Description

NSE Clearing publishes the settlement schedules for December 2025 covering Normal Rolling T+1, Auction, Trade for Trade, ITP for SME, and T+0 settlements in the Capital Market Segment.

Summary

NSE Clearing Limited has released the settlement calendar for December 2025 for the Capital Market Segment. The circular provides detailed schedules for five settlement types: Normal Rolling T+1 (Type M), Normal Auction (Type A), Trade for Trade T+1 (Type Z), ITP for SME T+1 (Type B), and Normal Rolling T+0 (Type 5). The schedules cover settlement numbers 2025228 through 2025249, spanning from December 1, 2025 to January 1, 2026.

Key Points

  • Settlement calendar published for December 2025 under Capital Market Segment
  • Five settlement types covered with separate annexures for each
  • Settlement numbers range from 2025228 to 2025249 (22 settlements)
  • Circular issued pursuant to Regulation 6.2 of NSCCC Capital Market Regulations, 1997
  • Trade dates run from December 1, 2025 through December 31, 2025
  • Settlement dates extend to January 1, 2026 for last December trades
  • Normal Rolling T+1 settlements continue on all trading days except holidays
  • Auction settlements follow T+1 trade dates with settlement one day later

Regulatory Changes

No regulatory changes introduced. This is a routine operational circular issued under existing Regulation 6.2 of the National Securities Clearing Corporation (Capital Market) Regulations, 1997.

Compliance Requirements

  • All Members, Custodians, and PCMs must adhere to the published settlement schedules
  • Custodial confirmation dates must be observed as specified in each annexure
  • Settlement obligations must be met on designated settlement dates
  • For clarifications, members should contact the helpdesk at 1800 266 0050 (IVR Option 2) or email securities_ops@nsccl.co.in

Important Dates

Normal Rolling T+1 Settlements (Type M):

  • First settlement: Trade date December 1, 2025; Settlement date December 2, 2025 (Settlement No. 2025228)
  • Last settlement: Trade date December 31, 2025; Settlement date January 1, 2026 (Settlement No. 2025249)
  • December 25, 2025 appears to be a holiday (no settlement scheduled)

Auction Normal Settlements (Type A):

  • Follow T+1 schedule with auction trade dates one day after corresponding regular trade dates
  • Settlement dates align with T+1 regular settlements
  • First auction: Trade December 2, Settlement December 3, 2025
  • Last auction: Trade January 1, 2026, Settlement date not fully specified in excerpt

Other Settlement Types:

  • Trade for Trade T+1 (Type Z) - Annexure C
  • ITP for SME T+1 (Type B) - Annexure D
  • Normal Rolling T+0 (Type 5) - Annexure E

Impact Assessment

Operational Impact: Medium - This calendar is essential for all market participants to plan their settlement operations, manage liquidity, and ensure timely fulfillment of obligations. The calendar allows members to prepare for year-end settlements extending into January 2026.

Market Impact: Low - This is a routine administrative circular that does not affect trading rules, market structure, or participant eligibility. It provides necessary operational clarity for the month ahead.

Participant Impact: All clearing members, custodians, and Professional Clearing Members need to align their back-office operations, funding arrangements, and custodial confirmation processes with these schedules. The T+1 and T+0 settlement cycles require precise coordination to meet settlement obligations on specified dates.

Impact Justification

Routine operational circular providing settlement schedules for December 2025. Important for planning but does not introduce regulatory changes or impact specific stocks. Medium impact as it affects all market participants for settlement planning.