Description

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

Summary

BSE has released the comprehensive trading and settlement programme for the cash segment (equity) for January 2026. The circular provides detailed schedules for both T+1 and T+0 settlement cycles, covering 21 trading days from January 1 to January 30, 2026. The schedule includes settlement numbers, trading dates, custodian confirmation deadlines, pay-in/pay-out dates, and auction settlement details.

Key Points

  • T+1 Settlement Cycle: 21 settlements scheduled (DR-789/25-26 through DR-809/25-26)
  • T+0 Settlement Cycle: 21 settlements scheduled (DR-484/25-26 through DR-504/25-26)
  • Settlement numbers for depository purposes range from 2526789 to 2526809 for T+1 cycle
  • Settlement numbers for depository purposes range from 2526484 to 2526504 for T+0 cycle
  • OTR allocation (Give-up entry) allowed until 8:00 PM on T day
  • OTR confirmation (Take-up entry) by custodians allowed until 7:00 PM (timing cut off in source)
  • Auction settlements scheduled for each T+1 settlement with specific pay-in/pay-out dates

Regulatory Changes

No regulatory changes introduced. This is a standard operational schedule following existing T+1 and T+0 settlement frameworks.

Compliance Requirements

  • Trading Members: Must adhere to specified trading dates and settlement schedules
  • Members: Required to enter 6A/7A data on specified dates for T+1 settlements
  • Custodians: Must confirm 6A/7A data by specified deadlines
  • Auction Participants: Must submit auction offers on designated auction settlement dates
  • OTR Transactions: Members must complete give-up entries by 8:00 PM on trade date; custodians must complete take-up entries by specified deadline
  • All participants must ensure timely pay-in/pay-out compliance as per the schedule

Important Dates

Trading Period: January 1, 2026 to January 30, 2026

Non-Trading Days (inferred from schedule gaps):

  • January 3-4, 2026 (Friday-Saturday)
  • January 10-11, 2026 (Friday-Saturday)
  • January 17-18, 2026 (Friday-Saturday)
  • January 24-26, 2026 (Friday-Sunday, likely Republic Day weekend)
  • January 31, 2026 (Friday)

Key Settlement Milestones:

  • First T+1 Settlement: DR-789/25-26 (Trade: Jan 1, Pay-in/out: Jan 2)
  • Last T+1 Settlement: DR-809/25-26 (Trade: Jan 30, Pay-in/out: Feb 2)
  • First T+0 Settlement: DR-484/25-26 (Trade & Pay-in/out: Jan 1)
  • Last T+0 Settlement: DR-504/25-26 (Trade & Pay-in/out: Jan 30)

Impact Assessment

Operational Impact: Medium - All trading members, clearing members, custodians, and depository participants must align their operational processes with this schedule for the entire month of January 2026.

Market Participants Affected:

  • Brokers and trading members conducting equity cash segment transactions
  • Custodians managing institutional accounts
  • Depositories (NSDL/CDSL) for settlement processing
  • Investors trading in cash segment

Planning Implications:

  • Members must ensure adequate staffing and system readiness for all settlement dates
  • Fund and securities availability must be planned according to pay-in schedules
  • Auction participation requires preparation on designated dates
  • Year-end and New Year operations need special attention for initial settlements

Liquidity Considerations: The schedule ensures smooth T+1 and T+0 settlement cycles throughout January, maintaining market liquidity and operational continuity during the month.

Impact Justification

Regular monthly settlement schedule essential for operational planning but routine in nature. Medium impact as all market participants need this for planning trades and settlements.