Description
NSE clarifies that settlements for September 4-8, 2025 trade days will be consolidated and conducted on September 9, 2025.
Summary
NSE Clearing Limited has clarified changes to the commodity derivative segment settlement schedule for September 2025. Following RBI press release 2025-2026/1042, settlements for three consecutive trade days (September 4-8, 2025) will be consolidated and conducted on September 9, 2025.
Key Points
- Settlement consolidation affects 3 trade days: September 4 (Thursday), September 5 (Friday), and September 8 (Monday), 2025
- All three days’ settlements will be processed together on September 9, 2025 (Tuesday)
- This change is in response to RBI press release 2025-2026/1042
- Follows previous circular NCL/CMPT/70041 dated September 4, 2025
Regulatory Changes
Temporary modification to standard T+1 settlement cycle for commodity derivatives due to RBI directive. Normal settlement schedule to resume after September 9, 2025.
Compliance Requirements
- All commodity derivative segment members must adjust their settlement processes accordingly
- Members should prepare for consolidated settlement on September 9, 2025
- Ensure adequate liquidity and margin arrangements for the consolidated settlement
Important Dates
- September 4, 2025: Trade day 1 (settlement deferred)
- September 5, 2025: Trade day 2 (settlement deferred)
- September 8, 2025: Trade day 3 (settlement deferred)
- September 9, 2025: Consolidated settlement date for all three trade days
Impact Assessment
Moderate operational impact on commodity derivative market participants due to altered settlement timing. Members need to adjust cash flow management and margin requirements for the consolidated settlement period. The temporary nature and advance notice minimize systemic disruption.
Impact Justification
Affects commodity derivative settlement timing but is a temporary adjustment with clear guidance