Description

BSE announces the trading and settlement schedule for Basket Repo and Special Repo segments for the period from December 1-31, 2025, including settlement timings and schedules for Ready Leg T+0, T+1, and Forward Leg transactions.

Summary

BSE has issued the trading and settlement programme for Basket Repo and Special Repo segments covering the period from December 1, 2025 to December 31, 2025. The circular provides comprehensive settlement schedules for Ready Leg T+0, Ready Leg T+1, and Forward Leg transactions, along with settlement timings for securities and funds pay-in/pay-out. The schedule covers 22 trading days in December 2025, with settlement numbers ranging from 2526163 to 2526184.

Key Points

  • Settlement schedule covers December 1-31, 2025 for Basket Repo and Special Repo segments
  • Three settlement types outlined: Ready Leg T+0, Ready Leg T+1, and Forward Leg
  • Total of 22 settlement cycles scheduled for the month (settlement numbers 2526163-2526184)
  • December 6-7, 13-14, 20-21, 25, and 27-28 are non-trading days
  • Last settlement of the month (2526184) dated December 31, 2025 will pay-out on January 1, 2026
  • Settlement timings remain consistent with existing framework

Regulatory Changes

No regulatory changes introduced. This is a routine monthly schedule notification following existing settlement framework as per ICCL Notice No.20180525-18 dated May 25, 2018.

Compliance Requirements

  • Participants must adhere to specified pay-in times: 02:15 PM for all settlement types (Ready Leg T+0, T+1, and Forward Leg)
  • Securities and funds must be submitted by the designated pay-in deadlines
  • Participants should note the pay-out timing variations:
    • Basket Repo: By 03:00 PM for all settlement types
    • Special Repo Ready Leg T+0: By 03:00 PM
    • Special Repo Ready Leg T+1: By 01:00 PM
    • Special Repo Forward Leg: By 03:00 PM
  • Market participants should plan for the January 1, 2026 pay-out date for December 31 transactions

Important Dates

  • Effective Period: December 1-31, 2025
  • First Settlement: December 1, 2025 (Settlement No. 2526163)
  • Last Settlement: December 31, 2025 (Settlement No. 2526184) with pay-out on January 1, 2026
  • Non-Trading Days in December: 6, 7, 13, 14, 20, 21, 25, 27, 28
  • Total Trading Days: 22 days

Impact Assessment

Market Impact: Minimal. This is a routine operational circular providing the monthly settlement calendar.

Operational Impact: Low. The settlement schedule follows established procedures with no changes to timings or processes. Participants in the Basket Repo and Special Repo segments need to note the specific settlement dates and plan their operations accordingly.

Affected Participants: Only market participants actively trading in Basket Repo and Special Repo segments through BSE. Does not affect equity or other debt market segments.

Key Consideration: The year-end settlement (December 31) extends into January 1, 2026 for pay-out, which participants should factor into their year-end reconciliation and accounting processes.

Impact Justification

Routine monthly settlement schedule notification for repo segments with no changes to existing procedures or timings. Only impacts participants in basket repo and special repo segments.