Description

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

Summary

BSE has published the trading and settlement programme for the Basket Repo and Special Repo segments for December 2025. The circular provides comprehensive settlement schedules for 22 trading sessions covering the period from December 1-31, 2025. Settlement numbers range from 2526163 to 2526184, with detailed timings specified for Ready Leg T+0, Ready Leg T+1, and Forward Leg transactions.

Key Points

  • Settlement schedule covers 22 trading days in December 2025 (excluding December 7, 13, 14, 20, 21, 25, 27, 28)
  • Three settlement types: Ready Leg T+0, Ready Leg T+1, and Forward Leg
  • Settlement numbers: 2526163 through 2526184
  • Ready Leg T+0: Same-day settlement for transaction, pay-in, and pay-out
  • Ready Leg T+1: Next business day settlement for pay-in and pay-out
  • Forward Leg: Next business day settlement for pay-in and pay-out
  • Last settlement of the month (2526184 on Dec 31) settles on January 1, 2026

Regulatory Changes

No regulatory changes announced. This is a routine operational schedule publication.

Compliance Requirements

  • Market participants must adhere to specified settlement timings:
    • Basket Repo Ready Leg T+0: Pay-in by 2:15 PM, Pay-out by 3:00 PM
    • Basket Repo Ready Leg T+1: Pay-in by 2:15 PM, Pay-out by 3:00 PM
    • Basket Repo Forward Leg: Pay-in by 2:15 PM, Pay-out by 3:00 PM
    • Special Repo Ready Leg T+0: Pay-in/Pay-out by 3:00 PM
    • Special Repo Ready Leg T+1: Pay-in/Pay-out by 1:00 PM
    • Special Repo Forward Leg: Pay-in/Pay-out by 3:00 PM
  • Participants should refer to ICCL Notice No.20180525-18 dated May 25, 2018 for detailed settlement procedures

Important Dates

  • Effective Period: December 1-31, 2025
  • First Settlement: December 1, 2025 (Settlement No. 2526163)
  • Last Settlement: December 31, 2025 (Settlement No. 2526184, settles January 1, 2026)
  • Non-Trading Days in December: 7, 13, 14, 20, 21, 25, 27, 28 (weekends and holidays)

Impact Assessment

Market Impact: Minimal. This is a routine operational notice that provides advance planning information for repo market participants.

Operational Impact: Low. The schedule maintains standard settlement practices with no changes to existing procedures or timings. Market participants can plan their repo transactions and liquidity management for December 2025 based on this published schedule.

Liquidity Impact: Neutral. The schedule ensures orderly settlement of repo transactions throughout December, supporting normal money market operations and short-term liquidity management by market participants.

Impact Justification

Routine monthly settlement schedule announcement for repo segments with no policy changes or market impact beyond operational planning