Description

BSE announces the trading and settlement schedule for Basket Repo and Special Repo segments for the period from January 1, 2026 to January 31, 2026, including settlement timings and schedules for Ready Leg T+0, T+1, and Forward Leg transactions.

Summary

BSE has released the trading and settlement programme for the Basket Repo and Special Repo segments for January 2026 (January 1-31, 2026). The circular provides detailed settlement schedules for Ready Leg T+0, Ready Leg T+1, and Forward Leg transactions, along with specific settlement timings for securities and funds pay-in and pay-out. The schedule covers 21 settlement numbers (2526185 to 2526205) corresponding to trading days in January 2026.

Key Points

  • Settlement schedule covers January 1, 2026 to January 31, 2026
  • Three settlement types: Ready Leg T+0, Ready Leg T+1, and Forward Leg
  • 21 settlement numbers assigned from 2526185 to 2526205
  • Ready Leg T+0: Same-day settlement for transaction, pay-in, and pay-out
  • Ready Leg T+1: Next business day settlement for pay-in and pay-out
  • Forward Leg: Next business day settlement for pay-in and pay-out
  • Settlement timings remain consistent with previous schedules

Regulatory Changes

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

Compliance Requirements

  • Participants must adhere to specified settlement timings:
    • Ready Leg T+0: Pay-in by 02:15 PM, Pay-out by 03:00 PM (Basket Repo) / 03:00 PM (Special Repo)
    • Ready Leg T+1: Pay-in by 02:15 PM, Pay-out by 03:00 PM (Basket Repo) / 01:00 PM (Special Repo)
    • Forward Leg: Pay-in by 02:15 PM, Pay-out by 03:00 PM (Basket Repo) / 03:00 PM (Special Repo)
  • Market participants should refer to ICCL Notice No.20180525-18 dated May 25, 2018 for additional operational details
  • Securities and funds pay-in must be completed on the specified dates

Important Dates

  • Effective Period: January 1, 2026 to January 31, 2026
  • First Settlement: January 1, 2026 (Settlement No. 2526185)
  • Last Settlement: January 30, 2026 (Settlement No. 2526205)
  • Non-trading days in January 2026: January 3-4, 10-11, 17-18, 24-26, 31 (weekends/holidays)

Impact Assessment

Market Impact: Minimal. This is a routine operational schedule that enables participants to plan their repo transactions and settlement obligations for January 2026.

Operational Impact: Low. Market participants in the Basket Repo and Special Repo segments need to note the settlement numbers and dates for transaction planning and reconciliation purposes. The settlement timings remain unchanged from previous periods, ensuring continuity of operations.

Participant Impact: Affects only participants active in BSE’s Basket Repo and Special Repo segments, primarily institutional investors and dealers engaged in repo transactions for liquidity management and securities lending.

Impact Justification

Routine monthly settlement schedule for repo segment with no changes to processes or timings, affects only debt market participants