When i filled, i asked the helpdesk and they told me to select Calendar Quarter settlement.
Here is what i got from SEBI website :
The actual settlement of funds and securities shall be done by the broker, at least once a calendar quarter or month, depending on the preference of the client. While settling the account, the broker shall send to the client a 'statement of accounts' containing an extract from the client ledger for funds and an extract from the register of securities displaying all receipts/deliveries of funds/securities. The statement shall also explain the retention of funds/securities and the details of the pledge, if any.