Description

Settlement schedules for MFSS Subscription, Liquid Subscription, and Redemption transactions for December 2025.

Summary

NSE Clearing Limited has notified the settlement schedules for Mutual Fund Service System (MFSS) transactions for December 2025. The circular covers three settlement types: MFSS Subscription (T+1), MFSS Liquid Subscription (T day), and MFSS Redemption with category-based payout timelines.

Key Points

  • Settlement calendar covers December 1-31, 2025
  • MFSS Subscription (Type ‘S’): T+1 settlement with 22 settlement cycles (Settlement No. 20252260 to 20252547)
  • MFSS Liquid Subscription (Type ‘K’): Same day settlement with 22 settlement cycles (Settlement No. 20252260 to 20252547)
  • MFSS Redemption (Type ‘U’): Variable settlement from T+1 to T+8 based on scheme category
  • Funds settlement depends on scheme category with payout ranging from T+1 to T+8
  • Category codes for scheme categories with fund settlement days provided in Annexure ‘D’

Regulatory Changes

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

Compliance Requirements

  • All MFSS participants must adhere to the published settlement schedule
  • Participants must check the category of scheme in the scheme master to determine applicable settlement timeline
  • Funds settlement for subscription orders occurs on T day where T is the transaction date
  • Redemption settlement follows scheme category payout guidelines (T+1 through T+8)

Important Dates

  • Effective Period: December 1-31, 2025
  • First Settlement: December 1, 2025 (Settlement No. 20252260)
  • Last Settlement for December: December 31, 2025 (Settlement No. 20252547)
  • Carry-over Settlement: January 1, 2026 (for December 31 subscription orders)
  • Trading Days in December 2025: Excludes December 6-7, 13-14, 20-21, 25, 27-28 (weekends/holidays)

Impact Assessment

This circular has minimal market impact as it provides routine operational information for mutual fund participants. The settlement calendar ensures transparency and allows participants to plan their cash flow and operational requirements for December 2025. No changes to existing settlement mechanisms or timelines are introduced.

Impact Justification

Routine settlement calendar notification for mutual fund transactions with no regulatory changes or compliance impact