Description

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

Summary

BSE has published the trading and settlement programme for the New Debt Segment (NDS) for January 2026. The circular provides a detailed schedule of 21 settlement cycles (NDS-184/25-26 through NDS-204/25-26) covering the period from January 1, 2026 to January 30, 2026, with the final pay-out on February 3, 2026. Each settlement cycle includes trading dates, 6A/7A entry and confirmation dates, pay-in/pay-out dates, and auction dates with their respective pay-in/pay-out dates.

Key Points

  • Total of 21 settlement cycles scheduled for January 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 timing: 11:00 a.m. (members must submit instructions by 10:50 a.m.)
  • Auction pay-in timing: 9:30 a.m. (members must submit instructions by 9:20 a.m.)
  • Pay-in instructions to be submitted to Depositories/banks
  • T+1 settlement cycle for regular trades
  • Trading occurs on all business days in January 2026

Regulatory Changes

No regulatory changes introduced. This is a routine monthly schedule announcement.

Compliance Requirements

  • Members must submit pay-in instructions to Depositories/banks by 10:50 a.m. for regular pay-in (scheduled at 11:00 a.m.)
  • Members must submit auction pay-in instructions to Depositories/banks by 9:20 a.m. for auction pay-in (scheduled at 9:30 a.m.)
  • Members must adhere to the published settlement calendar for NDS transactions
  • 6A/7A entries and confirmations must be completed on the same day as trading

Important Dates

  • Programme Period: January 1, 2026 to January 31, 2026
  • First Settlement: NDS-184/25-26 (Trading: Jan 1, Pay-out: Jan 2, Auction Pay-out: Jan 5)
  • Last Settlement: NDS-204/25-26 (Trading: Jan 30, Pay-out: Feb 2, Auction Pay-out: Feb 3)
  • Notice Date: December 24, 2025
  • Notice Number: 20251224-5

Impact Assessment

Market Impact: Low - This is a routine administrative circular that provides the settlement calendar for debt market participants. The schedule follows the standard T+1 settlement cycle with no deviations from established procedures.

Operational Impact: Low - Members trading in the New Debt Segment need to plan their operations according to this calendar. The timings and procedures remain unchanged from previous schedules, requiring no operational adjustments.

Participant Impact: The circular primarily affects debt segment participants including institutional investors, banks, and members trading in government securities and corporate bonds on the NDS platform. It provides necessary visibility for planning liquidity and settlement obligations for the month of January 2026.

Impact Justification

Routine monthly trading and settlement schedule for debt segment with no changes to existing procedures or timings