Description

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 dates and auction settlement timelines.

Summary

BSE has published the trading and settlement programme for the Electronic Gold Receipts (EGR) segment for the period from December 1, 2025 to December 31, 2025. The circular provides a detailed schedule of 23 settlement cycles (DR-174 to DR-195 for 2025-2026) with corresponding trading dates, pay-in/pay-out dates, and auction settlement details.

Key Points

  • Settlement cycle covers December 1-31, 2025 with daily rolling settlements
  • 23 settlement cycles detailed (DR-174/2025-2026 through DR-195/2025-2026)
  • Each settlement has corresponding depository settlement numbers (2526174-2526195)
  • Auction settlements run parallel with RA-174 through RA-195 designation
  • Pay-in deadline is 2:00 PM with instructions to depositories/banks required by same time
  • Pay-out of funds and securities completed by 4:00 PM
  • Auction pay-in time is 9:00 AM with instructions required by 8:50 AM
  • T+1 settlement cycle maintained throughout the period

Regulatory Changes

No regulatory changes introduced. This is a routine operational calendar publication.

Compliance Requirements

  • Members must submit pay-in instructions to depositories/banks by 2:00 PM for regular settlements
  • Members must submit auction pay-in instructions to depositories/banks by 8:50 AM for auction settlements
  • Adherence to published settlement schedule is mandatory for all EGR segment participants

Important Dates

Settlement Period: December 1, 2025 to December 31, 2025

Key Settlement Dates:

  • First settlement: DR-174 (Trading: Dec 1, Pay-in/out: Dec 2)
  • Last settlement in December: DR-195 (Trading: Dec 31, Pay-in/out: Jan 1, 2026)

Daily Timings:

  • Regular pay-in: By 2:00 PM
  • Regular pay-out: By 4:00 PM
  • Auction pay-in: By 9:00 AM (instructions by 8:50 AM)

Note: Schedule accounts for weekends and December 25, 2025 (Christmas holiday)

Impact Assessment

Market Impact: Minimal. This is a standard operational circular that provides necessary scheduling information for EGR segment participants.

Operational Impact: Low to moderate for EGR segment members who need to plan their settlement operations and ensure timely submission of pay-in instructions.

Participant Groups Affected:

  • EGR segment trading members
  • Clearing members
  • Depositories (NSDL/CDSL)
  • Banks handling settlement transactions

Business Continuity: The publication ensures smooth continuation of EGR segment trading and settlement activities through December 2025 with clear timelines and expectations.

Impact Justification

Routine operational circular providing settlement calendar for EGR segment. No regulatory changes or compliance implications, purely informational for market participants trading in electronic gold receipts.