Description

BSE announces the trading and settlement schedule for cash segment covering the period from December 1, 2025 to December 31, 2025, including T+1 and T+0 settlement cycles with pay-in/pay-out dates and auction schedules.

Summary

BSE has published the comprehensive trading and settlement programme for the Cash Segment covering December 1-31, 2025. The notice details settlement schedules for both T+1 (regular rolling settlement) and T+0 (same-day settlement) cycles, including 22 T+1 settlement numbers (DR-767/25-26 through DR-788/25-26) and 22 corresponding T+0 settlement numbers (DR-462/25-26 through DR-483/25-26), along with their respective auction settlements.

Key Points

  • Settlement schedule covers full month of December 2025 (December 1-31, 2025)
  • 22 trading days scheduled with corresponding T+1 and T+0 settlements
  • T+1 cycle includes regular settlement and auction settlement dates
  • Settlement numbers range: DR-767/25-26 to DR-788/25-26 (T+1) and DR-462/25-26 to DR-483/25-26 (T+0)
  • Auction settlements numbered RA-767/25-26 through RA-788/25-26
  • No trading on weekends: December 6-7, 13-14, 20-21, 27-28
  • December 25, 2025 (Christmas) is a non-trading day
  • First settlement of 2026 (RA-788/25-26 auction) scheduled for January 2, 2026

Regulatory Changes

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

Compliance Requirements

  • Trading Members: Execute trades according to the published schedule
  • Members: Submit 6A/7A data on the same day as trading date
  • Custodians: Confirm 6A/7A data by the specified confirmation dates
  • Auction Participants: Submit auction offers on designated auction settlement dates
  • Settlement Obligations: Complete pay-in/pay-out as per T+1 schedule (next business day after trading)
  • T+0 Settlement: Complete same-day pay-in/pay-out for T+0 segment trades

Important Dates

December 2025 Trading Period: December 1-31, 2025

Key Settlement Milestones:

  • First T+1 settlement: DR-767/25-26 (Trading: Dec 1, Pay-in/Pay-out: Dec 2)
  • Last T+1 settlement: DR-788/25-26 (Trading: Dec 31, Pay-in/Pay-out: Jan 1, 2026)
  • Year-end auction: RA-788/25-26 (Pay-in/Pay-out: January 2, 2026)

Non-Trading Days:

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

Settlement Pattern: T+1 settlements occur on the next business day; auction settlements occur one day after regular settlement

Impact Assessment

Operational Impact: Medium - This schedule is critical for operational planning by brokers, clearing members, custodians, and depositories. All market participants must align their back-office operations, fund management, and securities delivery schedules accordingly.

Market Participants Affected: All equity cash segment participants including retail and institutional investors, trading members, clearing members, custodians, and depositories.

Business Continuity: The schedule ensures smooth year-end operations with the last settlement of 2025 (trading Dec 31) settling on January 1, 2026, and the final auction settling on January 2, 2026.

Planning Requirements: Members must ensure adequate staffing and system readiness for the December trading period, particularly around the Christmas holiday (Dec 25) and year-end transitions.

Impact Justification

Routine monthly settlement schedule announcement essential for operational planning by all market participants. Medium impact as it affects daily trading and settlement operations for December 2025.