Description

BSE announces the complete trading and settlement schedule for the Electronic Gold Receipts (EGR) segment covering the period from January 1, 2026 to January 31, 2026, including auction timelines.

Summary

BSE has released the comprehensive trading and settlement programme for the Electronic Gold Receipts (EGR) segment for January 2026. The schedule covers 21 settlement cycles (DR-196 through DR-216) with corresponding auction settlement cycles (RA-196 through RA-216), running from January 1, 2026 to January 30, 2026, with the final pay-out on February 3, 2026.

Key Points

  • 21 settlement cycles scheduled for January 2026 (Settlement Numbers 2526196 to 2526216)
  • Each trading day has T+1 settlement cycle (pay-in/pay-out on next business day)
  • Auction settlements follow regular settlements with specific timelines
  • Pay-in deadline: 2:00 PM with instructions to depositories/banks required by 2:00 PM
  • Pay-out timing: Securities and funds released by 4:00 PM
  • Auction pay-in deadline: 9:00 AM with instructions required by 8:50 AM
  • Weekends accounted for with extended settlement periods (e.g., Friday trades settle Monday)

Regulatory Changes

No regulatory changes introduced. This is a standard operational calendar announcement.

Compliance Requirements

  • Members must submit pay-in instructions to depositories/banks by 2:00 PM on pay-in days
  • For auction settlements, members must submit pay-in instructions by 8:50 AM
  • All auction offers must be submitted on the designated auction submission dates
  • Members must ensure timely settlement to avoid auction proceedings

Important Dates

  • Programme Period: January 1, 2026 to January 31, 2026
  • First Settlement: DR-196/2025-2026 - Trading: Jan 1, Pay-in/Pay-out: Jan 2
  • Last Settlement: DR-216/2025-2026 - Trading: Jan 30, Pay-in/Pay-out: Feb 2
  • Final Auction Pay-out: February 3, 2026 (for RA-216/2025-2026)
  • Holidays Observed: January 10-11, 17-18, 24-26, 31 (weekends), January 26 (Republic Day)

Impact Assessment

Market Impact: Medium - affects all EGR segment participants including trading members, clearing members, and investors in gold receipts.

Operational Impact: This calendar is critical for:

  • Trading members planning their EGR operations
  • Clearing members managing settlement obligations
  • Custodians and depositories coordinating fund and securities movements
  • Investors tracking settlement cycles for their gold receipt transactions

Liquidity Impact: Standard settlement cycles ensure predictable liquidity requirements. The T+1 settlement cycle maintains efficiency in the gold receipts market. Extended settlement periods over weekends and Republic Day (January 26) require advance liquidity planning.

Impact Justification

Operational circular providing settlement calendar for EGR segment participants. Medium importance as it affects daily operations for gold market participants but is routine scheduled information.