Description

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

Summary

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

Key Points

  • Settlement schedule covers December 1-31, 2025 with 22 settlement cycles
  • Settlement numbers range from NDS-162/25-26 to NDS-183/25-26
  • DP settlement numbers range from 2526162 to 2526183
  • Regular pay-in at 11:00 a.m. with members required to submit instructions by 10:50 a.m.
  • Auction pay-in at 9:30 a.m. with members required to submit instructions by 9:20 a.m.
  • T+1 settlement cycle maintained throughout the period
  • Pay-in instructions must be submitted to Depositories/banks before specified cut-off times
  • Last settlement of December 2025 (NDS-183/25-26) has pay-out on January 2, 2026

Regulatory Changes

No regulatory changes introduced. This is a routine operational schedule announcement maintaining existing settlement procedures and timelines for the NDS segment.

Compliance Requirements

  • Members must submit pay-in instructions to Depositories/banks latest by 10:50 a.m. for regular settlements (pay-in at 11:00 a.m.)
  • Members must submit auction pay-in instructions to Depositories/banks latest by 9:20 a.m. for auction settlements (pay-in at 9:30 a.m.)
  • Trading participants must adhere to the published settlement schedule for all NDS transactions
  • Clearing members must ensure timely submission of 6A/7A entries and confirmations on specified dates

Important Dates

  • December 1-31, 2025: Trading period covered by this schedule
  • December 25, 2025: Market holiday (no settlement on this date; settlement skips from December 24 to December 26)
  • January 1, 2026: New Year holiday reflected in settlement schedule (settlement NDS-182/25-26 pay-out)
  • January 2, 2026: Pay-out date for last December settlement (NDS-183/25-26)
  • Cut-off time for regular pay-in instructions: 10:50 a.m. daily
  • Cut-off time for auction pay-in instructions: 9:20 a.m. daily

Impact Assessment

Operational Impact: Medium - This schedule is essential for all NDS market participants including brokers, clearing members, and institutional investors to plan their debt securities trading and settlement activities for December 2025.

Market Impact: Low to Medium - Routine schedule announcement with no changes to existing settlement procedures. However, participants must note the holiday adjustments and plan liquidity accordingly.

Participant Action Required: All NDS trading members must update their settlement calendars, ensure adequate funding arrangements for settlements spanning year-end, and coordinate with their back-office systems to reflect the schedule, particularly noting the December 25 holiday adjustment and settlements extending into January 2026.

Impact Justification

Routine operational circular providing settlement schedule for debt segment. Essential for NDS market participants to plan settlements but does not introduce policy changes. Medium impact due to operational importance for debt market trading.