Description

BSE announces the trading and settlement schedule for cash segment equity transactions for January 2026, covering both T+1 and T+0 settlement cycles with detailed pay-in/pay-out dates.

Summary

BSE has released the trading and settlement programme for the cash segment covering the period from January 1, 2026 to January 31, 2026. The circular provides detailed schedules for both T+1 and T+0 settlement cycles, including settlement numbers, trading dates, entry/confirmation deadlines for custodian data, pay-in/pay-out dates, and auction schedules.

Key Points

  • T+1 settlement cycle: 21 settlements (DR-789/25-26 through DR-809/25-26) with corresponding auction settlements
  • T+0 settlement cycle: 21 settlements (DR-484/25-26 through DR-504/25-26) for same-day settlement
  • Trading holidays observed: January 3-4, 10-11, 17-18, 24-26, and 31 (weekends and public holidays)
  • Settlement numbers for depository purposes range from 2526789 to 2526809 for T+1 cycle
  • Settlement numbers for depository purposes range from 2526484 to 2526504 for T+0 cycle
  • OTR allocation (Give-up entry) allowed until 8:00 PM on T day
  • OTR confirmation (Take-up entry) deadline at 7:00 PM (note: text appears truncated)

Regulatory Changes

No regulatory changes introduced. This is a routine operational schedule.

Compliance Requirements

  • Members: Submit entry of 6A/7A data on the specified dates for T+1 settlements
  • Custodians: Confirm 6A/7A data by the dates specified in the schedule
  • Members: Ensure pay-in of securities and funds by the scheduled pay-in dates
  • Members: Submit auction offers on designated auction settlement dates
  • Members: Complete OTR allocation (Give-up entry) by 8:00 PM on trading day
  • Custodians: Complete OTR confirmation (Take-up entry) by deadline (7:00 PM - exact details truncated)

Important Dates

T+1 Settlement Cycle Key Dates:

  • First trading date: January 1, 2026 (Settlement DR-789/25-26)
  • First pay-in/pay-out: January 2, 2026
  • Last trading date in schedule: January 30, 2026 (Settlement DR-809/25-26)
  • Last pay-in/pay-out: February 2, 2026
  • Final auction pay-in/pay-out: February 3, 2026

T+0 Settlement Cycle:

  • Runs parallel to T+1 cycle with same-day pay-in/pay-out for all trading dates from January 1-30, 2026

Non-Trading Days:

  • January 3-4, 10-11, 17-18, 24-26, 31, 2026 (weekends and Republic Day)

Impact Assessment

Operational Impact: Standard settlement calendar that enables members, custodians, and depositories to plan their operations for January 2026. No changes to existing settlement processes.

Market Impact: Minimal. This is routine scheduling information that maintains market continuity.

Member Impact: Members must ensure adequate operational readiness for both T+1 and T+0 settlement cycles, with particular attention to the Republic Day holiday (January 26) which creates a longer settlement gap (January 23 trading settles on January 27).

Impact Justification

Routine operational circular providing settlement calendar for members. Medium importance for operational planning but low market impact as it's standard scheduling information.