Description

BSE's trading and settlement schedule for cash segment covering the period from December 1, 2025 to December 31, 2025, including both T+1 and T+0 settlement cycles with detailed pay-in/pay-out dates.

Summary

BSE has released the comprehensive trading and settlement programme for the Cash Segment covering December 1-31, 2025. The circular details settlement numbers, trading dates, entry/confirmation timelines for 6A/7A data, and pay-in/pay-out schedules for both T+1 and T+0 settlement cycles. The schedule includes 22 trading days with corresponding settlement numbers DR-767/25-26 through DR-788/25-26 for T+1 cycle and DR-462/25-26 through DR-483/25-26 for T+0 cycle.

Key Points

  • Notice Number: 20251113-36 dated November 13, 2025
  • Covers settlement period from December 1, 2025 to December 31, 2025
  • Includes both T+1 and T+0 settlement cycles
  • T+1 cycle: 22 settlement numbers from DR-767/25-26 to DR-788/25-26
  • T+0 cycle: 22 settlement numbers from DR-462/25-26 to DR-483/25-26
  • Each T+1 settlement includes corresponding auction settlement numbers (RA series)
  • Schedule accounts for market holidays on December 6-7, 13-14, 20-21, 25, and 27-28, 2025
  • Depository settlement numbers range from 2526767 to 2526788 for T+1 and 2526462 to 2526483 for T+0

Regulatory Changes

No regulatory changes introduced. This is a routine operational schedule following existing T+1 and T+0 settlement frameworks.

Compliance Requirements

  • Members must enter 6A/7A data on the specified trading date
  • Custodians must confirm 6A/7A data by the confirmation date specified
  • Members must submit auction offers on the designated auction settlement dates
  • Pay-in and pay-out obligations must be met as per the schedule
  • All timelines for depository transactions must be adhered to

Important Dates

T+1 Settlement Cycle:

  • First settlement: DR-767/25-26, Trading Date: December 1, 2025, Pay-in/Pay-out: December 2, 2025
  • Last settlement: DR-788/25-26, Trading Date: December 31, 2025, Pay-in/Pay-out: January 1, 2026
  • Auction settlements run from RA-767/25-26 (December 2-3) through RA-788/25-26 (January 1-2, 2026)

T+0 Settlement Cycle:

  • First settlement: DR-462/25-26, Trading and Pay-in/Pay-out: December 1, 2025
  • Last settlement: DR-483/25-26, Trading and Pay-in/Pay-out: December 31, 2025

Market Holidays Observed:

  • December 6-7, 2025 (weekend)
  • December 13-14, 2025 (weekend)
  • December 20-21, 2025 (weekend)
  • December 25, 2025
  • December 27-28, 2025 (weekend)

Impact Assessment

Operational Impact: Medium - This schedule is essential for market participants to plan their settlement operations, resource allocation, and liquidity management for December 2025.

Market Impact: Low - This is a routine monthly schedule that maintains the existing T+1 and T+0 settlement framework without introducing changes to market structure or trading mechanisms.

Member Impact: The schedule provides clear visibility for 22 trading days, enabling members to:

  • Plan delivery and payment obligations
  • Manage auction participation
  • Coordinate with custodians for timely confirmation of data
  • Ensure adequate liquidity for settlement obligations

Holiday Considerations: The schedule incorporates one special holiday (December 25) and several weekends, requiring members to plan for extended settlement cycles where applicable, particularly for trades executed on December 24 (settling December 26) and December 31 (settling January 1, 2026).

Impact Justification

Routine monthly settlement schedule publication. Medium importance for operational planning but low market impact as it follows standard settlement cycles.