Description

Settlement schedule for corporate debt segment (ICDM) transactions covering T+0, T+1, and T+2 settlement cycles for December 2025.

Summary

BSE has issued the trading and settlement programme for the Corporate Debt Segment (ICDM) for December 2025. The circular provides detailed settlement schedules for three settlement cycles: T+0, T+1, and T+2, covering all trading days from December 1-31, 2025. Settlement numbers range from 2526163 to 2526184, with appropriate pay-in and pay-out dates for securities and funds based on the respective settlement cycles.

Key Points

  • Settlement schedule covers period from December 1, 2025 to December 31, 2025
  • Three settlement cycles available: T+0 (same day), T+1 (next day), and T+2 (two days)
  • Total of 22 settlement numbers: 2526163 through 2526184
  • Market closed on December 6-7, 13-14, 20-21, 25, 27-28 (weekends and holidays)
  • All three settlement cycles use the same settlement numbers for corresponding transaction dates
  • Participants must check depository settlement deadline times for respective market types

Regulatory Changes

No regulatory changes. This is a routine monthly settlement schedule maintaining existing settlement cycle frameworks.

Compliance Requirements

  • Market participants must adhere to the published settlement schedule for corporate debt transactions
  • Securities must be transferred to ICCL account within depository settlement deadline times
  • Participants should refer to ICCL Notice No.20091206-01 dated December 6, 2009 for detailed settlement requirements
  • Pay-in and pay-out obligations must be met on scheduled dates based on chosen settlement cycle

Important Dates

  • Effective Period: December 1-31, 2025
  • First Settlement: December 1, 2025 (Settlement No. 2526163)
  • Last Settlement: December 31, 2025 (Settlement No. 2526184)
  • Year-end Spill-over: T+1 and T+2 settlements for December 30-31 transactions will spill into January 2026
    • December 31 T+1: Pay-in/out on January 1, 2026
    • December 30 T+2: Pay-in/out on January 1, 2026
    • December 31 T+2: Pay-in/out on January 2, 2026

Impact Assessment

Market Impact: Minimal - This is a routine operational circular that maintains existing settlement infrastructure.

Operational Impact: Low - Standard monthly schedule publication allows market participants to plan debt segment transactions and manage settlement obligations. The year-end settlements extending into January 2026 require minor adjustments to treasury and settlement operations but follow established practices.

Participant Action Required: Informational only - participants should note the schedule and ensure internal systems are aligned with published settlement dates for proper fund and securities management during December 2025.

Impact Justification

Routine monthly settlement schedule for debt segment with no operational changes, standard T+0, T+1, T+2 cycles continue