication for mutual fund trading operations with no policy changes or market impact