Description

NSE Clearing modifies settlement schedule for Securities Lending and Borrowing Scheme declaring September 5 and 8, 2025 as settlement holidays.

Summary

NSE Clearing Limited has modified the settlement schedule for the Securities Lending and Borrowing Scheme (SLBS) for September 2025. This circular declares both September 5 and September 8, 2025 as settlement holidays, following RBI’s press release regarding changes in public holidays under the Negotiable Instruments Act.

Key Points

  • September 5, 2025 continues to be a settlement holiday as previously declared
  • September 8, 2025 is now also declared as a settlement holiday
  • Changes are made in reference to RBI press release 2025-2026/1042
  • Revised settlement schedule to be published separately
  • Circular modifies previous circulars NCL/CMPT/65918 and NCL/CMPT/69854

Regulatory Changes

The circular modifies the previously announced settlement calendar by adding September 8, 2025 as an additional settlement holiday for SLBS operations. This change aligns with RBI’s updated guidance on public holidays under the Negotiable Instruments Act.

Compliance Requirements

  • All Members, Custodians, and PCMs must note the revised settlement holidays
  • Market participants should adjust their SLBS settlement expectations accordingly
  • Wait for separately published revised settlement schedule for detailed planning

Important Dates

  • September 5, 2025: Continues as settlement holiday
  • September 8, 2025: New settlement holiday
  • Revised settlement schedule: To be published separately

Impact Assessment

The addition of September 8 as a settlement holiday will delay SLBS settlements scheduled for that date. This temporary adjustment ensures compliance with regulatory holidays but may require market participants to adjust their securities lending and borrowing strategies for the affected period. The impact is operational rather than structural, affecting timing of settlements without changing fundamental SLBS procedures.

Impact Justification

Settlement holiday changes affect SLBS operations but are temporary modifications with limited broader market impact