Description

BSE announces the trading and settlement schedule for the New Debt Segment (NDS) for the period from January 1, 2026 to January 31, 2026, including settlement numbers, trading dates, and pay-in/pay-out timelines.

Summary

BSE has released the trading and settlement programme for the New Debt Segment (NDS) covering the period from January 1, 2026 to January 31, 2026. The circular provides detailed settlement schedules including settlement numbers (NDS-184/25-26 through NDS-204/25-26), DP settlement numbers, trading dates, 6A/7A entry and confirmation dates, pay-in/pay-out dates, auction dates, and auction pay-in/pay-out dates for all trading days in January 2026.

Key Points

  • Settlement programme covers 21 trading days from January 1-30, 2026
  • Settlement numbers range from NDS-184/25-26 to NDS-204/25-26
  • DP settlement numbers range from 2526184 to 2526204
  • Regular pay-in time: 11:00 a.m. (members must submit instructions by 10:50 a.m.)
  • Auction pay-in time: 9:30 a.m. (members must submit instructions by 9:20 a.m.)
  • Pay-in/pay-out follows T+1 settlement cycle (next business day)
  • Auction settlement follows T+2 cycle from trading date
  • Members must submit pay-in instructions to Depositories/banks before specified deadlines

Regulatory Changes

No regulatory changes introduced. This is a routine operational calendar for the New Debt Segment.

Compliance Requirements

  • Members must submit pay-in instructions to Depositories/banks latest by 10:50 a.m. for regular settlement (pay-in at 11:00 a.m.)
  • Members must submit pay-in instructions to Depositories/banks latest by 9:20 a.m. for auction settlement (auction pay-in at 9:30 a.m.)
  • Members must adhere to the published settlement schedule for all NDS transactions during January 2026

Important Dates

  • Effective Period: January 1, 2026 to January 31, 2026
  • First Settlement: NDS-184/25-26 with trading date January 1, 2026
  • Last Settlement: NDS-204/25-26 with trading date January 30, 2026, pay-out on February 3, 2026
  • Notice Date: December 24, 2025
  • Notice Number: 20251224-5

Impact Assessment

Market Impact: Minimal. This is a routine monthly settlement calendar that enables market participants to plan their debt segment activities.

Operational Impact: Low. Provides necessary operational framework for NDS segment participants to schedule their trading and settlement activities for January 2026. The calendar follows standard T+1 settlement cycle for regular trades and includes auction settlement schedules.

Participant Impact: Informational only. Debt market participants and clearing members need to refer to this schedule for planning their January 2026 NDS transactions and ensuring timely submission of pay-in instructions to meet settlement obligations.

Impact Justification

Routine operational circular providing monthly settlement calendar for NDS segment participants. No policy changes or market disruptions, purely informational for scheduled operations.