Description

BSE announces the detailed trading and settlement schedule for the New Debt Segment (NDS) covering the period from December 1, 2025 to December 31, 2025, including pay-in/pay-out timings and auction dates.

Summary

BSE has published the comprehensive trading and settlement programme for the New Debt Segment (NDS) for December 2025. The schedule covers 22 trading days from December 1 to December 31, 2025, providing settlement numbers, DP settlement numbers, trading dates, 6A/7A entry and confirmation dates, pay-in/pay-out dates, and auction dates with corresponding pay-in/pay-out timings.

Key Points

  • Settlement schedule spans from NDS-162/25-26 (December 1) to NDS-183/25-26 (December 31, 2025)
  • Each trading day follows T+1 settlement cycle for regular pay-in/pay-out
  • Auction settlements follow T+2 cycle from trading date
  • Regular pay-in timing: 11:00 AM with member instructions deadline of 10:50 AM
  • Auction pay-in timing: 9:30 AM with member instructions deadline of 9:20 AM
  • Schedule accounts for market holidays on December 6-7, 13-14, 20-21, 25, 27-28, 2025
  • Pay-in instructions must be submitted to Depositories/banks before specified deadlines

Regulatory Changes

No regulatory changes are introduced in this circular. This is a routine operational schedule announcement.

Compliance Requirements

  • Members must submit regular pay-in instructions to Depositories/banks latest by 10:50 AM for 11:00 AM pay-in
  • Members must submit auction pay-in instructions to Depositories/banks latest by 9:20 AM for 9:30 AM auction pay-in
  • All transactions must follow the published settlement calendar
  • Members must ensure timely completion of 6A/7A entries and confirmations on specified dates

Important Dates

  • Effective Period: December 1, 2025 to December 31, 2025
  • First Settlement: NDS-162/25-26 with trading date December 1, 2025
  • Last Settlement: NDS-183/25-26 with trading date December 31, 2025, auction pay-out on January 2, 2026
  • Year-end Settlements: December 30 and 31 settlements will have pay-outs extending into January 2026

Impact Assessment

Market Impact: Minimal. This is a standard monthly operational schedule that allows NDS market participants to plan their debt trading and settlement activities for December 2025.

Operational Impact: Low. Market participants need to note the schedule and ensure compliance with specified timings. The year-end settlements extending into January 2026 require awareness for cash flow planning.

Participant Impact: Affects all members trading in the New Debt Segment who need to align their operations with the published settlement calendar and ensure timely submission of pay-in instructions to depositories and banks.

Impact Justification

Routine monthly settlement schedule announcement for debt segment with standard timings. No regulatory changes or compliance impact, purely operational calendar information for NDS participants.