Description

BSE announces the complete trading and settlement schedule for the New Debt Segment (NDS) covering the period from January 1, 2026 to January 31, 2026.

Summary

BSE has published the trading and settlement programme for the New Debt Segment (NDS) for January 2026. The schedule covers 21 settlement cycles (NDS-184/25-26 through NDS-204/25-26) starting from January 1, 2026 and ending January 30, 2026, with the final pay-out on February 3, 2026.

Key Points

  • 21 settlement cycles scheduled for January 2026 (NDS-184 to NDS-204)
  • Trading occurs on T day with same-day 6A/7A entry and confirmation
  • Regular pay-in/pay-out on T+1 at 11:00 a.m.
  • Auction pay-in/pay-out on T+2 at 9:30 a.m.
  • Members must submit pay-in instructions 10 minutes before settlement time
  • Settlement cycles follow T+1 pattern for regular settlements and T+2 for auctions

Regulatory Changes

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

Compliance Requirements

  • Members must submit pay-in instructions to Depositories/banks by 10:50 a.m. for regular pay-in (11:00 a.m. settlement)
  • Members must submit auction pay-in instructions to Depositories/banks by 9:20 a.m. for auction pay-in (9:30 a.m. settlement)
  • All participants in NDS segment must follow the prescribed settlement schedule

Important Dates

  • January 1, 2026: First trading day and settlement cycle begins (NDS-184/25-26)
  • January 30, 2026: Last trading day for the month (NDS-204/25-26)
  • February 2-3, 2026: Final pay-in and pay-out dates for January settlements
  • Settlement holidays: January 26, 2026 (Republic Day) - no settlement scheduled

Impact Assessment

Operational Impact: Low - This is a standard monthly schedule that enables NDS market participants to plan their trading and settlement activities. The schedule maintains the consistent T+1 and T+2 settlement patterns.

Market Impact: Minimal - Routine operational circular with no effect on market structure, trading rules, or participant obligations beyond normal settlement procedures.

Participant Action Required: NDS segment members should update their internal calendars and settlement systems with the provided schedule to ensure timely compliance with pay-in deadlines.

Impact Justification

Routine operational circular providing monthly settlement schedule for debt segment participants. No regulatory changes or market impact, purely informational for planning purposes.