Description

BSE announces the trading and settlement schedule for the cash segment from January 1-31, 2026, covering both T+1 and T+0 settlement cycles with detailed pay-in/pay-out dates and auction settlement timelines.

Summary

BSE has published the comprehensive 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, data entry and confirmation timelines, pay-in/pay-out dates, and auction settlement schedules. This operational calendar is essential for all market participants to plan their settlement activities for the month.

Key Points

  • Settlement programme covers January 1-31, 2026 for equity cash segment
  • Two settlement cycles detailed: T+1 (regular) and T+0 (same-day)
  • T+1 cycle includes 21 settlement numbers (DR-789/25-26 to DR-809/25-26)
  • T+0 cycle includes 21 settlement numbers (DR-484/25-26 to DR-504/25-26)
  • Each settlement includes corresponding auction settlement numbers (RA series)
  • Depository settlement numbers range from 2526789 to 2526809 for T+1
  • Depository settlement numbers range from 2526484 to 2526504 for T+0
  • OTR allocation (Give-up entry) allowed until 8:00 PM on T day
  • OTR confirmation (Take-up entry) by custodians until 7:00 PM (time appears truncated in source)

Regulatory Changes

No regulatory changes introduced. This is a standard operational schedule circular published periodically to inform market participants of settlement timelines.

Compliance Requirements

  • Members must enter 6A/7A data on specified dates (same as trading date for T+1)
  • Custodians must confirm 6A/7A data by the specified deadline
  • Pay-in and pay-out must be completed on scheduled dates
  • Auction offers must be submitted on designated auction settlement dates
  • Auction pay-in/pay-out to be completed as per the schedule
  • OTR allocation entries must be completed by 8:00 PM on trading day
  • OTR confirmation by custodians must be completed by specified time on T day

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: January 30, 2026 (Settlement DR-809/25-26)
  • Last pay-in/pay-out: February 2, 2026
  • Final auction settlement pay-out: February 3, 2026

T+0 Settlement Cycle:

  • Same-day settlement for all trading dates from January 1-30, 2026
  • Pay-in/pay-out occurs on the same day as trading

Non-Trading Days (inferred from schedule gaps):

  • January 3-4, 2026 (weekend)
  • January 10-11, 2026 (weekend)
  • January 17-18, 2026 (weekend)
  • January 24-25, 2026 (weekend)
  • January 26, 2026 (Republic Day holiday)
  • January 31, 2026 to February 1, 2026 (weekend/month-end)

Impact Assessment

Operational Impact: Medium - This schedule is critical for operational planning by brokers, clearing members, custodians, and depositories. All settlement activities, fund transfers, and securities movements must align with these dates.

Market Impact: Low - This is a routine administrative circular with no impact on trading rules, market structure, or investor behavior. It provides necessary operational clarity for the upcoming month.

Participant Impact: All cash segment participants including trading members, clearing members, custodians, and depositories need to align their internal processes with this schedule to ensure timely settlement of trades and auction obligations.

Time-Sensitive Actions: Participants must update their internal calendars and settlement systems with these dates to avoid settlement failures or delayed fund/securities movements.

Impact Justification

Standard operational circular providing settlement calendar for January 2026. Essential for operational planning but routine in nature. Medium impact due to relevance for all cash segment participants.