A Settlement Cycle refers to a calendar according to which all purchases and sales transactions are settled. Currently NSE and BSE settle trades on a T+1 basis also known as Rolling Settlement.  T = Trading Day and +1 means 1 consecutive trading day after T (excluding all holidays). It simply means that if the customer buys shares on Monday, 6 Sept 2023 = T, Then the transaction will be settled on Wednesday 7 Sept 2023 = T+1 , provided Tuesday is not an exchange holiday.