Description

Trading and settlement schedule for BSE cash segment covering the period from January 1, 2026 to January 31, 2026 for both T+1 and T+0 settlement cycles.

Summary

BSE has released the trading and settlement programme for the cash segment covering January 1, 2026 to January 31, 2026. The circular provides detailed schedules for both T+1 settlement cycle (settlements DR-789/25-26 through DR-809/25-26) and T+0 settlement cycle (settlements DR-484/25-26 through DR-504/25-26), including trading dates, data entry deadlines, pay-in/pay-out dates, and auction settlement timelines.

Key Points

  • Settlement schedule covers 21 trading days in January 2026
  • T+1 cycle includes 21 regular settlements (DR-789 to DR-809) with corresponding auction settlements
  • T+0 cycle includes 21 same-day settlements (DR-484 to DR-504)
  • Entry of 6A/7A data by members occurs on trading day (T)
  • Confirmation by custodians and delivery statements issued on T+1 for T+1 cycle
  • Pay-in/pay-out for T+1 settlements occurs on T+1 day
  • Auction settlements follow 2-3 days after regular settlement pay-out
  • OTR allocation (give-up entry) available until 8:00 PM on T day
  • OTR confirmation (take-up entry) by custodians until 7:00 PM (time incomplete in source)

Regulatory Changes

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

Compliance Requirements

  • Members must enter 6A/7A data on the trading date as per schedule
  • Custodians must confirm 6A/7A data by the specified dates
  • Members must submit auction offers on designated auction dates
  • OTR allocation entries must be completed by 8:00 PM on trading day
  • OTR confirmation entries must be completed by custodians by specified deadline
  • All participants must adhere to pay-in/pay-out timelines for both T+1 and T+0 cycles

Important Dates

T+1 Settlement Cycle:

  • First settlement: DR-789/25-26 (Trading: Jan 1, Pay-in/out: Jan 2, 2026)
  • Last settlement: DR-809/25-26 (Trading: Jan 30, Pay-in/out: Feb 2, 2026)
  • Auction settlements run from RA-789/25-26 (Jan 5) to RA-809/25-26 (Feb 3)

T+0 Settlement Cycle:

  • First settlement: DR-484/25-26 (Trading & Pay-in/out: Jan 1, 2026)
  • Last settlement: DR-504/25-26 (Trading & Pay-in/out: Jan 30, 2026)

Non-trading days in January 2026: January 3, 4, 10, 11, 17, 18, 24, 25, 26, 31

Impact Assessment

Market Impact: Low - This is a routine administrative circular that enables normal market operations.

Operational Impact: Medium - Market participants, custodians, and clearing members must plan their operations according to this schedule. Critical for smooth settlement operations but does not affect trading activity or market structure.

Participant Impact: All cash segment participants need to align their back-office operations, fund management, and settlement processes with the published schedule. Particularly important for institutional investors and custodians managing large volumes of settlements.

Impact Justification

Routine monthly settlement schedule announcement for cash segment operations. Critical for market participants to plan settlements but not market-moving information.