Description

BSE announces the trading and settlement schedule for the Electronic Gold Receipts (EGR) segment covering the period from December 1, 2025 to December 31, 2025, including pay-in/pay-out timings and auction settlement details.

Summary

BSE has published the comprehensive trading and settlement programme for the Electronic Gold Receipts (EGR) segment for December 2025. The circular details 23 settlement cycles (DR-174 through DR-195) covering trading dates from December 1, 2025 to December 31, 2025, along with corresponding auction settlement schedules. Members must adhere to specific pay-in timings (by 2:00 PM for regular settlements, by 8:50 AM for auction settlements) and pay-out will be completed by 4:00 PM.

Key Points

  • Settlement schedule covers December 1-31, 2025 with T+1 settlement cycle
  • 23 regular settlement cycles (DR-174/2025-2026 through DR-195/2025-2026)
  • 23 corresponding auction settlement cycles (RA-174/2025-2026 through RA-195/2025-2026)
  • Depository settlement numbers range from 2526174 to 2526195
  • Pay-in deadline: 2:00 PM for regular settlements
  • Auction pay-in deadline: 8:50 AM (auction pay-in at 9:00 AM)
  • Pay-out time: By 4:00 PM for funds and securities
  • Members must submit pay-in instructions to Depositories/banks by specified deadlines

Regulatory Changes

No regulatory changes introduced. This is a routine operational circular.

Compliance Requirements

  • Members must submit pay-in instructions to Depositories/banks latest by 2:00 PM for regular settlements
  • For auction settlements, members must submit pay-in instructions latest by 8:50 AM
  • Members must ensure timely submission to receive pay-out by 4:00 PM
  • All settlements follow T+1 cycle with next business day pay-in/pay-out

Important Dates

  • Effective Period: December 1, 2025 to December 31, 2025
  • First Settlement: DR-174/2025-2026 - Trading Date: December 1, 2025, Pay-in/Pay-out: December 2, 2025
  • Last Settlement: DR-195/2025-2026 - Trading Date: December 31, 2025, Pay-in/Pay-out: January 1, 2026
  • Holiday Adjustments: Schedule accounts for December 25, 2025 (Christmas) with adjusted settlement dates
  • Daily Pay-in Deadline: 2:00 PM (regular), 8:50 AM (auction)
  • Daily Pay-out Time: By 4:00 PM

Impact Assessment

Market Impact: Minimal - This is a standard operational circular providing the settlement calendar for EGR segment participants.

Operational Impact: Low - The circular provides necessary scheduling information for members trading in the EGR segment. The T+1 settlement cycle and timing requirements remain consistent with existing practices. Members need to plan their operations according to the published schedule, particularly around year-end dates and the December 25 holiday adjustment.

Participant Action Required: Members should incorporate this settlement schedule into their operational calendars and ensure compliance with pay-in/pay-out timings throughout December 2025.

Impact Justification

Routine operational circular providing settlement schedule for EGR segment. No regulatory changes or compliance impact - purely informational for market participants.