Description

Settlement schedule for BSE Cash Segment covering the period from December 1, 2025 to December 31, 2025, including both T+1 and T+0 settlement cycles with detailed pay-in/pay-out dates.

Summary

BSE has issued the trading and settlement programme for the Cash Segment covering December 1-31, 2025. The notice provides comprehensive settlement schedules for both T+1 and T+0 settlement cycles, including 22 T+1 settlements (DR-767/25-26 to DR-788/25-26) and 22 T+0 settlements (DR-462/25-26 to DR-483/25-26). The schedule includes trading dates, data entry deadlines, pay-in/pay-out dates, and auction settlement details.

Key Points

  • Settlement programme covers December 1-31, 2025 for BSE Cash Segment
  • Notice Number: 20251113-36, dated November 13, 2025
  • T+1 cycle includes 22 regular settlements with corresponding auction settlements
  • T+0 cycle includes 22 same-day settlement cycles
  • Settlement numbers range from DR-767/25-26 to DR-788/25-26 for T+1
  • Settlement numbers range from DR-462/25-26 to DR-483/25-26 for T+0
  • Depository settlement numbers follow format 2526XXX
  • Schedule accounts for weekends and holidays (December 6-7, 13-14, 20-21, 25, 27-28)

Regulatory Changes

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

Compliance Requirements

  • Members must enter 6A/7A data on the same day as trading date
  • Custodians must confirm 6A/7A data by the next trading day
  • Pay-in and pay-out to be completed as per the published schedule
  • Auction offers must be submitted on specified auction settlement dates
  • Auction pay-in/pay-out to occur on the day following auction settlement date
  • OTR (On Trade Receipt) allocation must be processed as per schedule

Important Dates

  • Programme Period: December 1-31, 2025
  • First T+1 Settlement: DR-767/25-26 (Trading: Dec 1, Pay-in/out: Dec 2)
  • Last T+1 Settlement: DR-788/25-26 (Trading: Dec 31, Pay-in/out: Jan 1, 2026)
  • First T+0 Settlement: DR-462/25-26 (Dec 1)
  • Last T+0 Settlement: DR-483/25-26 (Dec 31)
  • Year-end Settlement: Final settlement pay-out extends to January 1-2, 2026

Impact Assessment

Operational Impact: Medium - All trading members, custodians, and clearing participants must align their operations with this schedule. The notice is critical for planning settlements, managing liquidity, and coordinating with depositories (NSDL/CDSL).

Market Impact: Low - This is a routine operational notice that does not affect trading rules, margins, or market structure. However, proper adherence ensures smooth settlement operations and reduces operational risks.

Participant Action Required: Market participants should update their systems with the settlement calendar, ensure adequate staffing during year-end period, and coordinate with back-office teams for timely completion of pay-in/pay-out obligations.

Impact Justification

Routine monthly settlement schedule notice essential for operational planning by all market participants but does not introduce new rules or changes