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 dates and auction schedules.

Summary

BSE has published the comprehensive trading and settlement programme for the New Debt Segment (NDS) for December 2025. The circular provides the complete schedule covering 22 settlement cycles (NDS-162/25-26 through NDS-183/25-26) from December 1, 2025 to December 31, 2025, including trading dates, 6A/7A entry and confirmation dates, pay-in/pay-out dates, auction dates, and auction pay-in/pay-out dates.

Key Points

  • Settlement programme covers December 1-31, 2025
  • Total of 22 settlement cycles scheduled (NDS-162/25-26 to NDS-183/25-26)
  • Regular pay-in time: 11:00 a.m. (members must submit instructions by 10:50 a.m.)
  • Auction pay-in time: 9:30 a.m. (members must submit instructions by 9:20 a.m.)
  • Settlement follows T+1 cycle for regular pay-in/pay-out
  • Auction pay-out follows on T+2
  • Instructions must be submitted to Depositories/banks before specified cut-off times

Regulatory Changes

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

Compliance Requirements

  • Members must submit pay-in instructions to Depositories/banks latest by 10:50 a.m. for regular settlements
  • Members must submit auction pay-in instructions to Depositories/banks latest by 9:20 a.m. for auction settlements
  • All participants must adhere to the published settlement schedule
  • Timely submission of instructions is mandatory to ensure smooth settlement operations

Important Dates

  • Programme Period: December 1, 2025 to December 31, 2025
  • First Settlement: NDS-162/25-26 (Trading: December 1, 2025)
  • Last Settlement: NDS-183/25-26 (Trading: December 31, 2025)
  • Year-end Processing: Settlements extending into January 2026 (December 30-31 trades settle in early January)
  • Pay-in Cut-off: 10:50 a.m. daily for regular settlements
  • Auction Pay-in Cut-off: 9:20 a.m. daily for auction settlements

Impact Assessment

Market Impact: Minimal. This is a routine monthly schedule publication that enables market participants to plan their debt segment trading and settlement activities.

Operational Impact: Low to medium for NDS participants who need to plan their operations, fund management, and settlement instructions according to the published schedule.

Participant Action Required: NDS segment participants should update their internal systems and calendars with the settlement schedule to ensure timely submission of pay-in instructions and adequate fund/securities availability on settlement dates.

Year-end Considerations: Participants should note that settlements for trades executed on December 30-31, 2025 will be completed in January 2026, requiring appropriate planning for year-end accounting and reconciliation processes.

Impact Justification

Routine monthly settlement schedule notice for debt segment operations with no market-wide impact or regulatory changes