Description

NSE Clearing announces settlement schedules for Securities Lending & Borrowing Scheme for September 2025, covering first leg, reverse leg, and auction settlements.

Summary

NSE Clearing Limited has released the settlement calendar for Securities Lending & Borrowing Scheme (SLBS) for September 2025. The circular provides detailed schedules for three types of settlements: First Leg Settlement (Type ‘L’), Reverse Leg Settlement (Type ‘P’), and Reverse Leg Auction (Type ‘Q’).

Key Points

  • Settlement calendar covers September 2025 for all SLBS operations
  • First Leg settlements run from September 1-30, 2025 with 22 settlement cycles
  • Reverse Leg settlements span from September 2025 to September 2026
  • Series 09 expires on September 4, 2025, with new 09 series starting September 5, 2025
  • All settlement types follow T+1 settlement cycle for First Leg transactions

Regulatory Changes

No regulatory changes introduced - this is a routine operational calendar notification pursuant to earlier circular NCL/CMPT/67763 dated April 30, 2025.

Compliance Requirements

  • All SLBS participants and custodians must follow the prescribed settlement schedules
  • Custodial confirmations required on same day as trade date for First Leg settlements
  • Settlement dates are non-negotiable and must be adhered to for all three settlement types

Important Dates

  • First Leg Settlements: September 1-30, 2025 (Settlement Numbers 2025166-2025187)
  • Series 09 Expiry: September 4, 2025
  • New Series 09 Availability: September 5, 2025
  • Reverse Leg Settlement Range: September 4, 2025 to September 3, 2026
  • Last Settlement Date: October 1, 2025 (for September 30 trades)

Impact Assessment

Medium operational impact on SLBS participants who must plan their lending and borrowing activities according to these fixed schedules. The calendar ensures systematic settlement of securities lending transactions and provides clarity for market participants’ operational planning. No market disruption expected as this follows established settlement patterns.

Impact Justification

Operational schedule notification affecting SLBS participants' settlement planning