Settlement Cycle Revised After Back-to-Back Holidays on September 5 and 8

New Delhi, September 8, 2025: The settlement schedule for the cash, derivatives, and securities lending and borrowing mechanism (SLBM) segments has been revised following consecutive settlement holidays on September 5 and September 8, as announced on Monday. The decision came after clearing corporations and exchanges, and in consultation with the markets regulator, updated the timelines to suit the holidays.

Revised Settlement Schedule

• Derivatives Segment: Trades carried out on September 4 (Thursday), September 5 (Friday), and September 8 (Monday) will be settled on September 9 (Tuesday).
• Cash and SLBM Segments:

• Trades of September 4 and 5 will also be settled on September 9 (Tuesday).
• Trades of September 8 and 9 will be settled on September 10 (Wednesday).

Reason for Revision

Stock exchanges initially declared September 5 a settlement holiday. Subsequently, after the Maharashtra government declared the Eid-e-Milad holiday in Mumbai to be advanced to September 8, both September 5 and September 8 became settlement holidays. This resulted in several trade days being consolidated into one settlement date, temporarily changing the normal T+1 settlement cycle adopted in equity and SLBM transactions.

Settlement holidays are when the stock markets are open for trading, but depositories like NSDL and CDSL are closed. That is, investors can still place buy and sell orders, but delivery of shares is postponed since settlements are not possible the following day.

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