Description

Settlement schedule for Corporate Debt Segment (ICDM) with T+0, T+1, and T+2 cycles for the period from December 1, 2025 to December 31, 2025.

Summary

BSE has released the trading and settlement programme for the Corporate Debt Segment (ICDM) for December 2025. The circular provides comprehensive settlement schedules for three settlement cycles: T+0 (same-day settlement), T+1 (next-day settlement), and T+2 (two-day settlement). The schedule covers 22 trading days from December 1, 2025 to December 31, 2025, with settlement numbers ranging from 2526163 to 2526184.

Key Points

  • Settlement schedule valid for December 1-31, 2025
  • Three settlement cycle options available: T+0, T+1, and T+2
  • 22 trading days covered in the month
  • Settlement numbers: 2526163 through 2526184
  • Market holidays: December 6-7, 13-14, 20-21, 25, 27-28 (weekends and Christmas)
  • Year-end settlements extend into January 2026 for T+1 and T+2 cycles

Regulatory Changes

No regulatory changes. This is a routine monthly settlement schedule announcement.

Compliance Requirements

  • Market participants must adhere to specified pay-in and pay-out dates for each settlement cycle
  • Participants must check depository settlement deadline times for respective market types
  • Securities must be transferred to ICCL account within specified timelines
  • Reference ICCL Notice No.20091206-01 dated December 6, 2009 for additional settlement details

Important Dates

Trading Period: December 1-31, 2025

T+0 Settlement: Same-day securities and funds pay-in and pay-out for all 22 trading days

T+1 Settlement: Next business day settlement, with final transaction on December 31, 2025 settling on January 1, 2026

T+2 Settlement: Two-day settlement cycle, with transactions on December 30-31, 2025 settling on January 1-2, 2026

Non-Trading Days: December 6-7, 13-14, 20-21, 25, 27-28, 2025

Impact Assessment

Market Impact: Minimal. This is a routine operational circular providing standard settlement schedules.

Operational Impact: Market participants in the corporate debt segment should note the year-end settlement dates extending into January 2026 for planning cash flow and securities management.

Participant Action Required: Review and incorporate settlement dates into internal systems and operational calendars. Ensure compliance with depository settlement deadlines to avoid settlement failures.

Liquidity Considerations: Standard settlement cycles maintained with no changes to existing operational framework.

Impact Justification

Routine monthly settlement schedule for corporate debt segment with standard T+0, T+1, and T+2 cycles. No regulatory changes or operational disruptions.