Description
NSE Clearing notifies the settlement schedules for Securities Lending & Borrowing Scheme (SLBS) for December 2025, including First Leg, Reverse Leg, and Auction Reverse Leg settlements.
Summary
NSE Clearing Limited has issued the settlement calendar for Securities Lending & Borrowing Scheme (SLBS) for December 2025. This circular notifies all participants and custodians of the settlement schedules for three types of settlements: First Leg Settlement (Type ‘L’), Reverse Leg Settlement (Type ‘P’), and Reverse Leg Auction (Type ‘Q’). The circular references NCL/CMPT/67763 dated April 30, 2025.
Key Points
- Settlement calendar covers December 2025 SLBS operations
- Three settlement types outlined: First Leg (L), Reverse Leg (P), and Auction Reverse Leg (Q)
- First Leg settlements run from December 1-31, 2025 with 22 settlement numbers (2025228-2025249)
- Reverse Leg settlements span from December 2025 to December 2026 across 13 series (12/XD through 12/XD)
- Auction Reverse Leg settlements follow same series structure as Reverse Leg
- All First Leg settlements follow T+1 settlement cycle
- New 12/XD series expiring December 1, 2026 will be available from December 3, 2025
Regulatory Changes
No regulatory changes introduced. This is a routine operational calendar notification in pursuance of existing circular NCL/CMPT/67763 dated April 30, 2025.
Compliance Requirements
No new compliance requirements. Participants and custodians should note the settlement dates for operational planning and execution of SLBS transactions during December 2025.
Important Dates
First Leg Settlements (Type L):
- Settlement period: December 1-31, 2025
- 22 trading days with corresponding settlement dates (T+1)
- Settlement numbers: 2025228 to 2025249
- Final settlement of the month: December 31, 2025 (settles January 1, 2026)
Reverse Leg Settlements (Type P):
- 12/XD series: December 2, 2025
- 01/X1 series: January 6, 2026
- 02/X2 series: February 3, 2026
- 03/X3 series: March 3, 2026
- 04/X4 series: April 7, 2026
- 05/X5 series: May 5, 2026
- 06/X6 series: June 2, 2026
- 07/X7 series: July 7, 2026
- 08/X8 series: August 4, 2026
- 09/X9 series: September 1, 2026
- 10/XO series: October 6, 2026
- 11/XN series: November 3, 2026
- 12/XD series: December 1, 2026
Special Note: New 12/XD series (expiring December 1, 2026) available from December 3, 2025 after current 12/XD series expires on December 2, 2025.
Auction Reverse Leg Settlements (Type Q):
- Same transaction dates as Reverse Leg settlements
- Settlement dates are T+1 from transaction dates
Impact Assessment
Market Impact: Minimal. This is a routine operational calendar that enables proper planning and execution of securities lending and borrowing transactions.
Operational Impact: Low. Participants and custodians can plan their SLBS activities for December 2025 based on the published settlement schedules. The calendar ensures transparency and predictability in settlement cycles.
Participant Impact: Informational only. No changes to existing processes or requirements. Participants should incorporate these dates into their operational calendars for smooth settlement processing.
Impact Justification
Routine administrative circular providing settlement calendar for SLBS operations in December 2025. No regulatory changes or compliance requirements, just operational scheduling information for participants.