Description

Trading and settlement schedule for BSE 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 and auction schedules.

Summary

BSE has published the trading and settlement programme for the cash segment covering January 1-31, 2026. The circular provides detailed schedules for both T+1 and T+0 settlement cycles, including settlement numbers, trading dates, depository entry dates, custodian confirmation timelines, pay-in/pay-out dates, and auction schedules. The programme covers 21 T+1 settlements (DR-789/25-26 to DR-809/25-26) and 21 T+0 settlements (DR-484/25-26 to DR-504/25-26).

Key Points

  • T+1 settlement cycle includes 21 regular settlements from DR-789/25-26 to DR-809/25-26
  • T+0 settlement cycle includes 21 same-day settlements from DR-484/25-26 to DR-504/25-26
  • Trading starts on January 1, 2026 and continues through January 30, 2026
  • Each T+1 settlement includes corresponding auction settlements (RA-series)
  • Auction pay-in occurs 1-3 days after main settlement pay-out
  • OTR allocation (Give-up entry) can be done by members until 8:00 PM on T day
  • OTR confirmation (Take-up entry) timing appears truncated in the circular content
  • Weekend and holiday adjustments are reflected in the schedule (gaps on January 4-5, 10-11, 17-18, 24-26, 31)

Regulatory Changes

No regulatory or policy changes introduced. This is a routine operational schedule circular.

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 dates specified in the schedule
  • Members must submit auction offers on designated auction settlement dates
  • OTR allocation entries must be completed by 8:00 PM on T day
  • All participants must adhere to the published pay-in/pay-out dates for settlements

Important Dates

  • Programme Period: January 1, 2026 to January 31, 2026
  • 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)
  • Extended Pay-out Dates: January 5, 12, 19, 27, February 2 (post-weekend/holiday settlements)
  • Extended Auction Dates: Multiple auction pay-outs extend into February 2026

Impact Assessment

Operational Impact: Medium - All market participants, clearing members, custodians, and depositories must align their operations with the published schedule. Proper planning is essential for resource allocation, liquidity management, and meeting settlement obligations.

Market Impact: Low - This is a routine schedule that maintains continuity of market operations. No changes to settlement mechanisms or cycles.

Participant Action Required: Market participants must update their internal systems and calendars with the settlement schedule, ensure adequate resources for pay-in/pay-out dates, and plan for extended timelines around weekends and holidays (Republic Day on January 26 likely causing the January 24-26 gap).

Impact Justification

Operational schedule circular providing essential trading and settlement calendar for January 2026. Medium importance as it enables market participants to plan operations but contains no regulatory changes or policy updates.