Description

Settlement schedule for ICDM T+0, T+1, and T+2 transactions in the Corporate Debt segment for the period from December 1-31, 2025.

Summary

BSE has announced the trading and settlement programme for the Corporate Debt segment (ICDM) for December 2025. The circular provides detailed settlement schedules for T+0, T+1, and T+2 settlement cycles, covering 22 trading days from December 1-31, 2025. Settlement numbers range from 2526163 to 2526184.

Key Points

  • Settlement schedule covers December 1-31, 2025 for Corporate Debt segment
  • Three settlement cycles provided: T+0, T+1, and T+2
  • 22 trading days scheduled (excluding December 6-7, 13-14, 20-21, 25, 27-28)
  • Settlement numbers: 2526163 through 2526184
  • Members must check depository settlement deadline times for respective market types
  • Securities must be transferred to ICCL account within depository deadlines

Regulatory Changes

No regulatory changes introduced. This is a routine monthly settlement schedule announcement.

Compliance Requirements

  • Trading members must adhere to the published settlement schedule
  • Securities and funds pay-in must be completed by the specified dates
  • Members must refer to ICCL Notice No.20091206-01 dated December 6, 2009 for depository settlement deadline details
  • Ensure timely transfer of securities to ICCL account as per depository settlement deadlines

Important Dates

  • Settlement Period: December 1-31, 2025
  • Trading Days: 22 days in December 2025
  • Non-Trading Days: December 6-7, 13-14, 20-21, 25, 27-28, 2025
  • Year-end Settlement: Last settlement (2526184) for December 31 transaction has pay-out on January 1-2, 2026 depending on cycle

Impact Assessment

Market Impact: Low - This is a routine administrative circular providing the monthly settlement calendar.

Operational Impact: Low - Standard settlement procedures continue with no changes to existing processes.

Participant Action Required: Members need to note the settlement schedule for planning their corporate debt trading and settlement activities during December 2025. Particularly important to note year-end settlements that extend into January 2026 for T+1 and T+2 cycles.

Impact Justification

Routine monthly settlement schedule for corporate debt segment with no policy changes or new requirements