Description
NSE Clearing announces settlement calendar for Infosys Limited buyback offer with trading period from November 20-26, 2025 and settlement on December 3, 2025.
Summary
NSE Clearing Limited has issued the settlement calendar for the Buyback Offer under Tender Offer scheme by Infosys Limited. The circular provides settlement details, trading window dates, and operational instructions for members participating in the buyback process. This circular references previous circulars NCL/CMPT/67751 dated April 29, 2025, and NSE/CMTR/71354 dated November 18, 2025.
Key Points
- Settlement Type: X, Settlement Number: 2025126
- Trading window: November 20-26, 2025 (7 days)
- Obligation download date: December 2, 2025
- Settlement date: December 3, 2025
- Demat shares must be tendered through early pay-in mechanism for Market Type Buyback
- Securities Transaction Tax (STT) will be collected on settlement day
- Tender Offer Acceptance Report will detail accepted, partially accepted, and rejected orders with reason codes
Regulatory Changes
No new regulatory changes introduced. This circular operationalizes the previously announced Infosys buyback offer by providing specific settlement timelines and procedures.
Compliance Requirements
For Trading Members:
- Place early pay-in of demat shares through depository early pay-in mechanism
- Submit early pay-in of shares well in advance by 3:30 PM on trade end date (November 26, 2025)
- Ensure timely funds pay-in to avoid delays in settlement schedule
- Review Tender Offer Acceptance Report for order status and rejection reasons
- Refer to the scheme document for complete details
Settlement Process:
- Securities and funds pay-out will occur after receipt of funds pay-in on settlement day
- In case of delays in acceptance details from RTA or funds pay-in, Clearing Corporation may revise settlement schedule
Rejection Codes: The circular includes 26 rejection reason codes (Annexure I) covering scenarios such as signature mismatches, missing documents, PAN mismatches, duplicate bids, excess shares tendered, and physical certificate issues.
Important Dates
- November 19, 2025: Circular issue date
- November 20, 2025: Trade start date
- November 26, 2025: Trade end date (early pay-in deadline: 3:30 PM)
- December 2, 2025: Obligation download date
- December 3, 2025: Settlement date (funds and securities pay-out)
Impact Assessment
Market Impact: Medium - affects only Infosys shareholders and trading members participating in the buyback offer.
Operational Impact: Trading members must ensure proper coordination for early pay-in of demat shares and timely funds settlement. The 7-day trading window provides adequate time for participants to tender shares. Any delays in RTA acceptance details or funds pay-in could result in revised settlement schedules, requiring operational flexibility.
Investor Impact: Infosys shareholders wishing to participate in the buyback must work through their brokers to tender shares via early pay-in mechanism before the November 26 deadline. The detailed rejection code list (26 reasons) helps participants understand potential issues that could lead to order rejection or partial acceptance.
Contact Information: Members can reach helpdesk at toll-free 1800 266 00 50 (Option 2) or email ncl_tenderoffer@nsccl.co.in for clarifications.
Impact Justification
Company-specific buyback settlement schedule affecting Infosys shareholders and trading members participating in tender offer