Description
Revised settlement schedule for NSE debt segment following change in public holiday under Negotiable Instruments Act.
Summary
NSE Clearing Limited has issued revised settlement schedules for the debt segment for September 2025 following a change in public holiday under the Negotiable Instruments Act. This circular modifies the previously announced settlement holidays for 2025.
Key Points
- Partial modification to circular NCL/DS/65919 dated December 31, 2024 regarding settlement holidays
- Changes made in reference to RBI press release 2025-2026/1042 regarding change in public holiday
- Revised schedules provided for both regular debt settlement and debt auction settlement
- Both settlement types follow T+1 rolling settlement cycle
Regulatory Changes
- Updated settlement calendar reflects changes in public holiday declared under Negotiable Instruments Act
- Settlement numbers and dates adjusted accordingly for September 2025
- No change to the T+1 rolling settlement mechanism
Compliance Requirements
- All members, custodians, and PCMs must follow the revised settlement schedule
- Settlement Type ‘I’ (regular debt settlement) schedule detailed in Annexure A
- Settlement Type ‘2’ (debt auction settlement) schedule detailed in Annexure B
Important Dates
- Settlement numbers range from 2025162 to 2025183 covering September 2025
- Trade dates from September 1, 2025 to September 30, 2025
- Settlement dates from September 2, 2025 to October 3, 2025
- Specific gaps in settlement numbers (no 2025167) due to holiday adjustments
Impact Assessment
- Affects all debt segment participants including members, custodians, and PCMs
- Operational impact on settlement timelines and cash flow management
- Requires system updates to reflect new settlement calendar
- No impact on settlement mechanism (remains T+1) but affects specific dates
Impact Justification
Settlement schedule changes affect debt market operations and clearing timelines for all participants